One of the best things of trading in a group environment is that you can get help from those who sit around you. Yes, trading is a competitive arena but that doesn’t mean you can’t look for help within your group. We love working with Dr. Brett but unfortunately for us he cannot sit next to us every day to make sure we get slapped in the face when we go on tilt – I don’t think he does that for traders per se, but you get my point.
That’s why you have those around you. They actually would slap you. I know Rosie is dying to get that slap party in place :). But why bother helping that person next to you? its simple, that person next to you can provide a lot of value, a lot of trading ideas and can help you monitor your state of mind. It definitely is a win-win situation.
We have a couple of traders on the floor that need some help. And we have spent countless hours discussing what makes us go on tilt. We know exactly how we rip up money when we loose our cool. So in an effort to enforce those rules we are launching the “Shark Tank Reckless Fund For those Who Like to Drink on Fridays”.
Those participating must make a dollar contribution to the reckless fund if:
1. Violate one of his/her personal trading rules
2. Make a reckless trade and/or chase a move without a proper plan
3. Fail to make a trade that was on the morning gameplan
4. Violate your money management rules
5. You miss a trade on a stock/level you have followed for a few days
6. Make a time machine call outs (a trading idea called out that would be appropriate if you actually had a time machine)
Further, if you contribute $20 to the fund in one day you are done for the day. Proceeds of the funds will be used for our Friday’s shenanigans after the close. If it actually ends up being a substantial amount of money we may figure out a more constructive way to use that. Will follow up in a month to see if we need to either enroll on AA and/or our trading just improves dramatically.