Recently, when trading AIG I've had thoughts in my head "like shooting fish in a barrel" "like taking candy from a baby". Yesterday I just killed it again. Absolutely slayed it. And afterward I thought about AIG being like a soft serve ice cream machine where I can fill up my bowl with as much money as I want. Like a pig.
Well when my ego gets to thinking like that, it's time for me to take a step back. Because not having respect for ones opponent is one of the classic mistakes in any kind of competition. Anyone remember Mike Tyson vs. Buster Douglas?
It may seem strange to some of you out there trying to grasp onto the wispy secrets of trading and scrape whatever knowledge together so you can win at this game, for me to walk away going into the fall session. Afterall it's only about money right? That's the name of the game right? Remember last fall. Those were glorius times to be a momentum trader. Well, I need to be humble and not think that I can do no wrong. There's a big difference between believing in yourself, having loads of self confidence one one side and thinking "Is that all the game/talent/smarts the chumps against me in this trade have?" on the other side. Those are very dangerous thoughts in this business.
So I'm going to take time off and not think about this trading for a while. I'll leave the blog up for those of you that want to study my method and articles.
See you...later. Ski season starts in less than two months around these parts anyway.
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7 comments:
Just another good example of how the appropriate trading mentality is the opposite of what most people think.
Thanks and have fun!
-AT
well done. and thanks for keeping the blog up.
I've always thought that the right attitude was to put life first and money second, even when I had none.
Attitude really is everything and your perspective is admirable.
Look forward to your return to the blog after a while... but if you don't, thanks for doing all this and thanks for leaving the blog up. I'll do my part to "wear it out from over-use" while you're gone! Enjoy...
-BCT
Enjoy the snow.
It's hard to have ego when you are climbing something like the slope in the picture you posted. Hope the time off is enjoyable and refreshing!
Thank you for showing a great example of humbleness and respect.
Enjoy!
Even Isaac Newton got nailed in a similar trade. Here's a story on the South Sea Bubble you might enjoy:
Where the New PPT Hides
http://www.gamingthemarket.com/2009/08/where-the-new-ppt-hides.html
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