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CHAPTER 10 - A Unified Theory of COT Data > CONFESSION TIME
CONFESSION TIME
They say confession is good for the soul, so this might be better for me than for you. Oh, I knew it would happen—2003 was sailing along so smoothly, life was good and trading was better, trade after trade. Me, my laptop, and a few S&P 500 patterns had made more than $400,000 for the year.
Sure, it was not a straight-up path to heaven. It had its twists and turns, but while the road had bumps, it was not rocky.
Until . . .
. . . In the middle of November, I went into a drawdown. While it was not a large drawdown, mere kid stuff compared to some I’ve had, at my age and with my supposed trading abilities, every drawdown is too large. Way too large. But that’s par for the course. As a matter of fact, every year for the past 15 or so I’ve talked to myself (see what trading can do to you) about the eventual drawdown I would have. They are a yearly occurrence in this business, so you had better preframe yourself for them, as I had.