I would hang in there and don't give up. Wait for the Light at the End of the Tunnel <object width="580" height="360"><param name="movie" value="http://www.youtube.com/v/upVV5fR4Slw&hl=en_US&fs=1&color1=0x3a3a3a&color2=0x999999&border=1"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/upVV5fR4Slw&hl=en_US&fs=1&color1=0x3a3a3a&color2=0x999999&border=1" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="580" height="360"></embed></object> Light at the End of the Tunnel -------------------
You should quit immediately. There is no reason for trading unless you got some sort of edge and impeccable discipline. Clearly you are missing one of the two, if not both. There is a reason why most traders lose, they are not easy to achieve. No Heat
Something like this happened to me a few years after I started trading and I wish I could say that I only lost $10,950 I immediately got back in the saddle and got back to profitability but a similar thing happen about a year later but this time it shook me pretty hard. I had to take some time off from trading and rethink my approach. Looking back now I can easily say this was the best thing that could have happened to me. I think every successful trader has an event like this. You'll either recover from it or you won't. If you try you have to go back and pin-point what caused this lapse in judgment and fix the problem. One basic rule I came away with was, when volatility is high averaging can be a good strategy. When volatility is low (like now) averaging will wipe you out. How many times have we seen the market fly up or down and die or, fly up or down and trend in that direction the rest of the day? Pretty much everyday. Averaging right now will result in a blow out. Single entry (unless you average up) and stops are mandatory unless volatility returns.
Sorry to hear about your loss bro. Had you behaved in your best manner and stayed with me in CL Redux this would have never happened because I, along with many others, made a tidy fortune on Friday. Despite your losses, I wish you the best of luck in your next endeavor.
BP, I like gambling myself and could probably get into trouble as well. That is one reason to keep account balances low if you don't trust yourself. For me, when I go to a casino I might bring a certain amount like $300 or whatever and never allow myself to use the ATM, a check, or whatever for more gambling money. Also, you should probably try to stop and walk away from the computer and/or force yourself to wait at least 30 minutes before adding to a bad trade if you ever do so that you don't just do it on a whim. The other thing to consider is going into investments that are slower moving and don't require quick thinking, such as real estate rental properties. I have some and you never have to make a decision on the spur of the moment that you regret big time later on. JJacksET4
Mike, you have so far evaded my request to demonstrate your trading prowess by posting your trades in real time, so allow me to rant a bit. SHUT THE FUCK UP FOR ONCE. YOU HAVE NO IDEA WHAT TRADING IS OTHER THAN TO SPIT OUT USELESS CRAP YOU FIND ON THE INTERNET. It's probably better that you didn't post your trades because I and others would have trashed you by now.
But you have said that before (and not that long ago): OK, I quit, enough is enough, no more trading! http://www.elitetrader.com/vb/showthread.php?threadid=186377 1. What made you come back? 2. Why would we believe that you will quit for real this time around? See you in 2 months.
BP - Why do you post threads over and over agin saying you are quitting? Do you enjoy people sympathizing with you and wishing you good luck for nothing. You have over 500 posts in less than a year of membership. Is bogus posting your past time? In my book, you are a nut.