It was a fine run. From 2021 I took $100k to $1.4m; but now I am moving onto different stratagems, methods and styles that are more conducive with my personality trait. Some of you following me out there know that I never really day traded until 2020 and before that, when I managed money professionally, I built positions and was geared towards longer time frame ideas. But I always traded and I will continue to trade; but not with the entire account.
Reason being: quite frankly I am not pleased with many facets of this day trading style. It was perfect from 2020 through 2022, when everyone and everything was nuts. I’d be crazy not to day trade and maximize my returns. But markets have changed since then and I find myself being stubborn, not adapting to markets in the way that pleases me. Although I am +14.4% for the year, I could be doing a lot better and so I will get back to a more professional style of money management, structured and with purpose.
As such, I am making wholesale changes to all of my accounts but my Quant.
My ‘Solana Millionaire’ account is closed, +93% from basis.
My Tesla Uber long term account is absorbed into my Holdings.
And my Strategic long term account is absorbed into Holdings.
Going forward, I will earmark 20 to 30% of my capital towards tactical trades, which can be day trades. I will maintain a roster of longer and medium term positions with the goal of applying my core convictions by assessing the temperature of the market into action. Moreover, position sizes will be reduced, at least initially, from the current 6% to 2.5 to 3%. Reason being: I will be adding to core positions over time and need wiggle room for getting my timing wrong.
Hedging will also be very much on the table and nothing really changes, other than I will not be turning over my entire account 3 times per day, frantically attempting to capture 1% moves in fucking asshole stocks. This entire methodology has been driving me crazy for several years now and has often made me miserable, giving me the feeling of doing something wrong. The reason why I feel this way is because my trading style is not conducive with my temperament any more and the market isn’t exactly accommodative for rapid fire intra day profits.
For those who follow me and my trades, this will make for a much easier time, with much less turnover and idiotic churn, with me no longer appealing to my most base and degenerate self in favor of a person with patience and comportment, a man of extreme sophistication and panache.
Happy trading.
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I suspect that even the 20%-30% holdout for possible day trades will go away sooner than later. The older one gets the harder it is to sit in front of a computer trading all day (and checking out futures at 1 AM). Get outside, hit the tennis/pickleball courts more. Take some more vacations/trips. As a retiring Judge told me once: “Shrouds do not have pockets.”