Lesson Learned? I don't think so...

          Kind of a random thought that popped in my head as I heard a Young Jeezy song on Spoify this afternoon. A couple of friends and I had grabbed a bottle of Crown and Absolute and a local Strip club on a Friday night. I think we might have been celebrating tax time, but I can't quite remember the cause for celebration. Either way, we were getting hammered, as we were pretty good at it. Strippers were everywhere, the club was packed.
          We were having a great time. Having fun, strippers drinking and dancing with us. (Side note: I am not a lap dance kinda guy, I'd rather have the strippers drinking with us, listening to their made up stories is amazing.) There always seemed to be that turning point with us and our partying. A fork in the road I guess you could say, where the night continues, or it goes south...real quick. Well, this was sort of both.
         At some point in the night, I walked up to go to the bathroom.I'm standing there taking a leak when this half bald, short pudgy guy walks up to use the urinal right next to me. Just weird. he starts talking to me about strippers, this that this that yadda yadda yadda. For some reason, he decides to tell me he is with the Memphis Grizzlies. Was I supposed to be impressed?
          This is when I probably should've just kept my mouth shut. Who give a fuck I said. Athletes are a bunch of cock suckers. They treat people like shit and walk around like they own everything. Trust me I know, I've dealt with them all, I continue to rant. He started to get heated and I walk out saying, sorry buddy I stopped giving a shit about sports in the 6th grade.
         I start dancing like a retard up the stairs to Go Getta, but before I made it to my table, I was surrounded by four of the biggest black guys I've ever seen. Ahh What the fuck, I keep dancing and try to make it thru two of them. Yeah, that didn't happen. I literally thought i was going to get my ass beaten right then and there. Due to the smoke and alcohol consumption, I don't remember the exchange of words, but what I do remember, is that they drank with us the rest of the night and picked up our 3k tab...While the little pudgy guy sat alone at the bar... Boom Bam

Don't Get it Twisted...

      Earlier tonight, I read a tweet by Mr. @GSElevator that said, "Don't confuse friends, work friends and friends of convenience." It struck a cord and so I thought I would waste some of your time with my ramblings on why I agree with that statement. 
      I started valet parking when I was nineteen because I was in college and during my first semester at school I blew my entire savings account partying and gambling. How that happened, I'll save for another time. Either way, I got a job valet parking for a medium size valet company in the Twin Cities. I worked seven nights a week for almost nine months straight to get my shit back in order, as I did have a truck, insurance, parking, cell phone among some other bills. 
       Along came summer, and the valet company was accepting applications for an internship. I submitted an applications. I had to choose to intern and continue valet parking or go back to construction working while school was out. I was going to a business school, economics degree, so I thought the better decision was to intern, after all these bullshit internships are what many deemed important and crucial as it added to your resume and helped in finding a 9 to 5 desk job after college. 
     Well I got it and so it started. I interned all summer and as the summer wore on, more and more responsibility piled on. I was fine with it. As a result, some office employees were let go and again my responsibilities grew even more. I had initiative and worked hard. While, my pay never increased that summer, I did make the schedule for 100+ valets...making my schedule was great. 
     Fast forward about a year and there was five people in the office. Our two owners who knew nothing about the business or how valet really worked, our VP of  Sales and Marketing, Myself who became the General Manager and our payroll manager. Before we hired our payroll manager, I did that as well. My responsibilities had no end. I pretty much did everything. I had over 200 Valet Supervisors and Valets that reported to me. I had restaurant, hotel, night club, Health Care facilities, and private event managers that had my cell and called me when something wasn't going right. 
      Again the pay sucked ass, but I didn't care. I made the schedule and worked where I wanted when I wanted. Trust me when I say, it made up for the lousy salary. 
        For a long time I looked at one of our owners as a mentor. We talked all the time. He taught me a lot. At one point, I think I would've considered him a friend and thought about working with him on other business ventures. In hindsight, I am glad I didn't. 
        I hired a kid to work as a valet that eventually scheduled a meeting with our owner to talk about business...owning one, running one, etc. He was hired as an intern for our owner's other business. Some lame bull shit printing company. This kid helped with both our valet company and the printing business. We got a long, mainly because he did what I told him to and he was never late. 
         I don't know where or when it happened, but the kid thought he deserved my job and became a snake. I have no idea what he told our owner and if any of it was true or not. All I know is that our owner believed it. This kid had it out for me and everyone that I had hired. Still to this day, not sure why. I personally think, they thought I was stealing. In what way, I don't know. Because I didn't I knew how how to hustle and make money. I didn't need to steal. but whatever, I will never get an answer.
           The last year that I was with the company I did a lot of butting heads with our owner. I didn't like the way he treated our employees and the way he ran a business. It was shady to say the least. 
           After five years of running the company, tripling it in size, working eighty hour weeks it was decided that I needed to go. For a long time my delusional thinking told me that I was irreplaceable. No one could do as good of a job handling everything I handled and as a result operations running smooth and seamless. What was the reason? I still don't know. The answer I was given was that I was late twice with a weekly review letter and I didn't respond to one phone call. I thought my relationship was stronger and there was more respect for one another. Letting and believe a chirping bird, it's all water under the bridge. Trusting someone, especially an employer or someone trying to clime the hierarchical latter is suicide. Don't get it twisted, Do not confuse friends with work friends and or friends of convenience. 
         Unfortunately for me, I had signed a one year non compete. I thought for a second if I really wanted to, I could get all 200 valets to quit, strike or what ever. Again delusional thinking. They were all work friends. They loved me as a leader because of how I ran things, I in a sense controlled their schedule/income. I highly doubt they would've had the faith in me to start and retain clients in a short time frame. They had no choice but to keep quiet and do their jobs in fear that they may lose it if this new G.M. found out he/she was "friend" of mine. 
      I packed my truck with my computer and a small amount of clothes, and off to AZ I went to trade on a prop desk. 
       I don't really feel like getting into a long a long analogy of how or why this relates to trading other than this. No one will ever care about you or your trading account the way you do. You think if you whine enough after blindly following someone into a losing trade they will give you the money you lost? I doubt it. 
       What is a friend? It is a person attached to another by feelings of affection or personal regard. I consider a close friend one that I would lend money, and not worry about getting paid back. I can say that I have three. How many do you have? Having 500 Facebook friends or 10,00 twitter followers doesn't man jack shit. In my opinion in this life there are winners and losers as in trading. You have the power and ability to chose which to be. No one else cares.

