Why I didn’t trade today

son

I didn’t trade this morning.  I had ever intention to do so when I left the office last night.  I like the opportunity in FB TWTR SRPT SPY IWM for today’s trading session.  So this was not a decision of a lack of trading opportunity.  I, personally, was not in an optimal state to trade.  And therefor, I benched myself.

First, for those of you who have children, you might empathize with this next anecdote.  Three times last night, while in a dead sleep, my son approached my bed, leaned directly into my right ear and said, “DAD………”.  There were different iterations of what followed after DAD!, but each awoke me from a deep slumber.  The fourth time he entered our bedroom he got my wife, and then caused a stir waking his sister.  That set off a whole new round of sleeplessness.

Second, the night before Merritt and I traveled to Stamford for dinner with a former Hedge Fund trader, firm trader, Dr. Steenbarger.  It was a great time.  We got back very late back in NYC 🙂  So I started last night needing to catch up on some sleep.

Further, I had a very bad night of eating.  I got into some foods that do no lend themselves to moderation.  I know my performance wanes when I am not feeling optimally fit.

Finally, a European trader just starting to have success reached out to ask a trading question.  He was finally positive on his balance sheet, yet experiencing hesitation pulling the trigger with some trades.  And we were exchanging ideas as to why this was so.  I shared with him what holds me back:

For example, I need to be very prepared to be successful.

I need to feel like I am better prepared than anyone else.

I need to feel very comfortable that I have put the work in and deserve to succeed.

I did not feel prepared to trade this AM session.

Why I sat out today is not important.  It is that there are days you should sit out of markets.  You should know what makes you trade with edge.  And the times where it is unlikely you will.  Today was one such morning.  So I benched myself.

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