Sunday 8/16 Daily Morning Memo
Each morning, I write a 420-word memo because writing is one of the best way to focus your thinking & effect some change you desire. It is a physicalized version of what is going on inside your mental environment.
This morning’s memo is a recap of the last week, since I intended to ‘launch’ this component of my website last Monday but got distracted.
Distractions occur when you don’t have a documented plan.That has been my biggest problem lately.
Yet, I have been more productive than ever, taking on a number of exciting projects.
Priorities, Projects & Learning Experiences
My #1 priority is studying for the CAIA level one exam. The rescheduling process is currently underway for online-proctored exams—one of the early examples of Corona’s potential to having a lasting & positive impact. It has forced us to use technology where previously we had the option but not the need.
Passing both levels & earning my Alternative Investment Analyst designation is part of the development of the first big project I started recently: Sound Money Financials, LLC, an investment organization focused on research, publication, and product development. The second project was the publication of a Kindle eBook, a 4-page instruction manual called ‘How to Buy Bitcoin.’
The third project I just started is the most exciting—the development of a mobile app. I posted the job on a freelance app developer website, received 26 proposals within 48 hours, and I have phone & zoom interviews scheduled for Monday.
The fourth is a workout hoodie, a quarter-sleeve, tank-style hoodie. I found a model for the design & have contracted a friend to design a bulk order.
But in doing all this, I’ve let myself be distracted by trading. Looking at charts when I should be studying. Making all the mistakes. But I’m more aware of the poor decisions, better able to assess them, less inclined to judge or rationalize. I got overexcited by price action & gave friends recommendations, which created an unnecessary burden and no monetary gain. I have been over-trading, using too-low time frames, praying on high leverage plays—clear symptoms of fear & greed. Greed in needing to earn as much profit as possible on every movement & fear of missing any price rallies. I am mistakenly identifying patterns within the gray, dick-like skin that I see in front of me, instead of stepping back to see which way this ole’ elephant is moving!
My next step, then, is a step back.
Distractions do occur when you don’t have a documented plan. So make & document your plan. Taking action on your ideas is great, but to follow through on projects that are important to you requires first, prioritizing & organizing tasks, and second, executing each task according to plan.