 

          

What Valet Parking has taught me about thinking terms of probabilities.

          When it comes to Valet Parking, every establishment is different. From the high class restaurants to the hotels to the night clubs. Since I started, working the night clubs was always my favorite. It was always high volume in a short time frame. The places I worked, we would usually park anywhere from 100 to 200 cars in the span of about 6 hours, 9pm to about 3am. For the most part, night clubs are about status. Everyone going to these night clubs want to feel like they are important and getting the VIP treatment. In reality, they aren't. The only ones that really get the treatment, are the close friends of the club owners and the people that spend a considerably large amount of money.
         Valet at a night club really isn't about convenience, at all. Why? Because everyone usually arrives at the same time and leaves at the same time. All the club goers want to be seen dropping their car off right in front of the club as well as it being returned to them right in front. So it would never make a difference how many valet attendants are working, at the end of the night, bar close, when everyone leaves at once, there is going to be a wait for your car. Tips are pooled, and since it really didn't matter how many valets were working, it made sense to under staff to make more cash. The less valets working, the less people that tips had to be divided up.
          There is a high demand for rock staring, VIP-ing, or just plain leaving the car right in front where everyone can see it...what ever you want to call it. Back in the good old days we would have anywhere from 5 to 10 spots up front. Right there a function of supply and demand. The lower amount of VIP spots, the more it would cost to leave your car up front.
        Why do people want their cars parked up front? They don't trust the valets parking their cars in the regular lot, they want to impress the women, the car is expensive, they don't want to have to wait for their car at the end of the night, status, they have drugs, guns or cash in the car, the list could go on...Either way, a waste of money.

The best clubs to work were the hip hop clubs. Where the bangers, pimps, dealers, jersey chasers, and athletes would frequently hang out. Why? Because, apart from the athletes, their cars were everything to them. The going rate to leave your car up front would be 50 bucks. As soon, as someone pulled up in either a donk or expensive car, with out doubt they would ask, "How much to leave it up front?" Typically, if you knew they were a drug dealer or athlete they would pay the most to have their cars left up front. There is my edge. After working a spot for an extended period of time, you get to know people, who they are, what they do, and where they are from.

      I remember a night when Fred Smoot, Dwight Smith, and Pat Williams came in. All three of them in their white Rolls Royce Phantoms. Of course they wanted them up front. All I said, was I had one spot left that was going to be a hundred bucks, I could open up two other spots for the same price. As I would have to take down someone that had thrown eighty bucks. Not a problem and easy as that. My edge was, Athlete, Five Hundred Thousand Dollar car, and I knew how bad they wanted them up front. My edge was there so I pressed it. At the time, I had maybe one or two cars up front. Plenty of space.
       What if they would have said no? I would have thrown the cars in the regular lot. Twenty minutes later another opportunity would present itself as a dealer would pull up and ask the same thing. All that mattered was how much money you would throw to have your car left up front. It didn't really matter to me who you were.
         Rashad McCants, was one that I told plenty of times to get fucked. He never wanted to pay. I'm not going to leave your car up front just because you play for a horse shit basketball team.
       How does this compare to trading? Edge and probabilities. If you haven't clearly defined your edge you are probably trading with out a trading plan. Trading is all about probabilities. You never know what trade will work out and which will not. Since that is the case, when your edge is present, you have to take the trade. Trying to pick and choose which you "think" will work will cause you to pass on many winning trades.
        I knew back then, when valet parking what my edge was as well as I can clearly define my edge trading. Can you?

What Valet Parking has taught me about Twitter and StockTwits.

             I have kept a journal for years and now that I think of it, probably since I was 14 or 15 when girls became important. I have always enjoyed writing but for some reason find it harder when typing as opposed to hand writing in a notebook.

