PA

Let the enlightenment commmence

[Madrid Xtra @MadridXtra]

Messi telling the referee Cucurella covered his mouth after Enzo’s red card.

[Gregory Blotnick @gregoryblotnick]

this is an excellent question, and one where I can give a serviceable answer for now

basically asking, "u tweet/write about breaking down tape, u post Kuechly breaking down tape...what is the market equivalent of this?"

1. grinding charts/screens -- like how Druck talks about how he gets 272 charts at 4:30 AM

2. P&L/trade blotter

these are both article-length answers

I will try and keep it brief here, forgive rushed writing/typos

P&L:

going thru all ur losses and troubleshooting. process vs outcome, luck vs skill, learning from ur mistakes

this sounds very simple, and I sat down to write a tweet-length answer....4000 words later was like, oh shit

there's actually so many layers to it

but this to me is the most important, its the #1 way to improve, people who are serious do it

and yet no one does it

because it sucks. it's you alone in a dark room by yourself, just staring at all ur bad decisions

2.

u want to know why 99.9% of people really don't do it?

they don't want to know the truth about themselves. the truth is ugly. they're afraid to look inside, because they don't know what they'll find.

and your P&L leaves you NOWHERE TO HIDE.

it is a mirror, and it's an unvarnished reflection of all your flaws, your bad decisions and your dogshit discipline

u cannot blame or make excuses, u cannot tweet around it, and it is immune to all forms of LARPitude

it's one of the clearest indicators of who is real not just as a trader but as a human

show me someone who is afraid to look at their P&L, and give me moneyline at -1000

lay $10k to win $1000 that they will never be successful in markets

its that simple

3.

if there were prop bets I'd tell u exactly how they blow their first account...time horizon, position sizes

first off I've made every mistake myself, and second, over 10-15 years of trading, teaching friends/family, watching people fail in years 0-5 over and over and over...

I just know all the early-stage mistakes, especially the mental/cognitive ones, ego, vanity, denial, self-deceit, fear

someone in years 0-5 of trading markets is a fucking mess, like an asylum case...they underestimate how stupid, weak, and slippery the human mind is

4.

tell a guy "stop urself out down 20%" "okay"

takes a 60% loss

"what happened there chief? ur job was to see the number 20%, and then click the mouse....a 6-year old coulda done that"

mfs will either lose their shit, crumble, or enable some sociopath mode where the loss wasn't their fault

all people's fucked up childhoods and upbringings emerge in how they grapple with harsh truths

u see people who are knotted up too tight where u don't think they could ever be unwound

nothing is ever their fault, ever, and never will be

there are lots of people like this on twtr, in 2-3 sentences u can immediately discern how someone handles accountability and responsability

the human brain is frightening

so thats P&L.

1. grinding charts/running screens

I learned this from a boss back in the day, whose process wasn't too far off from this

Stan Druckenmiller: Okay, so every night, at about 4:30, I get 272 charts. They cover just about every group in the stock market, every commodity, every currency cross I'm interested, in every fixed income market around the world. And they're basically daily, weekly, and monthly. Daily supposed to predict 8-20 days, weekly 8-20 weeks, and monthly 8-20 months. When I make an investment decision, it's usually--sometimes, believe it or not: The idea comes from the charts, but I will never invest just on a chart. But if I really like a fundamental thesis and the chart stinks, I won't do it.

Druck trades macro, a L/S manager will have 500-1000 equity charts on top of that, diff time frames than Druck

you can do it post-close or pre-open

Druck and my boss were early AM, I always preferred doing it after the close

20-30 mins as a wind-down, just subconsciously uploading everything that happened during the day

here is a free screener I have always used

https://t.co/l8VF2TbITD

daily post-close, I do:

descriptive tab: "mkt cap > $300m"
technical tab: 52-week highs (1st screen) 52-week lows (2nd screen)

thats two diff screens, 52-week highs, and 52-week lows, both with $300m min (smalls mkt cap)

then, click "Charts" below all the toggles

this shows u where $ is sloshing in and out of, what's working, what isn't

u actually can use it for idea gen, because the market will always move first

before anyone has spilled a drop of ink, price has moved

everything is downstream of price

so when u see an odd move in a name that everyone has forgotten about, a name you knew well at one point, but that no one is talking about...

