What the heck does the NYC bus system have to do with intraday trading? Think about it…. is the best way to start your day waiting on the corner for the bus or running down the sidewalk trying to catch the bus? I choose patiently waiting for the bus. If you want to make it as a intraday trader you should opt for my choice. Here’s why…
Finding and trading the different opportunities that are presented each day is task number 1 in our job. It pays to be on time and ready to work without being all sweaty and out of breath from chasing the bus. Some trades are on the corner waiting, the bus comes you hop on and like magic it’s a nice easy ride that gets you where you wanted to go. Many times however you see the bus leaving the corner and you decide to make a run for it. When this happens do you get upset? Sulk? Or continue chasing?
None of these are choices that will help you survive in this job. So take a deep breath and think of the good ole NYC bus system …ANOTHER BUS IS COMING! You don’t have to stand on that corner long before another bus or trading opportunity comes. Opportunities are easier to make up rather than the losses that come from chasing, trading mad or frustrated.
You are going to be late sometimes ..GET USED TO IT. It does not matter how long you do this job once in a while you’re going to be late. How you handle being late will determine how your day is. Here is a trade I missed today but by waiting patiently the bus came again and this time I was waiting.
Jeff Davis
2 Comments on “Trading lesson from the NYC bus system (ANF)”
Awesome videos as of late! thanks!
Exceptional analogy to the bus system… and having your routine down. I like your mental nimbleness is staying with it (versus the woulda coulda shoulda syndrome) and being alert and grateful to take the next opportunity that presented itself. Even more impressive, is how after you got shook out on the tight entry you had the “wherewithall” to re-enter and see your trade thru. Thanks for the mulitple timeframe example as well. Good stuff.