            Either way, I thought I’d write up a quick post on what Valet Parking has taught me about twitter and stock twits. I think in the near future I’ll write a few about what Valet has taught me about trading, because it has taught me a lot.

            For those of you I have skyped with and or DM’ed with know I started valet parking when I was 18 years old, now 27 and I own a valet company. By the age of 20-21 I was the General Manager of the largest valet company in the Twin Cities. Even so, I would still valet and work the restaurants/ night clubs four to six nights a week….bit of a workaholic. Although to my defense I was working with my best friends. It was fun, cash, and never really felt like working.

            Being that it was a large company, we had around 150-200 valets that worked for our company, it was inevitable there would be a few bad apples. The worst shifts to work were when you got stuck working with some one that had an awful attitude, complained and would always find something to whine about. I cannot stand to be around negative people. What someone tips you is out of your control, yet with a whiner, the entire shift would be filled with whining and bitching about how much people suck. Fuck that.  Negativity is like a cancer and can spread quickly. Someone that is a leader, a superior leader should quickly realize this as they can influence people in either a negative or positive way. I’d much rather have latter leading. I’ve come to realize that no matter how good or bad the situation, a whiner will always find something to whine about. It’s awful, brings down everyone and creates a painful work environment. You’re probably asking what the fuck does this have to do with stock twits or twitter. Well, a lot actually, in my opinion.

            I follow a handful of people. Throughout my time I have added and removed people I follow for various reasons. Typically, the number one reason I unfollow someone is when I notice a trend in negativity. I see that Mr. TraderFlorida gets a shit load of crap on the stream. Honestly, I found the youtube video kind of funny. As I am sure he had a great laugh as well, maybe not, who knows. It was sort of like The Roast of @TraderFlorida. Either way, when my stream gets bogged down with negative shit being spewed out, it becomes worthless, annoying, and drains my energy level. It gets in your head. 

It’s great following those with a similar style as you can compare your thoughts with theirs? What better than having a great idea or set up, to see someone you respect is looking at the same thing? It should give you give you confidence. I love twitter and stock twits. I follow those that I view have a similar style to me. I follow those that I view as much better traders that I. Why? Because it’s like being the worst player on Soccer team, by being so it forces you to play up. Step it up to the next level and constantly learn and improve.

            I don’t have the time or patience to surround myself with those that are going to constantly hate on others and bring negativity into my stream. Why waste the time, simply unfollowing someone isn’t enough?

            If anyone has read Think and Grow Rich by Napoleon Hill, he brings up the idea of a Master Mind group. That is how I view those I follow. If you are like me, you trade from home or office. It can get lonesome and Stock Twits has been a great way to reach out and connect to those that Trading is their passion.

            I have been trading full time and actively for almost six years. Had some great runs and some real draw downs, blown a few accounts. I traded on a prop desk that had the most negative energy imaginable. On the flip side I learned a lot, met and befriended some of the best traders out there.

            I remember watching @BCLUND’s video on how to spot a Douchebag on the stream. At first I thought it made some sense. I watched it second time and thought, really? This is twitter/ stock twits. You should probably have the common sense and knowledge to see that someone isn’t providing any insightful information. And if they are who cares, it’s a social networking site that is free.

            Mr. Lund, if you ever read this I mean no disrespect, I just thought the post was unnecessary. I have read a handful of your blog posts and found them educational, informative and very well written.

            Lastly, if you are young, just starting out your journey as a trader, don’t expect to have your hand held by those on a free net working site. Be realistic. If you want your hand held and every question answered, join a paid site or trade on a prop desk that offers training and education. Do you really think that anyone cares about you or your trading? Get it through your head there are winners and losers in this game. It’s about a transfer of capital from the accounts of those that don’t know into those that know. Humble is the name of the game. 

@theEquilibrium Said it best when he said "when you make money in the market, be humble - you took it from someone else - and be vigilant, or they will take it back"

Unless you know someone personally, you have no idea what else they have going on in their life. Most of my orders are predetermined and pre-set. I could be at my desk one minute and out the door at a meeting the next. I might not know a trade triggered until I got back to my desk. You will never become a consistent trader if you are always looking to follow someone into trades. The best trades, the trades I have made the most money on, are those that were my idea. Not someone else’s. For fuck’s sake, learn to think on your own. I think Livermore said it best when he said “I believe that the public wants to be lead, to be instructed, to be told what to do. They want reassurance. They will always move en masses, a mob, a herd, a group, because people want the safety of human company. They are afraid to stand alone because they want to be safely included within the herd, not to be the lone calf standing on the desolate, dangerous, wolf-patrolled prairie of contrary opinion.”

By no means, do I claim to be a super trader, nor do I know everything. I have had my fair share of experiences. This is a journey. I am constantly learning every day. My point is this. Life is short. In my opinion, you should wake each day with a passion to live and trade, if trading is what you have a passion for. No room for negativity.

            If you read this whole thing I apologize for the rant. I didn't really proofread it, oh well. I think next I’ll talk write How Valet Parking Has Taught Me To Think In Terms Of Probabilities.