First of all, don't read too much into this thread title. To me, Gordon Gekko just symbolizes a successful man of the markets.
I've been thinking lately about how I am going to come back from my devastation and I have a plan. I looked up how much my 100% paid for car sells for used and some go for $18-20k with 3x the mileage mine has. Mine also has basically every option there is and it is in excellent condition. Let's just say I get $16,000 for it. I do not WANT to sell this car at all, but I'm realizing that it is a way out for me. To someone who is not me, if I tell them I'm a trader with no money looking for money, and I say I have a new car paid for, the obvious response from them is going to be to sell the car. It's just going to take a little while for me to accept it as the reality. But, I'm already really starting to..
Although it can obviously take people any amount of time to become a good trader, I've read a bunch of times that 5 years is a good estimate. Well, next year will be my 5th year. I can also honestly say that I have the most confidence in my ability that I have ever had since I started. I no longer feel completely clueless as to what I am supposed to do. Sure, there is room for improvement, and I will improve, but I KNOW I am heading down the right track. I don't care if people don't believe me.
My plan is to keep my car for the rest of the summer while the weather is nice and girls are out of school. I'll sell it in August/September. Plus, it's not like I need the money tomorrow, so a few months isn't a big deal. In the meantime, I will watch the markets every day and work on my trading. When I sell the car in the fall, I'm also going to get a part-time job during the afternoon/night. I may even just trade the mornings, so I should definitely be able to trade and work at the same time.
I still have like $2k in my IB account. With all my bills paid off, after I sell my car, I should have about $17k to trade with. If I'm smart, I could really be off to the races at that point. I know some ET people think I'm clueless because I bitch here a lot, but my real problem has been living off and trying to grow a tiny account. I was also desperate and risking WAY too much per trade. dbphoenix, and others: 0% chance I'm quitting, so don't waste your time responding to this suggesting that I quit and do something else.
Although I know this is too early to get into too much, I'm also thinking a few years down the road. Say 2 years from now, I'm profitable. Would it be wise to get into prop trading? If I were to start doing good with my own money, maybe I won't even need to go prop, but if I start to really get the hang of it, I'm thinking prop may not be a bad idea. Ideally, I would be 27 at the time with 7 years trading experience. What kind of record would I need? What are the positives and negatives of prop trading?
Hopefully you will not take this the wrong way, as it is only meant to help you.
You are 25 years old, you have blown through your money, you have no job, and you want to sell your car to get more money to continue trading - something that you have yet to be successful at. You are like a crack addict, trying to figure out where your next hit will come from. You REALLY need to back away and look at yourself, and your life.
My suggestion: GET A JOB, and work for a while. Why are you so opposed to that? Get a job, put some money in the bank. You can still PAPER TRADE every day - which is what you should be doing anyway. Print charts, and analyze bar by bar - by covering up all the bars to the right (hard right edge - you cannot really think you are good by looking at an entire chart and saying "I would have caught that move" - cover the chart up and analyze bar-by-bar). Do this for the next 12 - 18 months.
GG - think how good you could be if you just forced yourself to do this. Not only would you become more proficient at trading, you would instill DISCIPLINE into yourself. And, by working at a JOB, you would take responsibility and show a great deal of maturity.
Damn - you could do this for three years, and start trading with real money when you are 28-29, and be well on your way by the time you are 30. You would be so far ahead of the game, it would be ridiculous.
THINK. And, GET A JOB. And work on every aspect of YOU - not just your trading. If you do that, in 5-7 years you will have every thing you ever want, and you will look back at these times and laugh.
And, hopefully you will look me up and cut me in on the profits for steering you in the right direction!!!