Every good trader knows this because we are in the game of numbers. Simply put, You gotta know when to cut your losses. It doesn't mean to give up completely, but don't hold on to that loser just because you want to be proven right. You gotta go get a job! What is the big deal? You will be living in denial if you continue to think you can make a game of it when you have 2k in your account. That's a weak hand, and you know it. All the market has to do is to lean on you, and you will drop quicker than getting hit by a freight train. Stay positive, go out there and live. And while you are working, focus on working on a money & risk management system. Those are things you can control. If you think you can figure out the market, you got another thing coming to ya...you won't.
Perhaps you should get out more..and meet some real traders! With all due respect, you can't call yourself the best trader you know, and not have anything to back that up(2000 books on the markets aside, are there 2000 books on the market?). Put some numbers on the board, cut your little slice from the market pie, and come back and tell us how great you are when you can truely walk the walk!
I wouldn't read too many trading books either. Most of them are full of hot air and fluff. If you really want to be good at something you can control, start learning how to program.
1. Get a job 2. Look for a firm or something to back you as you mentioned (if you still want to do this) 3. Learn how the market works (all markets pretty much do the same thing) 4. Get your head screwed on straight so you make better trading choices. 5. Forget about credit cards
Allow me to make this bold prediction: You will soon enough suffer a longer than normal series of losses, question your methods (for the zillionth time) and the market's randomness, and then post on ET about your "new" dilemma. Sorry, but that's the way I see it from your recent posts. You haven't *gotten* it yet. Good luck.
Ripley i thought you've blown up several times? Are you back trading again with credit card money?Your problem is you're too smart and analytical. As your found out books do you no good its the school of getting your ass kicked that teaches you
I have got my ass kicked way too much..I KNOW... But, deriving knowledge from ALL POSSIBLE sources and incorporating it into your SYSTEM is the way to go. I have blown up a whole lot of times, more times than I care to remember.. upwards of 10+ for sure.. My goal was to make as many mistakes as I can as fast as possible, and learn everything I can learn by other sources of knowledge. I think, it is my determination to trade everyday, & the foolish goal to make as much money ASAP in the beginning days that carried me through my tumultous losing days. I think each blow ups made me more focused, more determined, harder working...to succeed. Blowups were my SECRET, the engine that drove me to a higher level.
In my experience, having money to fund accounts over and over is not enough. The futures markets easily seduce even the most faithful, the most guarded, the best prepared, with promises that will not be kept. Promises which only come from our own minds to start with... Having to keep an open and perfectly disciplined state of mind in an abstract and infinite trading environment, at all times, is an incredible task for anybody. This career that I have chosen for the rest of my life, is thousands of times harder that I ever thought it would be. The reason it is so hard for me is because I want to keep my style intact without sacrificing the true essence of my natural gaming abilities. I will succeed. I have no doubt about it.
I have to hand it to you, that kind of determination is what makes a winner. Some might call you a slow learner. But as long as you can stay in the fight, with that determination, I have no doubt that you can suceed. Good trading!