Watchlist for 5-13-2015 – No watchlist – Deep thinking day

My frustration from yesterday has dragged into today, I’m taking the day off to do some deep thinking and introspection.

I figure Wednesday is a good day to take off, I’ve had a couple mediocre trading days Mon-Tues and this allows me to get back at it to end the week.

Odd, after just one day of ditching my smart phone I’ve already started to be more introspective. (Blog post series coming soon)

Thinking

“An hour of effective, precise, hard, disciplined – and integrated thinking can be worth a month of hard work. Thinking is the very essence of, and the most difficult thing to do in business and in life. Empire builders spend hour-after-hour on mental work…while others party. If you’re not consciously aware of putting forth the effort to exert self-guided integrated thinking…if you don’t act beyond your feelings and instead take the path of least resistance, then you give in to laziness, make bad decisions and no longer control your life.” – Kekich Credo #44

You Can Have an Easy Life or an Awesome One. Choose Wisely. – 99U

But here’s the thing: I’d rather be exhausted striving for excellence than churning out work that succeeds merely because it offends the least amount of people. The cost? The fear of financial uncertainty. But I willingly accept this cost because it allows me to follow my path and craft the type of career and lifestyle that I want and need.

There are things that I will not compromise on, including my sanity, happiness, time with my family, spontaneous travel with my son, and creative control in the work I choose to take on. If I fail, I will fail on my own terms, doing what I love.

via You Can Have an Easy Life or an Awesome One. Choose Wisely. – 99U.

Your Lifestyle Has Already Been Designed

I’ve only been back at work for a few days, but already I’m noticing that the more wholesome activities are quickly dropping out of my life: walking, exercising, reading, meditating, and extra writing.

The one conspicuous similarity between these activities is that they cost little or no money, but they take time.

via Your Lifestyle Has Already Been Designed.

Jason Ferruggia – You’ve Only Got Six Months to Live

So think about this, long and hard. Get out a notebook and write down your answers then give it some serious consideration.

If your doctor told you today that you had 6-12 months to live what would you immediately stop doing?

What do you do regularly that you have no passion for?

What brings you down that should stop doing?

Who brings you down that you should stop spending time with?

What are you wasting countless hours each week doing?

What things would you start doing?

What have you always wanted to do or learn but put off because you were “too busy?”

What friends could you reach out to more often that you haven’t seen or talked to in a while?

What experiences would you want to have?

Who would you want to spend time with?

What would you want your legacy to be?

via Jason Ferruggia | Muscle Building Workouts | Bodyweight Exercises.

12 Habits Of Millionaires – @TimothySykes

Overall great article, Sykes can really put out quality material when he wants to. Great list for trading or any career/pursuit. Bolded areas were highlighted by me.

  • Avoid the earn-to-spend mentality. If you want to get richer, you have to save some of what you earn. And if you save more than what you earn, it allows you to increase your trading account and take larger positions which in turns leads to larger profits! My 2nd millionaire student Tim Grittani made $200,000+ in one day HERE on the SAME pattern that he was making $5,000-$10,000 on a year earlier because he was more experienced, he saved his winnings and thanks to his larger trading account size, he could take larger positions.
  • Focus. This is a big one for my students. If you don’t have focus, you aren’t going to be able to make the best trades. You should also write down you goals in each trade and for life in general. This will make it far easier to stay focused and remember what you wanted in the first place.
  • Do whatever is necessary to meet your goals. I don’t care when people tell me I can’t do something and neither should you. Heck, you should use that as motivation to prove them that you CAN do it.! People who earn their millions are perseverant  in the pursuit of their goals.
  • Take calculated risks. In trading and in life, you want to take the right risks. I am always talking about the risk and reward ratio in my trades. If there is more risk than there is reward, then it’s not a good decision. If, however, there is far more potential for reward in the risk, then you should go for it!
  • Be generous. Just like on Thanksgiving of last year when I handed out food to the homeless or the scholarship program I set up at my alma mater, you need to be a generous person. People like Bill Gates, Warren Buffett, Carl Icahn, and Ken Langone are all very generous billionaires that you should look up to.
  • Start the day before the sun comes up. I often get up before sunrise to catch up on emails and other tasks so that I am fully prepared for the trading day once the market opens. I suggest you do the same. If you still have things to catch up on by the time the real work begins, you’re not going to be as focuses and in turn you won’t be as productive.
  • Read every day. Whether for pleasure or purely to learn, reading more has been known to help the mind. You could read my book, you could read SEC statements, you could read a fictional novel, just read! It’s far more productive and helpful than watching reality TV.
  • Never stop learning. This is a common theme amongst millionaires; they never want to stop increasing their knowledge base. My students are already on top of this one, especially those that watch my DVDs as well as read my newsletter and watch my video lessons. Always remember that knowledge is power!
  • Stay motivated. This is key. Some ways to help with this is writing down your goals, surrounding yourself with people that are supportive and helpful, take a break to refocus your thoughts and remember what the big picture is, etc. I love traveling, so that is one of the ways that I stay motivated. I know that if I wasn’t as successful as I am right now, I wouldn’t be able to take these amazing trips around the world, and that keeps me focused.
  • Do a good deed every day. This goes back to being generous. Helping others will make you feel good about yourself and enjoy what you are doing. That is why I love teaching. It’s an amazing feeling to know that by just telling other people how I trade and teaching them my strategy, I can help them become more financially independent and live happier lives.
  • Lastly, step outside of your comfort zone. If you want to be notable and more than ordinary, you can’t just do average things. You have to experiment and change things up! I could have just continued to trade for myself and run a hedge fund, but I wanted to help others and run my own business. This has given me a great deal of flexibility that I wouldn’t have had if I hadn’t been willing to step out of my own comfort zone.

