Life relates to trading and trading relates to life. Constantly revealing, unfolding before us as we trade and live, so I write about how my life relates to trading and how I trade the markets. Along the way I share my opinions on anything that evokes my passion or tickles my funny bone trying not to forget that enjoying life is the best part of living.
I was going to post another story about prices but today's action prompted me to share The PlayList as it is e-mailed out to members each day. The only change I made is adjusting SPY to long at 117 and short at 116 today when it became evident that the entries would not work without wreaking havoc.
I've been on a lookout for a day like today for what it seems like months now, but realistically as it inched nearer and nearer to the possibility. I've been sharing my view of the DJIA charts and positions and it is based on those charts that gaps and volatility can be gauged. Of course not always perfectly scripted, as I like to say, therefore there is a plan. It is following a plan that enables us to be comfortable in either cycle of the tape. We are in fact wearing a parachute in case the flying carpet is removed from under our butts in this ever evolving marketplace. So enjoy a rare free peak and thanks for reading and viewing.
Taking initial entries and maximum holds, today's action yields are as follows. These are based on ability to hold on to runs and exit on or near targets which is often a challenge for traders.
It has taken me a week to reflect on what I wrote in Part I of this article about Reed Hastings and NFLX in "The Right to Fail". I knew I had more to discover on the subject and more to express and as I went on a hunt through my mind about how it is we so often refuse to admit to failure especially since, on reflection, once we admit it, success begins to immediately flourish.
Recognition of something that does not work frees one to see another way. It also seems that the quicker we recognize the fact, the faster we are on the way toward another victory. Yet we seem to hold onto the hope that what does not work will somehow change its mind and start working if we only hang on for another little while; never "giving up", we say, while we apply every fix in our arsenal. But what if I told you that during that seeming indecision and endless hope, wait and prayer, we are already actually moving toward our next victory. What if we see that taking the time to apply our wits to fix, we are really working on success and it's perhaps what assures us success.
We know that all success stories have more forgotten failure stories, never written, and nobody says they have their failures to thank for their success, but shouldn't we? Doesn't success and failure go hand in hand and shouldn't it be given equal importance and weight?
I'll never forget watching my son learning to walk and I never thought I'd use it in an article. I actually wrote my observations down in a journal. To me it's burned into memory that each "failure" was met with another try and each try was met with success and a failure; and so the circle continued. Never was the joy wiped off my son's face or babbling stopped and there was no cry, just determination. In other words, each cycle was the same. Success and failure were both learning experiences of equal weight, without judgement of one or the other.
Perhaps we all have something to learn from that memory of ours as I'm sure we all had the experience of learning to walk. We automatically learn and apply adjustment to the next step as we fail; it's built into us. We're born with it all: ability to adjust, analyze and apply at the same time. Perhaps we need to reflect on that, somewhere along the way, we let someone else judge our success, and perhaps it's time to release that which misguided us and experience once again the joy that the cycle of failure and success brings. As we accept this cycle, the spiral of success expands and we need less of one in order for the other to continue, but we never really let go of failure 100% even in walking. Think of it next time you stumble or trip.
This is the concept that I teach in my trading. To put equal weight on both. Not to admonish oneself for the lack rather than to learn and move forward into the next trade with equal enthusiasm for the possible success. Realizing that if you cannot accept your failed trades with equal gratitude as your winning ones, you will fail more often. So, keep trying baby, keep on trading with joy!
Everyone has the right to fail. Failure is an essential part of growth and it is as natural as rain. I remembered that as I watched the video by Reed Hastings, CEO of Netflix. On the face of it, just the name "Qwikster" is wrought with problems, one of which the spelling. I went to by browser search and from memory I entered the company name. Unintentionally I misspelled the name by adding a "c" before "k" "qwickster" which prompted my search to ask if I meant "Quickster", taking me to an odd site with a twist on Spongebob Squarepants. It will result in not only guffaws but horrible results for searchers wishing to give an honest try to this Netflix offshoot.
Netflix is a brand that was understood easily .. "Net" meaning Internet and "Flix" meaning Movies an old slang for the term with a slight different spelling. But how are we to relate to Qwikster? Does it bring visions of smooth, fast, high quality streaming of games and movies? I cannot relate it to either. I can imagine the problem of finding a good name equivalent to Netflix, but in the least one must ask why change something that people already identify with.
If it is, as Reed Hastings says and I believe he's absolutely correct, that the streaming of games and movies is the future, then why not keep the brand name at least in part for the new company. Something with "flix" or "net" in it. "Netquix" "Myflix" "NetMyFlix" immediately come to mind. (But before I go on, be forewarned if you are tempted to rip off my ideas once reading this.)
The stream is full of frankly thoughtless criticism and some dumb remarks of one type or another but mainly about how he apologized because he lost billions. For one, Reed Hasting will not have lost billions yet but his investors have. Yes, anyone and their children who invested in his success. Further, it may be his reputation that is also lost which will make it more difficult for him to succeed in his next venture. But before you laugh hysterically, remember Steve Jobs. He too failed and was criticized: "NEXT"!
I have no idea what Reed Hastings was thinking as I believe that no person who has ever started a company goes into it with the thought that he will make billions in the first place. They start because of an idea that they want to see succeed. How much, is far away from the initial concept. It's been proven over and over again that true entrepreneurs put all of themselves into their concept out of love and it's because of that why they also have every right to destroy their creation as well. Would they do it intentionally, I doubt it, but their vision which started the concept, will have to be the one to develop it further.
Will his original fans be on board the new venture, one never knows. Individual investors will have to decide if Reed Hastings a "one trick pony" as is their right to do; but who amongst us has not taken the wrong fork in the road? And who amongst us large or small, has not in some way learned from that adventure only to come to a new horizon?
So,if Qwikster were to fail, will Reed Hastings be a failure? Somehow, I don't think so because people who have succeeded once know they can do it again. He will only take his place amongst the many who have failed, to possibly rise again. Keep it in mind as you read the "social" comments and articles full of criticism of this man's new concept, I ask of them, as I ask myself, when is the last time that we have tried enough to fail?... (to be continued)
