A ranch. A ticker. One letter a day.

I'm Jon Alexander. I run a small cattle outfit outside Hall, Montana, and I trade stocks and futures from an office in the barn. Two jobs, one desk. The cattle keep me honest about weather, feed, and time. The tape keeps me honest about everything else.

I started reading Livermore's Reminiscences when I was twenty-three and figured I had it all mapped out. I did not. The next ten years taught me what the book couldn't — that being right is the small part and sitting tight is the whole game. This letter is what I would have wanted to read then: short, plain-spoken, honest about losses, and focused on price instead of noise.

I don't sell hot tips. I don't front-run subscribers. I don't take money for coverage. If a name shows up in the watchlist, I'm already in or I'm waiting for the level. The archive is public so you can grade my calls yourself.

Nothing on this site is investment advice. It is one trader's notebook, published each morning before the open. Trade your own account, size it small, and keep your stops where the thesis is wrong.