via 12 Habits Of Millionaires – Timothy Sykes.

Traveling Part Time Trader – Day 3 Summary

1

Writing this a day after the fact and right before the market opens so it may be a little rushed. But after traveling along US-2 in Michigan’s Upper Peninsula it was pretty readily apparent cellular coverage would be spotty and after arriving at Fayette Historic State Park, I discovered no availability of public wifi. I’m writing this from the parking lot of a bar, I managed to get the barmaid to hand over the wifi key last night, though I have a feeling she did not inform her boss. I keep getting the stink eye from a guy that showed up about 8AM. I’ve been sitting here since 7AM, so I’m waiting for him to ask me what the hell I’m doing!

So back to the recap for August 13th. I’ll save the trading info for the end, but made my rounds to the Mackinaw City Starbucks, and thankfully it was less busy today so less congested wifi and less ear numbing conversations.

After putting in my half day of work I ventured back to the campsite where we packed up, headed out over the bridge and made the migration to Garden, MI. For sure Fayette State Park is one of my favorite historical site seeing places I’ve ever been. Not only is the old Iron town very interesting to check out, the geology of the place is amazing. Its pretty cool to be from Michigan when you realize some of the amazing natural resources there are to tour. Sure Sleeping Bear Dunes, gets all the headlines and is amazing, but with a little driving and research you can discover other very inspirational locations just miles away.

2

After arriving we checked into the visitor center which had a very detailed and interesting model of the old mining town. My picture stinks because the lights were so low. Lily had a blast trying to find everything on the Scavenger Hunt of the model. There was a list of 25 details you had to locate.

3

After making the short hike down to the bay, we toured the old mining town. Again hats off to the Michigan DNR, or whoever manages this property. It was immaculately maintained, setup very well with tons of great and educational signage. I would have liked to do a better job with pictures but by this point my phone had been searching for signal so long my battery was dead.

6

Of course the town was very interesting and educational but by far my favorite part was the escarpment leading into the bay. Very cool to look at and almost surreal.

After getting back to the campsite and venturing down to the lake I was amazed by the limestone formations at the beach. I think the kids for a minute thought it was manmade. Another site I’m glad I’ve seen, pictures do not do it justice.

4

That was pretty much the summation of the day, ended up with our first mishap of the trip which consumed most of the evening. After venturing out on a wifi scouting trip I realized my fuel was low from the trip over. I had swore the local gas station had diesel, well it didn’t… This resulted in a stressful 30 minute drive to the nearest diesel station while watching my fuel gauge bounce off empty… In the end we made it without running out of fuel, but there were a few times I swore I heard the engine skip, but oh well it added a little spice to the trip even though it ended up being over an hour waste of time and cut into our fishing time.

By the time we got back it was pushing dark so no time to wet a line. Lily, Garrison and I did take in the sunset on the limestone beach. Very beautiful, no pictures since again my phone was dead, but I’ll make a point to get one tonight.

5

On to the trading for the day. Shorted $EXAS right out of the gate at I think $17.50’s. I need to figure out how to do trade reports in $IBKR’s shitty software, not sure my exits and entries. Then I covered into a wash I’m thinking around $17.25’s? I know my profit, I’m just struggling to remember the actual entry and exits. Either way, per usual I took a small $600ish profit, only to watch it crack hard minutes later… If I accomplish one thing on this camping trip it will be to wander into the woods and reconnect with mother nature and hopefully she will bless me with the gift of some FUCKING PATIENCE!!!

EXAS

Other than that I shorted $DANG, into earnings, stupid, but small, held it all day and let it grind me. Since I’m a day behind I’ll save story of $DANG for tonight, it worked out Ok for me even though its always a bad idea to hold into earnings.

DANG

Glad I only made a couple trades, but this patience thing needs to be fixed, but its good in trading to have a goal. Thats mine right now.