Its too bad this post will sound a little depressing...because I blew up my account again in January. Embarassing right. I didn't even make it to the market volatility. I'm 27. Been trading since I was 16, when I stole the password to my mom's IRA and lost 30k. I became interested in trading at age 10 when my dad showed me compound interest in microsoft excel, and we would input some amount + percentage and drag the cursor. In high school, he showed me Reminiscences, and I was hooked. All I thought about as a kid was how to "make it" trading so I wouldn't have to work a real job. (Whatever that means). Turns out sitting at home watching a screen all day and playing video games isn't all its cracked up to be. I did get my bachelors from a good school in 2012, when I went to work for a software company. I wasn't a computer science graduate, but I had enough friends who were software engineers that I have made half-assed attempts over the years to switch. In the end, I get distracted by a couple of good trades, and go back to focusing on trading. If I were more disciplined, I would be a software engineer right now in a cushy job. I did try the "full time route" twice. I semi-retired at 23 with 400k, and at 26 I tried again. Both times I blew up within 6-9 months. As a trader my biggest weakness is taking excessive risk, especially after taking a loss, and relying on my trading to be successful. As I said, its too bad that my first post is coming from a low point. But I did want to say hi. My plan right now is to stop trading, and focus solely on programming, so I can have some income again. I will try to get full time work, but contract work would be nice too, and probably more attainable at this point.
One of my biggest worries. I see read about many traders who go broke one too many times, and end up going crazy in their middle - later years. I was just reading the thread about Curtis Faith, a very sad story. My dad suffers from some form of schizophrenia, and depression as well. I am inclined to believe that bottling up your emotions is one road to this destination. Perhaps one way to put it is that I would like to use this thread to "keep me honest". Ideally, Id like to never go bust again. Although I recall saying that the last time. (Anyone feel like they make the same mistakes multiple times before learning?) Thanks for reading
There is nothing necessarily, automatically wrong with taking risks, or "excessive risk" ...so long as you're approaching it with some realistically viable strategy and wisdom. The problem with alot of traders, I presume, is confusing skill and strategy...with just relatively dumb luck gambling and hoping and praying and crossing fingers. The bottom line to this entire game, is to be able to control or limit risks, with much larger gains. Which is just basic math and probabilities overall, in the end. Imagine your trading account is war. And you're the General...in charge of dictating your men's movements and strategy. You will naturally plan every conceivable, dynamic variable. Apply that same logic and wisdom to your trading. If you've got nothing, then you wouldn't engage in war -- or trading. Until you feel like you've got something real, It's kind of amazing, how in hindsight, when you read about traders' trials and tribulations. Some could be so dumb and naive and wonder...why God dealt them an ugly hand, , ...when all you have to do is simply, humbly, neutrally, objectively look in the mirror. Make Trading and Your Life Great Again 2018...ET, extraterrestrial trader...High-Five` My new book, and trading academy, will show you how. And membership won't costs a stupid silly amount like $3,000...it will only costs $995. I am doing God's work...by helping people become rich in the shock market. I'm a Prophet of Profit. Mazal tov,
This is very disturbing. Did you every pay her back when your account was $400k with a little extra to say I'm sorry?
Yes I have paid her back and we are on good terms. By far the worst and most embarrassing thing I have done in my life.
The Dopamine release from blowing up may be greater than when you hit homeruns. Meaning subconsciously your brain likes blowing up. The emotions are greater when you fail. You have to look within yourself. Are you in it to objectively increase pnl or highs from pnl gyrations. Winning can be boring. “everyone gets what they want from the market”... someone said this.
People don`t change through life(or very few and very little).You have sort of criminal mentality and you wont change.Not your fault - just the way you are. Realize that many many lives it may take to change you A BIT.
If so, my life has a very bad ending. Alone, broke, in debt to loved ones, and possibly without my sanity. Which is too bad because I am still young. I do believe in free will. In which case, the most optimal strategy here is to quit trading, give up control of my finances to my sister, and have her stick my money in indices.
I wish i couldve understood that quick as you when i was this young as you!!!YOU GOT IT VERY VERY STRAIGHT! Amazing!...