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Thursday, 3 November 2011

The markets are a string of opportunity.

Lambretta Junior's little brother is due in January and we've been clearing out Lambretta Towers to make way for the new arrival. Essentially, this means everything Mrs. Lambretta no longer wants in the Ironing Room, soon to become Nursery, has to be crow barred into the little remaining cupboard space in my office. Which means it's me who has to sacrifice my own stuff in order to fit other stuff in.
Whilst going through what stuff to throw out, I found an old journal that I used to write notes in when I first began trading. Most of it is drivel to me now but there are a couple of passages that, given my newly regained verve and enthusiasm for nag trading, are very apt and relevant. The passages are notes made when I read the book Trading in the Zone by Mark Douglas. Though it's aimed at stock traders, a great deal of it relates to nag trading.
One quote states (1) "The market is not your enemy or adversary. It is a string of opportunity." This I know now to be true but I remember the fury and frustration and thinking the market was working and conspiring against me.
There are many other little gems (2) "The market is a neutral entity that owes me nothing." (3) "Do not block information that conflicts with what you want to happen." (4) "Take absolute responsibility".
Then there are those that border on existentialism (5) "Be certain that certainty does not exist. All trades are random".
The one I like most is (6) "Mistakes are signposts to where focus is needed".
Though it's been a long time since I read the book or the notes, it's obvious now that the messages and ideas sank in and I employ them daily. As such, I would highly recommend the book to anyone thinking of trading nags. (You will notice each above quote is numbered. I have given layman's translations at the bottom of the page).

Last night was a bit hit and miss. Leeds were a massive let down. I knew the game had the potential to go a bit pear shaped but 0-4 at home...
Wasn't posted but I dutched the Derby v Cardiff game too. Basing it around the 1-1. Backed 0-1 and 0-2 at HT. Fell asleep reading the Mayan Prophecies and woke up to 0-3 FT. Thankfully the Inter game went as expected, 100%. The Benfica draw price never went low enough for me to get involved but the early goal saw the price fly up as high as 10's.
Not much about today. Lazio v Zurich looks interesting, a draw is no good to either team, with three of the group fighting for second.

Whatever you trade, stay green.

1) Enter, now. Scalp, there. You missed it.
2) See above
3) It's gone the wrong way. Get the f@ck out.
4) That's your own f@cking fault.
5) How the f@ck did that happen?
6) Stop f@cking about and do it properly.

3 comments:

  1. Lamb, you are wasted on sports trading. The country needs a new Bard in these troubled times, and my vote's with you mate!

    ReplyDelete
  2. Thanks, gun. Hoping I make the shortlist to replace Carol Ann Duffy.

    ReplyDelete