I'll open up and discuss my current situation honestly. Maybe by doing so, others will, too. For the last few years, my account has been very slowly grinding lower. If I ever blow out, I will at least be proud that I wasn't killed quick and did not go down without a fight. I started in 1999 and I'm still around in 2003. I have about a pathetic $5k left. :-/ I do have some more money in my bank account, but this is strictly for food, etc. Ever since I realized it was possible that I would not be a profitable trader any time soon, I've been living on the bare minimum. I used to buy cds, etc. Now I don't. I must say, lately my current situation is worrying me. For example, my eSignal bills go to my credit card. I've been only paying the minimum payments for my credit card. I have perfect credit and I refuse to ruin it. If my credit card gets out of control and I don't get some income from trading, I will have to do something I don't want to do. As I've said in some posts a few months ago, I do have a new car 100% paid for. As time passes, it is becoming a reality that I will have to sell it. Whoever buys it will get a nice deal. This car looks and drives the same as the day I bought it and has less than 10k miles on it. I really don't want to sell it since it's in like new shape and I would sell it for thousands less than I paid for it (bad investment). I could probably get about $16k for it. There are more reasons I don't want to sell it. If I sell it, I would still need a car, so I'd have to buy some P.O.S. for a couple thousand. Say I buy a $5k car, I really then only saved like $10k by selling the car. Also, since I don't make money trading, if I used the $10k to trade, it is a real possibility that I could lose it and end up with nothing. That would really piss me off. The other option is to get a job. Just thinking about it scares me. Sure, it's not the end of the world, but I haven't had a job in years. I would be like the old librarian guy in "The Shawshank Redemption" that was let out of prison after many years. When he went back to the real world, he was like a fish out of water. I'd survive, yeah, but it would suck. And what would I make, like $100 a day if I'm lucky. For the record, if I do get a job, I will never quit trading. I will be here on ET until the day I die.
Last year I got an offer from AT&T, which was a 0% credit card for almost 2 years. Didn't take it, since I don't like AT&T, but if I wanted to ruin my credit rating, I would definitely do it through them.
Marc you just riding index moves or individual stocks? Using what buying power 4 to 1 ? With 500,000 to one million buying power, you could buy all around a dip and make out like a bandit, just being able to average in to every position, and so what if you are not right on the timing, just average in a few 1000 more shares, to get right with the flow. and just keep averaging till your numbers turn green. But in this market you have to take huge positions and risk to do it. Must be nice.
GG, We may have our differences, but your openness and candor are very refreshing. Hopefully the stochastics strategy that you are following will bear fruit for you.
Geessh... I remember some posts that a few traders made suggestions as replies to some of your past comments about the difficulties of trading. I also remember those posters TELLING that you need a trader mentor...someone that will teach you in realtime via their own accounts...someone with a verifiable trading record (if that is what you consider as a measure of proof of success) and a few other suggestions... I also remember some posts in which you replied to particular posters via calling them experience or successful traders... My question is this...did you ever consider contacting them to have them mentor you in some way...making more efficent use of the info being shared here at EliteTrader? (its possible I could be getting you mixed up with another poster...but I don't think so) I also remember their comments got back no responses from you. Here's two of my favorite quotes...you should memorize and try very hard to never forget. Here's the first quote: "A traderâs behavior refers to all the emotional and cognitive factors that may influence his or her trading decisions in relation to the trading system.... ignoring stops, ignoring or hesitating when trade signals appear, trading when there's no trade setups, panicking after a loss, overtrading, over-confidence, lack of confidence, etc." Here's the second quote: "You'll realize there's no need to re-invent the wheel. Thus, why spend all the time and capital just to figure out what not to do? Instead, just do what other successful traders are doing and you'll be using the same wheel that you are trying to design." I don't know what your doing specifically nor how your doing it...the quotes above implied that there's a lot more that's needed than simply bouncing from strategy to strategy or from system to system. Most traders suddenly lose their egos or become open minded to mentors (I'm not talking about weekend seminars nor hindsight mentoring...I'm talking about realtime mentoring in front of your own two eyes) when their trading accounts gets too low. More often than not...it's too late to help those types of traders. Here's a fact that happen at ET and I suspect its happened more than we know... in ET's hook up thread...a struggling trader posted his city he was located in and ask if any other trader lived in that city or nearby.... http://www.elitetrader.com/vb/forumdisplay.php?s=&forumid=28 several traders responded yes in the open forum and via private message. (none of them knew what his real intention was) He then started reviewing their message post history of each trader that replied. He found 3 traders that talked (via him reviewing their message post history with other traders) as if they had consistent success in the Eminis... he then contacted the 3 traders and offered to pay them well if one of them can mentor him. One trader accepted to mentor the guy and the struggling trader is now a profitable trader under the watchful eye of his mentor... all prior to his trading account getting too low...all prior to his ego understanding its inappropriate to have an ego while trading with hard-earned money. You may try the same thing...that is...find out what traders live in your city or nearby you...find out which of those traders have been talking as if they're doing ok or well in this market...then ask for help...if they agree...compensate them for the time and energy it takes for them to get your trading account going in the desired direction. Heck...get a new ET alias if your too embarassed to use the Hook Up thread...but do something before its too late. Good luck and I wish you the best. P.S. GG...do you still live in the New England area? Hopefully a successful trader that lives in your area will read this post and contact you. NihabaAshi
gekko: IMHO..I really don't think you should trade or sell or car for capital to trade..your account(5k or 15k after you sell your car) is simply too little for trading...you won't survive your first drawdown to put it bluntly...there is a very high chance(95% if you are into futures) that you will end up loses all your money) sorry...but i think you do know what I am saying is the ugly truth.. have fun with your car and the 5k you have... why give it to the market?
"I make $100 MILLION a month on a pro forma basis. actually I work for a living and trade on the side. " LOL