Monday, February 23, 2009
Back when I was in grade school, I had this teacher who always used to complain that us kids were running around like "chickens without heads." As an adult, I recognize that this teacher was probably somewhat disturbed.
However, the image has stuck in my head and today I get to use it because I watched CNBC. Every person who was on CNBC today was running around like a chicken without a head, with the exception of Dylan, who is a bit cooler than most. No one knows what's going on... all anyone has are questions... it's a great mess.
People are a bit freaked out, and rightly so. Trader P pointed out to me that we're almost exactly 50% off the Dow highs of 14,198 set back in October of 2007. It's an amazing and swift giveback. However, unless you're among the lunatic fringe who, sadly, seem to frequent "the Fly's" site almost exclusively now, you can see it in a positive light.
Unless you truly think the world is coming to an end, most of the pain is probably behind us. And if you truly think the world is coming to an end, what the fuck are you doing reading this anyway? You have work to do! Go get that gun! Go buy those grains!
I traded very lightly. I'll continue to do so until I get a consistent trade going... a trade I see over and over again and that works. When this happens, my confidence will come back and I'll start trading heavier again.
I know I am not the only trader suffering from confidence loss right now. The RO got slammed. But, like the market, I plan on being around in 10 years. In 10 years, these couple of months of drawdowns will be a blip.
Anyway, the Manservants took it to the Bosses today. Out of 28 traders today, only 10 were gross postive or 36%. 5 traders made over $1,000 gross, but 8 traders lost over $1,000 gross. I was #11 of 28, or basically flat.
"Chambermaid" - Trader B, -$22,858 on 385k shares traded.
2. Trader D, -$16,881 on 252k shares traded.
3. Trader F, -$16,053 on 89,600 shares traded.
4. Trader H*, -$13,793 on 25,300 shares traded.
5. Trader C, -$7,421 on 117k shares traded.
"Lucky Pierre" - Trader Z, $6,185 on 80,100 shares traded.
2. Trader A, $4,394 on 116k shares traded.
3. Trader E, $2,624 on 22,400 shares traded.
4. Trader N, $1,617 on 24,400 shares traded.
5. Trader V, $1,461 on 31,200 shares traded.
Click here for Brian's take.