Aces Wild

Aces Wild

When it comes to playing cards, the best possible hand is 4 aces. Actually I have no idea if that is true or not for the simple fact that I do not gamble. I’ve been dragged to Vegas and Atlantic City more times than one can count, however the number of times I have gambled is a big fat zero. Granted I am as odd lot as they come when it comes to card games, I know enough that if you have 4 aces you probably have a decent chance at winning the hand. Right? Jokers Wild?

So if I don’t know shit about gambling or cards, what am I getting at here? You’re right, the point of the matter is that in a deck of cards there's 52 cards and 4 of them are aces. When it comes to our trading, it tends to be very similar, we can have 52 ideas for the week ahead and only a handful might actually trigger, and of that handful there's even a smaller group that really breakout.  

That's why you need to keep a straight face and calm composure when that 4th Ace hits the river?   

Ace number one - Persistence, how many times have you bought a breakout too early? I know I have hundreds of times and failing is ok, quitting is not. Failing brings out your true colors, you can fail like a loser or fail like a winner. If you can finally buy that LJPC one last time through $36, or that WVE back through $40, or any name that really had you on the ropes yet you finally caught it, shows your persistence. If you bought LULU at $84 you know! You just have one ace in your hand this is where you want to be learning, observing, listening, and speaking when you have value to add.

Ace number two - Patience, you need to let the stock come to you even if you don't always like her approach. You just have to be ready to put the risk on when she starts to show her true colors. Passion is also key. Trading can be extremely rewarding when you’re right and equally painful, if not, worse when you’re wrong. If you do not enjoy being kicked in the teeth from time to time from Mr Market (read: being wrong more often than being right) without passion it's going to be a rocky road.

Ace number three - Class, now you are starting to grin and get a little cocky (we all do), you now have 3 aces in your hand and are feeling like the king of the castle. Don't. Being cocky is a death sentence for a trader. Celebrate your achievements after you closed out the position, there is nothing worse than cheerleading an open position only to give back most or all of your PnL since your hands are in the air, instead of on the keys offering out.

Ace number four - Positivity, this can be a hard one at times however it is crucial to your success as a trader. Remember that quote from Wallstreet when Gordon says to Bud Fox “no one likes a cry baby” that statement could not be more true, no one has a gun to your head saying to buy the stock. Mistakes and fuck ups happen, even the best trades can have shit news that gaps the stock down that is out of our control. You have to stay positive and continue your commitment in the face of extreme discomfort.

If you keep your cards close to you and focus on being persistent, patient, positive and carry yourself with class, you should be able to avoid that shitty relationship with Sara (Shocked, Angry, Rationalize, finally Accept).

Do you have balls?

In the group chat share a time when you slept with Sara and how you moved through the 4 stages of that breakup (Shock, Anger, Resistance, Acceptance).

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