{"id":110,"date":"2008-08-16T12:53:43","date_gmt":"2008-08-16T16:53:43","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=110"},"modified":"2008-08-16T13:06:49","modified_gmt":"2008-08-16T17:06:49","slug":"vacation","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/vacation","title":{"rendered":"Vacation"},"content":{"rendered":"

It is important to take vacations during the trading year. <\/span>Trading for one day is like working three days at another job. <\/span>I remember in law school taking finals. <\/span>We would learn and study for half the year and then take one exam. <\/span>For example, I took Constitutional Law with the Jeremy Paul, now the Dean of UConn Law School. <\/span>We were assigned a textbook so thick it was a work out to drag the monstrosity to class. <\/span>And then we had one exam after all that lecturing and reading which my grade could confirm I didn\u2019t fully comprehend. <\/span>Those exams challenged your nerves. <\/span>Well trading is like that constitutional law exam everyday. <\/span><\/p>\n

New traders should not take off that often. <\/span>You should be in your seat learning the market patterns as much as possible. <\/span>But you should take off. <\/span>Experienced traders should take a minimum of three weeks off per trading year. <\/span>The last week in August is the best time to vacation. <\/span>I have never seen anything happen in eleven years of trading during this period. <\/span>The holidays at the end of the calendar year is the next best vacation time. <\/span>Everyone tends to be away so market swings are unusual. <\/span><\/p>\n

<\/o:p>I remember \u201cback in the day\u201d agonizing over when to take vacations. <\/span>We were making at least 10k a day consistently so taking a vacation was very expensive. <\/span>I remember Steve and I were getting pretty worn down from trading so we decided to take a long weekend and play some golf in Hilton Head. <\/span>\u201cBack in the day\u201d a long weekend was your vacation. <\/span>You wanted to capitalize as much as possible on the market opportunities. <\/span>We all knew those present market conditions couldn\u2019t continue for ever. <\/span>It\u2019s not the late 90\u2019s anymore. <\/span><\/p>\n

<\/o:p>So we arrived at Kennedy, checked our bags, and waited to board. <\/span>Somehow Delta had messed up and the flight was overbooked. <\/span>And now our golf clubs and bags were heading to Hilton Head without us. <\/span>Steve had some trouble understanding how that was even remotely possible. <\/span>Talk about a ripper. <\/span><\/p>\n

<\/o:p>Now let me set this story in the proper context. <\/span>Steve is very calm. <\/span>I have probably seen him get upset three times in the 33 years that we have been friends. <\/span>I am certain the other two times were my fault. <\/span>Well this was one of those times. <\/span>He was furious. <\/span>It is so funny to relive this incident because Steve is so composed and polite. <\/span>His face was red, his voice was raised,\u201ddo you know how much money I sacrificed to take this day off?\u201d <\/span>LOL. <\/span>This was just so out of character. <\/span>Anyway the Delta rep was persuaded and ended up giving us very generous vouchers and First Class accommodations on the next flight out. <\/span>We got some golf in.<\/p>\n

<\/o:p>Steve loves to make fun of me for the vacation I didn\u2019t take. <\/span>Back when the Internet Bubble was just starting to burst, I had planned to visit Sicily<\/st1:place><\/st1:state> for a long vacation. <\/span>However, I was so worried that I would miss a market bounce that I cancelled my trip. <\/span>The NASDAQ market went down another 2000 points. <\/span>And we didn\u2019t short back then. <\/span>He loves to remind me of that decision.<\/p>\n

<\/o:p>As traders we should learn to decrease our stress. <\/span>But we are not Buddhist monks. <\/span>And trading is a stressful job. <\/span>You need to recharge. <\/span>You mind and body need some time away from the markets. <\/span>A break will improve your trading. <\/span><\/p>\n

<\/o:p>I am heading to the Outer Banks for my vacation this summer (never been). <\/span>We rented a house on the ocean for a week. <\/span>I am pretty pumped. <\/span>I am starting to get tired. <\/span>And I need a break soon. <\/span>Just a few more weeks and it will be a tough day of deciding whether to lie on the beach with a beer or a margarita. <\/span>I make a thousand decisions everyday before 10AM<\/st1:time> daily. <\/span>Hey maybe I will just have both. <\/span> <\/span><\/p>\n

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