Sucker, Have you (or would you) consider systems trading? Most, if not all, of the emotion is taken out when trading a system. You just need to follow it religiously and try to emulate the "backtest" going forward. Richard
I also agree with easyrider that I need a break for a while. Meanwhile I will read some of Schwager's books. I have already read a few parts and I am aware I might be grateful in the future for not having any luck in my early times. Best of luck to all of you. I have to go for now. Best regards.
That attitude will not get you far in life, but it will certainly lead to a downfall in trading. If you cannot accept responsibility for the results of your actions, you are doomed before you start. As far as a steadily rising equity curve with minimal drawdown from daytrading, yes it's very possible. After two (mostly very good for trading) years, you must have learned something. Have you ever had a winning month? Are you keeping detailed records and a journal that details the emotions you felt during the day? You acknowledge that your emotions are what's taking you down, what have you done to combat this?
Actually I never traded mechanically. It was a conscious choice and I knew there was a price for getting the hard lessons first. Say, up to now I am glad for the knowledge I got trough the tuition. Anyway I will consider with your suggestion. Thanks.
Yes, I acknowledge that my emotions are what's taking me down. I have been working primarily with the way I think. Yet I know it just isn't enough having balls. I would like to implement a sound money management to get my trading into gear. With regard to my trading I am not daytrading. I like to trade in the direction of the intermediate trend on weekly charts. I am also aware that bigger time dimensions entail more risk. You know, there is no free lunch. Best regards.
You really have to analysise your self. Are you really cut out for this game? Can you really(be honest) see your self making a living from this? Dont get confused with the potential profits and whats possible. If you can see yourself doing this for living then good on you. It took 3 years for me to get a good grasp of this game. When I graduated all my friends took jobs with firms paying a steady salary. As the years progressed and they got pay rises and I doubted my abilities and wondered if I'd made a huge mistake. However, I have finally reached consistency, I'm my own boss and am loving it!! IF you can do it, then it's well worth it, but be honest, like sport not everyone is going to make it regardless of the effort they put in. Good like luck.
With regards to what you are trading, you say you are not a day trader and so assume you are a position trader(?). I dont know what instrument you are trading but forget the indicies and look to currencies/ interest rates in my opion. In these markets it is far easier to spot and ride long term trends. If you can get hold of a 1 hour £/$ chart have a look. On the the week ending 29th November there was a clear sign that the down trend had ended and it was time to enter longs. I waited out monday to confirm the trend and entered long at 1.5680. Three weeks later I'm still holding the same position with 339 pip profit. Simple 'no brainer' trend following trading. All good stuff. Good luck. Dont give up till you've really explored trading to its entirity. There is some much more to it than stocks and futures, which I personally think are the hardest, but well done if you can do it.
It's nice that most posts are kind of encouraging this person to stay in trading, in a friendly, almost compassionate way. However, sometimes I wish someone has kicked me in the butt, out of activities that were just not good for me. Not that I was dumb, but there are things I just am not suited for. For example, I was a great pre-med, until I went into a hospital, saw real blood and had this strange feeling in my stomach that told me, unambiguously, that I was just not cut out for that profession. Seems to me that trading is so hard and unpredictable that only the very best and (trading-wise) talented and dedicated traders should stay involved. This society still needs good surgeons, full time moms and honest (now I'm stretching it) politicians!