Why do we want to post our PNL on ET? I am not here for external validation nor to troll but to learn a few things here and there, share my struggles and to pass time while waiting for my VBA excel codes to finish computing. Thankfully, there are some kind souls, including you sir (once in a while), willing to give out a few hints here and there. My best regards,
I call BS. So you bought at the bottom and you still hold? What are the CFD fees for holding continuously over a 4 month period?
Your problem is you do not have proper position sizing and risk management. If you did, you would have kept most of your $162,000 instead of losing 85% of it? That is a shame. As for getting rich, you compound your monies over time. Say, in 3 years time, if you have proper risk management and position sizing, you would have millions and keep most of it too.
%% Partly off topic/partly on topic...……. mr James. Even though I do business with EXOM,MCD,MSFT [dow stocks] its not really much of a benchmark]. WSJ promotes it like was better benchmark than SPY/QQQ/LOL I like the way IBD newspaper puts it under S&P 500/Nasdaq ; + makes it smaller/shorter/LOL...…………………………………………………………………………………………..
Did you post your entry at the time on ET? Nooooooooooooo...... And you bought right at the very bottom, yes? You held your position through two longish drawdowns, yaaa? And now next week for some magical reason ya gunnah sell and make a huge profit, riiiiiiight? CFD's are designed for short term trading, but in this big winning trade where you got in on extreme bottom you went long term, yup? Yaaas, I believe you even though millions wouldn't. Carry on, love the story.
I assume that is your own trading record, namely you are making 120% a year. Very impressive. I wish I can do that.
It seems to me that every trader periodically has such thoughts that something has gone wrong and that you should stop trading. And the moment that you can wait or the moment when you decide that it is time to stop trading. I think that if you have problems in trading, but the desire to develop is still strong enough - then I can advise you the following... - Take a little rest. If you understand that you're tired, you don't have to get stuck. Take a week or two rest, try to switch to something else and don't think about trading at all. - Take a strategy you don't know, but it's interesting. And work it out well on the demo, maybe it will be a new nuance for you, which will help you to rehabilitate yourself in the market.
Before anyone gives up on trading they need to take stock of themselves and take an honest objective look at whether he or she is doing everything they can to improve their trading each day or not. Or are you just coming to quitting conclusion without even doing all the real work you need to. For example - you need to keep a very detailed journal of your trading each session and review it and be honest with yourself as to what your strengths and weaknesses are - Create a trade plan & risk mgt plan before each trading session - Write down a daily trading report journal of what you did right & wrong - Continuously learn from mistakes and take consistent action to correct mistakes and noting in journal if you have actually taken action to correct mistakes or just falling back into old bad habits - You also have to be willing to be honest with yourself as to whether you have all the elements needed to actually be consistent and successful in the trading for a living business (or whether you are just randomly lucky every now and then and really have no consistent strategy/edge that you execute consistently and correctly) to base a daily trade plan off of that is consistently profitable regardless of market conditions, or whether you are someone who is great at some elements of trading such as coming up with daily trade ideas that turn out to be great winners but you are just bad at as executing and managing trades (both entries and exits) and/or practicing consistent and realistic sound risk management or do you have a gambler or right fighter streak in you where you double or triple down on losing trades hoping they will turn around so you can be "right" or just random gambling such as putting way too much of you money on 1 trade because you "feel" its going to be big payout (like being at the craps or blackjack table in Vegas) or do you practice consistent units of risk management under a well thought out in advance plan and can you actually stick with the plan instead of just winging it when you feel like it Also some people are great at certain aspects or trading but not others and since they dont have all the elements it still results in consistent losses even though they are very good a certain aspects: Example - you might be someone who is great at creating trade strategies and trade plans for each day as well as entering a trade at the right time but are just horrible at risk management and take profit management and cut winners too early and let losers run or are not capable of executing risk management and place bigger bests on some trades and smaller bests on others and have no consistency in units of risk put into the market. If you can't correct your weaknesses over time even though your journal everything and try to take action to correct then you probably just need to either quit the trading for a living business or perhaps you need to team up with someone that is great at things you are weak on and you are great at things they are weak on and perhaps as a team you can make it work.