Glad to know I am not the only one having problems. It is a shame to hear about Baldwin, if it is true, I rather hear that he was having great success because it would signal that trading was good somewhere. IMHO, the biggest change I have had to deal with in this new century is the exchanges going for profit and ramping up the cost of trading in the form of exchange fees. I used to complain about paying $4-5000 to lease an AM at the CBOT but I never had it so good. I know this is a problem for scalpers and spreaders but I think it changes the way markets behave. I have to be much more careful putting on trades or i will end up giving all my profits to the exchange. Still, if I am lucky I pay out in fees what I make in a given month. The trading business has permanently changed and I have not figured out a way to adapt. I am surviving but the money is not good enough for the risk I take. Ozzy, good luck man. If you decide to continue take it slow.
IMHO...this is making it a tad difficult http://www.nyse.com/Frameset.html?displayPage=/press/1120128532486.html
How so? Program trading is only a tool for executing large orders as far i can see. If a market wants to go up,down or sideways i cant see how program trading can stop it from doing so.
Your loss will make you stronger if you understand it. You may be on your way to tripling that loss soon. Many of the great ones went through this. You drive and desire will tell you whether or not your should give up. If you decide to move on, then that will be the best thing for you as well. Give it your best shot if you still have it in you and have the resources, otherwise you will find your success and happiness elsewhere. Nature has a way of guiding us. To your list, I would add these important ones: 8) Tithing/Charity. This is the best way to spend your money and gather support for future endeavors. 9) Teaching others. This will really help you consolidate your thoughts and will test your true beliefs/methods. It can be profitable as well. Keep your head up and be true to yourself. It is a tougher market to make that kind of money in, but it is absolutely doable. We all run through rough patches. Your risk plan will keep you from blowing it. Best wishes.
Hi All, Thanks to everyone for their advice. These events do make you stronger, that I believe. But if I had a choice I think I would have preferred not to go through this experience. In hindsight this wish was inevitable because of my personality/behaviour. I've decided to take some time off from trading (for real this time). I need time to clear my head and get back into physcial/mental shape. This could take anywhere from 2 months to 1 year. I have no plans to quit trading. The passion and desire is still there. Over the next year I plan to work hard and prepare for the next round. In regards to charity. This thought has always been in the back of my head and hopefully I'll be in a situation to give back in the future. But at this moment in my life (29 yrs old) I need to get myself out of the deep hole I dug for myself. The vicious circle (downward spiral) has ended. The only way from here is up. Have a good weekend everyone and good luck with the markets in the future. Peace ozzy
I am sorry to hear of your misfortune and can empathise with your situation as I too have recently 'blown up'. I actually found it comforting to read your thoughts, many of which I am currently feeling, especially the comments on taking time off to clear your head. The money involved in my blow up was far less than the amount you have stated but still crippling to me as it was all I had. I took a $10000 balance up to $200000 in 14 months and then lost it all in just under 5 weeks, leaving my account containing no more than a few moths mingling with several tumbleweeds! Your comments have helped me put my own troubles into perspective so I am really grateful, thanks. Regards.
I feel for you MTB. All I can say is be strong. This is part of life. From everything there is something to be learned. Attitude is the most important thing at this point. Also remember there are thousands of people in Africa who die from starvation daily. It can be a lot worse. After deciding to take some time off, I have been very happy in general. The pressure of trying to make lost money back was unbearable (kind of like trading with a gun at your head). If you want to talk more about it PM me. Remember that there are always other options and there is a solution to everything. Peace ozzy
All traders die broke. As they said in the good, old times: "A trader who dies rich, dies before his time"...