...and suddenly its printing 52w highs, on volume, on no news?

immediate "invest first and then investigate," in 24-48 hours you can get current

odds are always way better than 51-49 that fundamentals are inflecting, these trades are high hit rate because it's all incremental buyers from here

remember, no ink has been spilled yet

and there hasn't been any news

all u have is johnny-come-lately shorts getting taken out and the oddball deep value buyers, and now u prob have faster money, small L/S SM, prop desks, the minnows are there, the big fish

Druck talks about this but the fast, hard part of the move, is always when there's no news and no logic...u buy off instinct, bc u recognize the pattern, but u know that u are making a straight tape read with no fundamental work backing it

by the time the fundamentals justify the move that took place...half that shit is over

this is why u want deep familiarity, 5-10 years in the same sector

I haven't looked at something like Dillards in 8 years, 24-48 hours I'm current

whereas if you said "go learn Micron" I'm years away

once u understand a sector/industry, the financial statements pre-populate in your mind

this is how u counter the "invest first, investigate later"

like I have spent so many days of my life trading shit like apparel, u just develop familiarity with the way certain names trade

and newsflow hits, it gaps up 10%, and you've seen this movie so many times that ur gut says "buy it up 12%, now"

that response was created by the 4-5 times where I didn't buy it up 10%

weird subconscious shit that develops just staring at tape all day and all night

I run a few other screens too, all the sector ETFs like spdrs, plus the entire consumer cyclical subsector with mkt cap over $300m

prob takes 20-30 mins but over many years, u will silently upload info on reading the tape, what happens "under the hood"....how the S&P can be flat but there can be a sea change under the surface

I can't really explain why or how this works or why its worth doing, although if Druck is religious about grinding charts at 4:30 AM then there is prob some signal

I'll do a better job on these in an article but u should be good to go, and on Finviz, just play around with that screener and all the toggles and tabs

really great site, even when I'm paying for BBG I still just use finviz lol

BBG is too slow and clunky on a lot of shit, this site just zips

get used to just learning weird new tickers and chart patterns...whats this company, what do they do....ask LLMs and so on

a certain type of brain will go down this rabbithole without me telling them to

this is the shit that makes winners, winners

I hate to say it, because markets aren't the NFL

but it's the same principle...like, the guy who is putting in 1-2 hours daily, outside of work hours, grinding his P&L/blotter/losses, and grinding daily market action thru charts...

that shit compounds, everything compounds, over 5-10 years these daily efforts become jaw dropping

install these habits (and other good habits) and never break them, thats what determines success vs failure.....people with losing attitudes do not understand that every winner's story is this same sentence:

"A Ten-Year Overnight Success Story."

they see u in one day, on year 10, winning a title

they don't see the 10 years of staring at ur fucking losses every day

no one saw that

that was u, in a dark room, all alone

trying to fix what is broken in ur process, and what is broken within u as a man

u will discover that the two are the same

grab ur shovel and ur lunch pail...

because its hard hat szn🪖

good luck trading

[PA @Pataaka007]

@tminnzy @pubity Messi is AFA

[PA @Pataaka007]

You can draw whatever conclusion you want w/r/t corruption but cannot ignore the fact that the guy running the organization WILL roll-over when someone important enough calls in a favor to overturn a decision.

[PA @Pataaka007]

@mikealfred A defensive MASTERCLASS

[PA @Pataaka007]

@abe_arsenal @ESPNFC Tribute to the bench?

[Long Equity @long_equity]

Here are my favourite mental models:

https://t.co/6Gpk517gx4

[Mohnish Pabrai @MohnishPabrai]

I very much enjoyed my recent talk @sxsw in Austin on “Mental Models to the Power of Mental Models”

https://t.co/EjxwSUrk7f

[PA @Pataaka007]

@honeymoon250 Math

[PA @Pataaka007]

@JamesLucasIT Looks like a fat UK

[PA @Pataaka007]

2010 World Cup Final Impending... #NEDENG

[Sachin Tendulkar @sachin_rt]

The first time I met you in the Indian dressing room, you were pranked by other teammates into touching my feet. I couldn’t stop laughing that day. But soon, you touched my heart with your passion and skill. I am so happy that that young boy has grown into a ‘Virat’ player.

I couldn’t be happier that an Indian broke my record. And to do it on the biggest stage - in the World Cup Semi-final - and at my home ground is the icing on the cake.

#INDvNZ

[Sachin Tendulkar @sachin_rt]

A wonderful knock by @IZadran18 to put Afghanistan in a good position. They started well in the 2nd half and played good cricket for 70 overs but the last 25 overs from @Gmaxi_32 was more than enough to change their fortune.

From Max pressure to Max performance! This has been the best ODI knock I’ve seen in my life.

#AUSvAFG

[PA @Pataaka007]

THE GREATEST INDIVIDUAL ODI INNING OF ALL TIME

[PA @Pataaka007]

Magic Maxi! Stuff of legends. Can you imagine him getting a double ton here... #AUSvsAFG

[PA @Pataaka007]

@ericbahn Rocket Money is incredible

[PA @Pataaka007]

@BoucherNicolas My 8yr old nephew says thank you

[PA @Pataaka007]

@TeamCRonaldo Sorry, he spoke ill about Messi when?

[PA @Pataaka007]

@QCompounding https://t.co/Jl5k7EE3Ld

[PA @Pataaka007]

@QCompounding Could you link the MS report? Thanks!