Cash, Quoting you from another thread last week: ____________________________________________________ When I lose money, my attitude is "Oh well, I can try again tomorrow". I lost 90% of my gains for this month in a two day period and I dont care as much as I think I should. Is it because I have a hidden desire to fail?..I dont see how this is possible because I'm totally addicted to the markets, and take my trading seriously. ___________________________________________________ ...better not let your friends and family know your handle here at ET... good luck
You and every other joe shmoe. It ain't that hard, little regulation. So just do it, a monkey can run a hedge fund if someone funded it. Running it successfully is a whole nother story, but that did not see to be your goal.
I took finals in my Economics class yesterday. Probably crashed and burned, but oh well, its a Community College for crying outloud, I can take it again, but I dont know if I want to give them another 1200 something dollars (money is not a problem). I might just decide to focus on becoming profitable in my trading for now. --
You're right on the money. I would love nothing more than to dedicate my time and energy to something that I really care nothing about.
It's a lot easier to have unattainable hopes than to do the hard work of actually setting pragmatic goals and achieving them. When you fail in the first instance, it's no big deal. In the second, you feel real pain. Setting unattainable goals is actually a way of doing nothing and not feeling guilty about it, proving to yourself that you're not capable of making more tangible progress. Seems to me now after reading your succession of posts that you have low self-esteem and you are using trading in a public forum to realize that. Sorry dude.
I've read a lot of your posts Cash. I think people may start to take you seriously if you show that you are a consistent profitable day trader like Steve T. I would work fulltime, and trade the morning until I was consistently profitable. Also, getting a degree may help, just be sure its something you like and you can use it for your career. You know from experience, as do many others, that all it takes is a couple of bad days to wipe out a month of gains. Consider a job that you can rely on at making money. After a while you may start to feel like a big fat slug sitting in front of your computer that is mediocre at trading and never got a real job in his life. If you can break through that transition in trading, and you know what you are doing and why you are initiating trades, then congratulations. Until you prove that you are consistently profitable, you will continue to get advice to get a real job and an education.( It is only logical, isn't?) How about you find 3 stocks that are set for breakouts tommorow, and we can see how well you do? Up for the challenge? Do you scan for stocks premarket? Do you watch the futures or overseas markets? How many charts do you have running during the day? Do you watch earnings announcements? Do you listen to conference calls? How many stock charts do you study per night? This is a question for anyone: How many stock symbols do you think you can write down from memory? Or how about how many stocks do you know that start with the letter A? Think about how much more time you need to put in to gain the experience needed to be successful at trading.
You're right, I think I need to take a break from trading. I've been doing it for 7 months straight. I KNOW that may not be much compared to some on here, but I feel if I take time off, I'll just lose whatever "Edge" I gained.
How about you find 3 stocks that are set for breakouts tomorrow, and we can see how well you do? Up for the challenge? -- Yes, I am up to the challenge!. Breakouts are not the only thing I look for. Here are the three I like: (look at these on daily and weekly charts) 1. MSTR 2. TROW 3. GNSS If you want me to go into more detail, tell me. Do you scan for stocks premarket? -- After the close Do you watch the futures or overseas markets? -- Not as much as I'd like too, I dont get futures data with Scottrade, I could get this from CNBC but some advise that I stay away from them. How many charts do you have running during the day? Do you watch earnings announcements? Do you listen to conference calls? How many stock charts do you study per night? -- I have a daily and weekly chart running during the day. I watch earnings, but I dont play them (even though I'd like too). I wait for a new trend to emerge before getting in. I dont listen to conference calls, and I need to start doing that, Jim Cramer said the samething. Without knowing the conference calls, you will have a hard time knowing a stocks future direction. The number of charts I study are the top 10 gainers/ losers of stocks that have +'d or -'d by atleast 1% or more. The bad thing about that is, the top 10 can be stocks trade on really low volume. Gotta watch out for that. I almost got in a stock that only traded like 50,000 average volume, but it went up 5 points.