The clerk would answer my questions and I would head for the shower mulling the new information that I had gathered. Emotions would begin to stir up as I turned the nozzle to get my shower going.
If the information was favorable, I was a little calmer. If things hadn't gone my way overnight, there was some rationalization and some justification that had to take place.
The Review Begins
I would start by kicking and beating myself up about taking risk home overnight—and the cycle would begin. Finally, I would get to the place where I needed to be and that place is simple: "it is what it is."
"You can't cry over spilled milk." Today is today and I have to forget about yesterday if I am going to be objective enough to make profitable decisions today.
As I would finish dressing, I would call my clerk again, "Where is the market now?" I'd ask. After hearing the answer, I would head to my car to listen to the news channels and drive the hour to work.
My favorite meditation was a Jerry Savelle-ism: "If the devil can't steal my joy, he can't steal my goods."
Commodity Futures and Options traders make hundreds and sometimes thousands of financial decisions daily. Should I buy or sell? How many? What price is fair? Which expiration date fits my risk scenario? Is the market moving in my favor or against me?
Information is being gathered on the spot. Bids and offers are being screamed all around you. The language of trading is known well by all who are involved. The communication code is uniform and tight.
Gray areas could lead to confusion. Confusion and miscommunication between screamers can cost both parties tens of thousands of dollars if not more. Everything is codified and must be because the stakes are so high and the emotional stress can be overwhelming.
Just as the communication is highly structured, so is the conflict resolution.
Splitting The Loses
When miscommunication takes place, there is no discussion as to who is at fault. The bottom line is that when mistakes are made the profit or loss is split and you have to move on to the next decision or trade.
You can't avoid the frustration because mistakes are costly, but you have to understand that once a mistake is made, there is no way to fix it. "It is what it is."
I have seen traders standing toe to toe arguing about who is going to "eat" the loss, but when cooler heads get involved or they themselves begin to cool down, they resort to the rule of futures and options trading and that is "they split the losses."
The time spent assessing and assigning blame is wasted time, time that could be used to make profitable trades.
Bringing The Lesson Home
The speed of the commodity pits and the decisions that are made there are a microcosm of how we all live our lives; we can take away a valuable lesson from this.
Once a mistake is made, cut your losses and get on to the next decision.
If you lost money on your house by not selling when the market was strong, so be it. Don't spend your whole thought life kicking yourself. Rejoice that your next house will be cheaper as well.
If somebody doesn't pay you the money back that you lent them, don't spend nights and days in anger. Use your thought time to get creative about bringing more money in and be a lot more careful the next time you lend money.
I have seen talented men and women—and yes, even pastors too—consumed for years in law suits and arguments that bring their lives or ministries to a standstill, stealing their time and even their health.
Always remember, the devil is a liar and he does not play fair. He is what he is, a thief. He will try to steal your money. If he can't steal that, he'll go after your time and then your health.
Sometimes the order is reversed, but the fact remains. He is a thief and He is after the person who is producing in (and for) the kingdom of God.
In life, in ministry, and in trading, cutting your losses and moving on to the next trade can be two of the most valuable lessons you may ever learn.
The key to mastering these lessons is controlling your emotions and assessing things for what they are and not for what you hope they will be.
The last place that you want to be in is a scenario where your pride won't allow you to make mistakes. Everybody makes mistakes. It is the wise man and the winner that minimizes his mistakes and keeps his steps moving in a forward direction.
As you enter your new day—and everyday is a new day—take an objective look at it knowing that "the greater One lives in you." Then begin to assess the information before you. Begin to confidently take your spoils.
It is what it is.
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Faith Exchange is a non-denominational Christian church in lower Manhattan, NY. It was founded by Dan Stratton, a Yale football star who built a successful career on the trading floor of the Commodities Exchange. His original church location was destroyed in the 9-11 terror attack of 2001. Today, Faith Exchange holds services on Wednesdays and Sundays, often featuring guest inspirational speakers.
