REVIEW THE CATCH

The Captain's fishing plan & results. Good things come to those who bait.

I like to fish. I love the thrill of the catch! Not so much baiting the hook. I know I risk bloody fingers, or worse, often my bait is gobbled up or not put on thoughtfully enough and it floats away. I hate losing my bait.

Old Fishing Motto: Wrong – Gone but Right – Hold Tight!

Here is where I record every position, good and bad:

  • WHY the trade appeals (fits my favorite trading patterns)
  • WHEN I think the trade will break out or down (I’m a volatility trader after all)
  • HOW to structure the trade (ESP=Entry, Stop, Profit).

Fishing Plan & Results

Depending on the size of the fish and fishing hole, I know how much bait to use and how long to leave it exposed in the water.

Two Exceptions:

Jumping up fish!

This happens about as frequently as a giant squid sighting, but when it does: accept the luck of falling fish in your boat just don’t get use to it. It’s the stuff of Fish Stories not Trading Plans.

Taking down a shark!

Shorting takes guts, and since markets and stocks fall 60-80% faster than they rise, why not ready your boat and your nerves and take down a shark.  Just remember to buy insurance first!

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