Think Like A Trader Blog

Thursday, 27 July 2017

Blog Post 18 by T-Model Trader - The Long Walk

Hello Traders.
T-Model Trader is back with his 18th blog (how did we get to 18 already?!). I hope you all enjoy it and as always, I hope you've had a great trading week!
James Orr

The Long Walk
I had to go for a walk last Saturday morning. Not just a random walk, but one of “Those” types of walks. The one’s where it is so necessary to stay focused on the few meters ahead, because if there is a day where standing in the only doggie doo within a 50 km radius was going to happen, then this was the day. A walk where parents of young children would stare as their offspring burst into tears when gaining proximity to my forlorn hangdog look. Where the elderly would stop and enquire… “Are you alright dear”?
I imagine that it would be like the walk to the gallows.
Okay…..maybe that was a bit melodramatic and I wasn’t anywhere near what that would be like, but I am hoping you get my drift by now. It was tough going.

It all starts at the first indication of awakening from slumber. Even before the eyelids start fluttering, those nasty neurons lurking in the memory band together for a refreshing game of…. “Oh…Mmm…..excuse me Sir, but do you remember the right royal FFFFFFFFF%#@*&%$#*k up from trading last night”, before simultaneously bursting into laughter. It is like living in an echo chamber of torment.
Nothing works. Not even a heavy duty pot of Earl grey tea can shift this one. Yes…I know….it’s serious!
Monday was good. Tuesday was even better. Wednesday was slow, but a nice trade tucked away none the less. Thursday came and so did the points. By this stage I was feeling good contemplating a positive point week.
Then comes Friday.
I could say to myself (as does James in the review videos) that if you had taken this trade and had a loss, well then it was a fine choice and just part of the trading process. I could even try my hand at mimicking his accent within my head to try to make it all the more real. But no. It wasn’t one of those trades. Not even close.
After being so good for so long in regards to my ubiquitous impatience fueled dud trade syndrome, then this happens.
It’s like having busted a valve getting the degree…the masters….the PhD…..2 PhD’s even……only to find after spending some time expressing ones consummate maturity at the job to die for interview, that in their possession they have a picture of you from facebook smashed beyond comprehension with your undies in seriously wrong places. At that moment nothing will save you as it all just goes to shit.
This is the sort of “I have to go for a seriously long stroll and somehow work out what the hell happened last night”.
Yep, that sort of walk. The Long Traders Walk. So, if you don’t see the next blog, then consider it that I’m still wandering somewhere.
I could explain the trade, but I won’t, because it is so seriously embarrassing and I couldn’t stand to have to relive it again. Also, as you would laugh till a rib popped, then I am doing you all a favor by remaining silent (Feel free to leave messages of appreciation on that one)!

So…..from my long contemplative amble along the foreshore I have come to the follow conclusions.
1.     I need to go back a few blogs and recall the insightful words of that great trading patron Saint Confluenza, when he aptly called me a ….Mmm….. “Dickhead” for that previous blunder. Yet again, there is no closer description.
2.     Given that I had read the blog by James about the dangers of trading success breeding slackness only moments before the market opened, then tragically it reinforces the above description more so.
3.     Given that I had actually asked James a question directly about this in the Q&A, then my reading of his latest blog was actually the second time I had this issue highlighted.
4.     Given that I had worked so hard to remedy this issue, to fall foul in such an odorous way makes it more the painful.
5.     Given given given……groan and moan.
As I wandered down to my journal writing cafĂ©, I knew deep down that I really needed to have some sort of punitive action and drive home this blunder with a hard cold slap. Come the following week, I set up the chart as per usual, but with one modification… trading this evening. It was the first time I had banned myself.
Luck would have, that Monday saw a couple of really juicy set-ups that were indeed successful as I sat there and watched the whole thing. It was like having the chocolate bowl go right under the nose before being whisked away and out of reach. Each individual point gained seemed to point a finger at me with a very large grin…. “So sad you are missing out there….next time maybe”.

There is thou, one interesting point of note in this. It was Friday. And being at the bottom end of the planet, it was a Friday evening. It did in turn make me realize that Friday evening trading is where I have experienced the most losses.
I am starting to realize that come Friday evening trading, I have already slipped one foot into the psychological weekend and switched off from the working week. An excuse it is not, for there are none to be had in this regard. But nonetheless, it is worthy of consideration and awareness of hence forth. Four good solid trading days, yet the one trade at the end left the whole week a sour mess.
This trading slip up has really hurt. Hopefully it may be all for the good long term.
Till next time…

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