I had decided to give up day trading a month ago. Along comes another guru who helps me a little than disappears. Today I am in the same place. Quitting day trading. I think some people just don't get it no matter how hard they try. And I have tried so many things and read 100 books on the subject, dozens of tapes and millions of postings. I read that all the great traders eventually lose all their money. I would rather stink in that case! I have to go back to work or I have to sell my boat. So now is a good time to chuck in the towel. It was a fun 4 years.....:eek:
sorry to hear that cathy... you learn anything from your experience? Were you just not able to follow your rules? Andy
Most wash out after a few months. You hung in there for 4 years. Admitting defeat is always the worst to live with. There is a reason why more than 82% of traders wash out. Good luck to you in whatever you did before you traded.
In the end, I followed them flawlessly. I have gotten very serious about trading in the last year. The idea I use makes sense, but every system has drawbacks. Fading the extremes on a 2 minute chart just makes a lot of small trades. I did not take the first 3 points and held on for 10-30 which was the return to the 0 line. Worked for the first two signals, and I got killed on several fake outs for the 3rd one with the wide stops. I just think I stink at scalping and I need to focus on larger trends.
Trend is your friend I go for larger trends myself... thought of scalping gives me the chills. Maybe I just don't know how it's done Are you saying things did not work because you did not follow your rules? In my opinion a larger time frame can only make losses bigger. I don't think there's nothing wrong with quitting. As long as you're doing something that makes you happy. I used to be really good at golf, and some people ask me why I quit golf. I tell them I never quit, I just found something better. Well I think there's a difference between stopping because you lost the enjoyment versus giving up because you don't think you can do it. time off to think is always good... best wishes cathy, Andy
You are ok. you are trading in a bad market. times are tough. Just sit and watch. When it hits bottom, trade and you will get it all back. I am 50% cash, and times are tough. You don't have to be smart to make money, you have to wait like a cat. You sit and look, and watch. Don't be a bull or bear, be a cat. A cat does not waste its energy. A cat waits for the right time. Just sit and watch and wait. It may take a long time. But like a cat it will pay off.
BC1, I might be wrong but you seem to be taking trading advise only from the people you like . You must realize that if someone in the past told you that your method sucks or that you are doing something wrong, then that was probably more helpful then bunch of cheerleaders patting you on the back .
Oh, I have plenty of people who tell me I am wrong. No shortage of that for sure. My first idea was following Don Miller and that is a moving average strategy. No shortage of people who told me I would not make money over time with moving averages. Break even is not making money. That changed to Chimpanzee Trades.....that is a combination of moving averages on a one minute chart. Still break even. I did a pile of backtesting research on all types of Pivots, but somehow that did not forward test well. Though it does work as a visual aid. This fading the extremes idea has 6 small trades a day. I got told that I would get eaten up in commissions if I follow it. That is correct so far. Today I tried to stay in longer (10+YM points) and found out it is not a good idea to linger. OUCH. I do better when I do not turn on chats all day. I am my toughest critic. My problem now is I am only qualified to do a job that after 32 years I truly hate. I sell stuff on Ebay, but that is not an income.
It may be a good time for you to consider swing or position trading seriously. According to the poll, over 72% of the people on this board are profitable traders. We deserve the honor: "Elite Traders".
You could have spent 4 years racking up massive debt only to lose your job, declare bankruptcy and run to Mexico to hide from Vinny "the thumb". Instead, you followed your heart/mind and learned more then most in a lifetime. Keep learning and living! The grass is greener where you water it. I'm sure you will survive and live to tell another tale. Keep your chin up. You're depression is depressing me. Good luck.