If Chewy Loses Money in July - He Will Quit Trading

Discussion in 'Journals' started by chewbacca, Jul 2, 2005.

  1. Title says it all.
     
  2. 1 $46.62 $46.62
    2 $(47.70) $(1.08)
    3 $(32.24) $(33.32)
    4 $(26.74) $(60.06)
    5 $(20.33) $(80.39)
    6 $(37.95) $(118.34)
    7 $111.48 $(6.86)
    8 $(24.62) $(31.48)
    9 $(51.48) $(82.96)
    10 $24.12 $(58.84)
    11 $2.59 $(56.25)
    12 $74.89 $18.64
    13 $4.30 $22.94
    14 $(25.22) $(2.28)
    15 $13.72 $11.44
    16 $(3.33) $8.11
    17 $(16.95) $(8.84)
    18 $(289.51) $(298.35)
    19 $(79.76) $(378.11)
    20 $(130.70) $(508.81)
    21 $(32.21) $(541.02)
    22 $(93.34) $(634.36)
    23 $(49.66) $(684.02)
    24 $- $(684.02)
    25 $(34.27) $(718.29)
    26 $(8.76) $(727.05)
    27 $(11.38) $(738.43)
    28 $6.19 $(732.24)
    29 $5.24 $(727.00)
    30 $(147.29) $(874.29)
    31 $- $(874.29)
    32 $(50.00) $(924.29)
    33 $37.86 $(886.43)
    34 $(176.06) $(1,062.49)
    35 $2.83 $(1,059.66)
    36 $25.52 $(1,034.14)
    37 $0.73 $(1,033.41)
    38 $88.60 $(944.81)
    39 $(232.29) $(1,177.10)
    40 $(16.33) $(1,193.43)
    41 $(92.52) $(1,285.95)
    42 $(192.12) $(1,478.07)
    43 $(154.35) $(1,632.42)
    44 $(175.00) $(1,807.42)
    45 $(177.00) $(1,984.42)
    46 $5.73 $(1,978.69)
    47 $60.06 $(1,918.63)
    48 $(55.02) $(1,973.65)
    49 $(72.18) $(2,045.83)
    50 $5.25 $(2,040.58)
    51 $(17.69) $(2,058.27)
    52 $(109.00) $(2,167.27)
    53 $(80.73) $(2,248.00)
    54 $(64.63) $(2,312.63)
    55 $(37.95) $(2,350.58)
    56 $(45.36) $(2,395.94)
    57 $(113.13) $(2,509.07)
    58 $(154.20) $(2,663.27)
    59 $16.40 $(2,700.00)
    60 $32.70 $(2,667.30)
    61 $(61.41) $(2,728.71)
    62 $(179.17) $(2,907.88)
    63 $(160.82) $(3,068.70)
    64 $(68.57) $(3,137.27)
    65 $48.80 $(3,088.47)
    66 $(287.95) $(3,376.42)
    67 $(86.99) $(3,463.41)
    68 $85.31 $(3,378.10)
    69 $(148.94) $(3,527.04)
    70 $22.00 $(3,505.04)
    71 $(211.49) $(3,716.53)
    72 $(200.81) $(3,917.34)
    73 $151.95 $(3,765.39)
    74 $(250.29) $(4,015.68)
    75 $(49.62) $(4,065.30)
    76 $(42.04) $(4,107.34)
    77 $(665.00) $(4,772.34)
    78 $(120.00) $(4,892.34)
    79 $(175.00) $(5,067.34) - July 1


    There are NET numbers.
     
  3. Yawn...Chewy recalls going through this before, setting limits to losses and setting ultimatums - has never worked. However he realizes that 'insanity is doing the same thing over and over again, expecting a different result.' Its no fun to dig a deeper hole, not take home a paycheck, and to fail at the one thing he loves doing - so if July is another losing month he will quit daytrading and either: go back to working at a job he does not like or use his remaining capital to start some other kind of a business.
     
  4. Of your $5000 in losses, how much of it is from commissions and fees? What rate do you pay?
     
  5. nbates

    nbates

    Chewbaca,

    Are those you cumulative P&L for 79 consecutive trading days and do you hold overnight positions?

    Don't give up...remember if you had done the opposite on those trades it would be $5,000 positive, so IMO is just a matter of working your style and strategy.

    If you're motivated you can succeed!
     
  6. omniscient

    omniscient Guest

    that can be an agitating truth, but it can also lead to a turning point. a friend was in a similar position. he said he was days away from going bust. he felt like he was the market's indicator - if he bought, it would sell off and when he sold, it would take off. he literally started doing exactly the opposite of what he had been doing. when he felt he should buy, he sold (and vice versa). things started turning around and he's still in it after 20+ years.

    anyway, in the end Chewy, you know what you have to do, but i think most here pull for anyone earnestly trying to make it in this game.

    take care and gtty -

    omni

    EDIT: steve points out something that i neglected to include - there was more to what my friend did than just reverse his trades. that was what he did to stop doing what he had been doing - what he did to 'stop the insanity.' had that been the extent of his efforts, he would not have lasted this long. he had to find his own edge and master it. thx steve for your comments.
     
  7. Hello:

    I took a moment to look at your trading record. Based on distribution of consecutive wins and losses, it is clear that you have no edge. Your record is worse than would normally be attributed to random chance. I suggest you do not wait for the next month. Stop now. Find a tradeable edge before you start again. Regarding the idea of simply reversing your trades, well I don't want to be impolite, but that simply doesn't work, and thinking that way doesn't help you to correct the problem.

    Sorry about your losses. On the other hand, (just as a matter of curiosity) why did you go so far down this road before noticing that something was wrong? While I can't really be of much help to you as it is, your frank response might help others to avoid taking a beating in the markets.

    Thanks,
    Steve
     
  8. Chewy,

    Heres a game you can play.

    When you feel the need to go LONG on a stock, its usually your human nature that you are spotting a move after its completed.

    Yell out "I WANT TO BE LONG"

    or write it down.

    Then immediately try spotting the top to go SHORT.

    Why do you do this? Because you are the representative of the masses mind, Just like me.

    So if the masses want to go LONG, you quickly find the exact high top point to go short.


    Also only short below 50 ma 5 min chart, long above 50 ma 5 min chart.
    If you have conflicting signals, don't do anything, SIT TIGHT!

    Remember that and you'll be trading with the trend :)
     
  9. Whats your avg winner and loser? Your first step to staying alive is to figure that out.


    If bleeding stop can you.....won half the battle you have...may the force be with you....
     
  10. Chewy...

    You have to lose money to be able to make money.

    F*K the naysayers.

    I started off with 30K and came to my very last dollar... and I just increased my size ten fold for July.. (Yes.. 1 to 10 contracts) and I had the 2nd biggest day ever in my trading life on last Friday, when it was on a horrible range, and supposedly nothing happened in the market.

    And I don't think you should quit even if you lose money in July. Often the most profitable days come after rough patches.
     
    #10     Jul 3, 2005