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6/12/2005
Strikeout, by Victor Niederhoffer

With my trading on Friday, I felt like turning myself in the way Willie Sutton did after Bobby Thompson hit that homer. I started out long, it went down, then I sold and it went up, about four times in one day. To add to my penalty, whenever I put in an order that would have been right, the market went just to my limit, didn't go through, and left me shaking my head as I was left holding an empty bag,  like Willie when Newcomb and Branca tired in the stretch. The elites sure had a field day at my expense. Reminds me that summertime is very different in the way the market moves, as there is not enough energy, enough sunlight from the public, coming through to the understory for small folk such as me to ply our trade. I hope that August 5-7 at the Spec Party I won't be scratching as many rich men's backs in complete humility and docility as Willie Sutton and I have done so often in the past.

Jay Pasch responds:

A similar experience, through deep memory, realized that they had me again, and sat on a single trade for the duration of the day, exiting near the close from the long side. Two things I can't stand -- to squander capital and time -- and when I lose the former the latter is there also, attached at the hip. Recurrent dreams last night of inadequacy on different stages: a purchased auto with three wheels, tripping on the dance floor, skipping match point off the court. This job runs deep...

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