How did your trades go? It was quite intense at the financial markets in the last few days, losses after losses after losses! Then today, the number one bank in America, JP Morgan reported suffering a staggering $2 Billion loss since April alone. Read here. A few of the trader groups I participate in also have an overwhelming majority of traders who are suffering losses.
JP Morgan cited ”errors”, “sloppiness”, “bad judgment” “it had a lot of problems. It was a bad strategy. It became more complex, it was poorly managed.” And I can’t help smiling how I am all familiar with these, and lived to tell the tale 🙂 My STO position is fully protected so I didn’t suffer any loss, and I’ve managed to wait (still waiting) for an entry with low-risk and high-return. With so many retail and professional traders losing, feels good to be the odd (trader) mom out!
My current trade STORQ7 (covered call strategy -rolling down from strike price of 14.00) sold for 58 cents with 13.00 strike price expiring in June is now worth 47cents. Check it out here while we wait for the statement.
So now with Mother’s Day coming along in a few days, I’d like to share the top traits of traders that we mothers have (excerpt from my book “High Heeled Traders”):
a. Discipline – this is about following the good and the right for safety as well as success, that we like our children to have and learn, investing is a disciplined process. You might have heard of celebrities or lottery winners who went back to being broke because of lack of discipline with their money. Discipline to do the right thing, at the right time, which I also like to call Self-Mastery.
b. Flexibility : Patience and Action – I’m sure mothers who are still herding young children to go somewhere or do something are very familiar with this. We need to use a lot of patience and take action when necessary to keep up with schedules and avoid ill temper (on both sides). Investing is the same, there is a lot watching, patience required to look for the perfect opportunity, for letting profit grow, or taking decisive action to keep losses small or when profit target is reached.
c. Being prepared – mothers are always ready in case of any accident or unfortunate event. The bringing of extra diapers, food, clothes – it’s about getting on with life! For investing this is applied knowing what to do if things don’t work or surpass targets even before getting into an investment. Also being prepared for any unexpected failure – you need to have a back-up plan. Always.
And I’d be delighted to share more how mothering can be very useful in trading – it will be perfect for Mother’s Day.
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