Wednesday, March 14, 2007

"Stick to your guns"

Today I woke up eager to see where J. crew would open up, considering I had a huge position betting on earnings. I was happy to see the market turn positive right before the open, I knew I would get a few more pennies for my trade. However, I knew the market would not stay green for long so I sold @ 38.92. I was very happy with my execution as the stock quickly sold off.

My limit order was filled at the open for Marvell and the trade quickly went against me, I left for school as the market was tanking. The whole day I was pissed off for making the trade in MRVL and not going long some more QID. In between classes I checked what Fly was up too, the usual, buying more MVIS. I also checked the market and saw the DOW was down huge, I thought for sure we were going to have another big down day. I was again pissed off going long MRVL in the am.

I get out of class and refused to look at the market, for fear that we might be down another 200 points, I could not let that get me down for I had an exciting day ahead of me. I went to the graduation expo at my school and ordered my class ring and my cap and gown, it was a great feeling knowing the hard work has finally paid off.

While in line, waiting to pay the ridiculous price they wanted for my ring, all I could think about was New York. I wanted to be there like Fly, binge drinking monster energy sodas, getting fat at the local BWLD, and trying to hide the fact I drink Dunkin Donuts coffee. Or maybe take a trip to see my boy Gio over in Akamai land. Whatever I do, I will be happy I'm done with school!

I get home 10 minutes before the market closes and sure enough the market is up 50 points! Even my MRVL trade is green. I then thought to myself what a volatile market, if I keep trying to follow the direction of the market I will lose! To be successful I have to pick my trades and stick buy them, just like I stuck it out in school.

Graduation Date: May 19, 2007
UL Lafayette - B.I. Moody III College of Business
Bachelor of Science in Business Administration: Finance


Woodshedder said...

Congrats man on graduation.

I'm going to do a post on "conviction." I think that it is one thread that I see tying together all the successful traders out there.

Funny enough, it was that asshole "shortdabull" that brought the idea of conviction to my attention.

Ragin' Cajun said...

Thanks Wood! I too find more success with conviction.