REVIEW THE CATCHThe 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.
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!