Honestly, I've lost over $15k last year... yes, at some point I was up $ 27k but I'm not very disciplined and risked too much. I've stopped working on setups, I think they all work. I'm working very seriously on my mind. Now, how much have you lost? If you are in a similar situation, what have you done to be more disciplined? Thanks.
If you think all setups work, and that the problem is just your discipline in following them, then you aren't testing thoroughly enough. Most setups seem to work well for a while, but they are only setting you up for the big loss that occurs 10% of the time. This loss exceeds all gains achieved during the remaining 90% of the time. That is the nature of the game. You need to find patterns that do not fail in this manner. Do not ignore the failed patterns just because they seem to happen infrequently. Long-term success will never be achieved without long-term focus and testing. Find yourself a pattern ("setup") that has a real edge over the long-term, including the losses from pattern failures. You should test these over many years of past data and at least a few months of future data through forward testing. After you find this real edge, then work on your mind. You will find confidence much easier to attain when you have thorough testing under your belt. It's rather difficult to stick to a pattern when you aren't really certain that it's profitable over the long term. -Raystonn
I actually made 17k in 2006--Although I woudn't classify it as "skill". I think it's more like luck. That was in 6 mths BTW, with a 73K capital. Folks tell me playing the market is like playing poker---so I tried poker--4 times I played and I always walked away as a winner. Who knows...maybe I'm one of the few that will make it. Here's the kicker.......year 2007 I have already made over 13k. Not sure how long I can keep it up. All I know is I'm going to enjoy it while it last.