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Wednesday, January 28, 2009

Introspection

When I started this performance and trade tracking business a couple of weeks back, I said it was going to be more of an experiment than anything else...And I also mentioned my intentions with this...i.e...not to start any kind of stupid trading calls service...But instead to serve as a performance tracker in case I do eventually get to do my dream job - be a fund manager.

Now after 2 weeks in this, I have to say, this thing is affecting my judgement, leading to unwanted stress and overall is hampering my performance. I say this comparing recent performance to that from a few months back. I think more than anything ego and stress is coming into play and these are things that should be avoided for sure in trading...

I know of several people who did something similar to this over here in the US..And I saw similar things happen to them also...They were outstanding at first but then just tapered off as more people began to follow them...Granted its too early to say for sure for me...But I think it is wise for me as a trader to make a call to shut this thing down.

I have had this nagging thought in the back of my mind for long...I have also thought about this for a long time yesterday and today....And have made my decision.

Trade sheet is updated with all the latest...I will leave this here for a day before taking it down.
Overall since I started, booked shows 11% and unbooked+booked will show around 6% profit.
For records purpose, let it be 6% and assume that all positions are closed and I am flat when I take this down.

I am sorry guys...to those who liked this new thing....but I have to think of my trades, my performance...and in the end, if my performance is getting affected, then what is the point?

Regd the market, I still think we are in a topping process and retail seems to be bulled up again...I think all rallies should be shorted from now on...FWIW.

Best.

6 comments:

Anonymous said...

Hello lee,

Those who are following you on trade are not blind people, they always read several blogs..and compare your blogs and finally take the decession. ..that means they are fully responsibel for their decession.

Analyst of TV says that hold shorts....and next day they will tell keep your longs....Nobody ask them when they told to close the shorts and start the longs...

For eg: when nifty was 3600 they use to tell invest 50% cash...and they repeat the same ...on every time invest 50%....how a person can have many 50% of cash...he can have only 2 50 %........

so dont worry about your performance ...Nobody is blindley follow you...just we would like to know what is your position..and how you are performing ..so dont stop great work, keep continues

athshree said...

hallo..
Introspection is good thing..
I have also kept track record record and in january succes rate is 70%.
moreover, the point you made of stress is very important .As I give calls so many times cannot perform for myself...means have to concentrate on so many things at the same time and cannot cash the call for myself thoug it gets hit...that is monetary loss...and at the cost of it we have to face the stressful moments..so there is not also reward...
and one more thing if clients are not that much smart as trader then stress increases, as they follow us..
what you say is right ..but to give only specific calls..is the solutions I think
ATHSHREE@YAHOO.COM

Deepak Kuumar Bhardwaj said...

Hi Lee, I have shorted at 2814 but I have covered my shorts at 2750. Now again I have shorted at 2750 that means I am doing my own trading but in my mind I keep your positions, like if your are in short side then one day or two market will come down and if your are in long side then market will go up one day, but yes we have to wait and patience has a big role in this field. If I’m not wrong, on the eve of New Year you were on short side but market was going up and up, but that time you were not having any pressure coz you were not posting your positions, and at last market came down as per your expectation.

When you join any company as a fund manager or you want to make your own then also you might face the same problems, now you can stop this service but then you can’t. So at last I just want to say that you are the best…. U know that!!! And of course we know your talent quite well. So buddy don’t let things bother you and do the job you have been doing coz you are damn good at it.

Deepak

Ilango said...

Hi..Lee,

This is a very wise decision. I am happy for you.
One of my critics is very particular about trading - Keep it close to your chest..It is quite personal as talking about it will bring in emotions and that will affect the performance and most importantly dissipate the energies.
You continue to make your observations known to all for their benefits thereby help them to be on their own.
And I am sure you are available to them whenever they need a little nudge.

Best regards.

Lee said...

Hi Ilango..
Excellent..You hit the nail right on the head. I agree wholeheartedly..I would have to call this experiment a failure.

Deepak, thank you for the kind words...Now pls understand..For me I see irrational judgements clouding my thoughts...And this is forcing me to make wrong trades, jump the gun early etc etc...All driven by ego and stress...Now I am sure you also dont want me to bomb out right? :)
See money is why we trade right?..And if it is getting hampered by any reason, we need to take out that cause. Thats all I am doing here...
Now what I am saying is that I am taking off the performance sheet..Not that I am quitting the blog or the setups I see...
I will continue to share that...And I will also reveal my bias when I am comfortable...That will not change..I will try to be bit more transparent so that it can help others...
You know very well how much I am willing to help others..The reason for doing this is to keep things on track..I fear it will derail if I continue.. :( And none of us want that...
Example is yesterday..It was impulsive trading...Ideally I should have shorted closer to 2860..or taken the puts there...But instead fought the market..That was bad judgement I think clouded due to the fact that I wanted to be right...
Now that I made the decision, I am already feeling stressfree and its like a big weight off my shoulders..
@ ATH, thanks for your comments also...Its a tough business...Maybe I am not ready for things to be this public yet..

Best.

Local said...

Hi Lee,
These days the markets have been giving contradictory signals - it's been tough to make money for all of us, let alone stick to what we've said.:)

Take it easy.