Going back for a job is the best you can do to recover your losses safely and hopefully quickly. Psychologically it helps to regain confidence to start out for another try at the same entry level. I notice on myself that a losing day is like feeling the market owes me something (yet again) and expect to trade it back the next day since it was money that I have legitimately earned with hard work at a job. If you give it a new try, start small, start with paper trading and first work on your psyche. Might sound weird but the trading game is most likely a game against oneself. Or you might try something completely different. Like buy and hold. As your account grows larger with steady income you can get a respectable return by buying fundamentally solid companies that are suffering short-term crises. That's what I have discovered I'm best at. Day trading only destroys those nice profits. Do whatever works best for you and fits your personality.
<i>"I have failed so many times in my life that I have really stopped being upset about it. And I mean failed. But out of each failure has come my best success. Truthfully. I never once would have imagined being the person I am now from where I started, but I am always amazed and astounded at the path that has been laid before me. "</i> Amen. Success as a trader is not black & white, it is not either/or and it is not a linear progression. Success comes thru many stages of learning and understanding. In the past I've personally blown out several $50k+ accounts after running them up from tiny sums. Each time that happened, I thought it was the end of my trading career. In reality it was just the markets measuring my progression and evolution as a trader. Fast forward a number of years. I reached the point where I can day trade just pieces of a day, and make more money per month than I ever really need. I can do that in any market conditions, just about any financial instrument from anywhere in the world. Anything I've achieved, anyone else can too. Nothing special about me. It may take longer or less time, more or less effort for someone else. But... anyone can learn to trade. Most aren't willing to do what it takes to succeed. Most prefer to fail within an approach that comforts their emotions rather than learn an approach which actually makes money. Here's an important question to ask yourself: were you trading in a manner which made you feel good instead of a manner which is proven to make money? Think about that. There is a fine line (one mile wide) between recreational trading = gambling and professional trading focused on profits alone. Best Wishes Always
the biggest failure in my life was passing two levels of the cfa program before realizing nobody cared about those exams lol
29? If only I am 29 and have some of top ET journal threads available for me read then. I wish! I wish!
Dude, Get back in the saddle. Climb back on your surfboard. Perseverance is the key to this game. This quote from Churchill helps me get me through my Black Dog days: "Success is going from failure to failure without losing momentum." Forget the past. Draw a line in the sand. Focus on your next trade. Cheers, Muddy Farmer.
p&d These are a couple of great quotes from Teddy Roosevelt. If you are done, so be it. You will be better able to assess your situation after you get some distance (time)from this. There is no shame in recognizing your talents may lay elsewhere. Far better is it to dare mighty things, to win glorious triumphs, even though checkered by failure... than to rank with those poor spirits who neither enjoy nor suffer much, because they live in a gray twilight that knows not victory nor defeat. "It is not the critic who counts: not the man who points out how the strong man stumbles or where the doer of deeds could have done better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood, who strives valiantly, who errs and comes up short again and again, because there is no effort without error or shortcoming, but who knows the great enthusiasms, the great devotions, who spends himself for a worthy cause; who, at the best, knows, in the end, the triumph of high achievement, and who, at the worst, if he fails, at least he fails while daring greatly, so that his place shall never be with those cold and timid souls who knew neither victory nor defeat."
you can tell someone this and they will still not realize it.....i have lived 5 lives so far and im 39
Sorry, but please stop being such a whinybitchloser, get a grip & a break from it all. You know damn well your own flaws, if they can be fixed then fix them, go back to the basics. You people are pathetic giving it all the "Ahh sorry about that man", how does that help him? Instead of going forward advancing, he is going back to 9-5. He needs a kick up the butt surely.
You have to ask yourself if u really put all u had into learning this game besides just the money? And if you really love doing this (I think you have to love it to blow up two accounts for over 75K like I did) you Can find the way to be profitable if you really want to. I did it and I blew up big time with a wife looking on the whole time I was losing money but she supported me because I wanted to do it so bad. I searched and read and spent countless hours on the screen watching the tape, reading the good guys on ET and other places. I did realize that stock weren't for me and that as soon as I started trading futures I knew I had found my dream job!! Point is, I have no MBA or anything, just large can of elbow grease and desire and that's what it takes. If you really want to do this, go and take a break and maybe work 9 to 5 for awhile and reassess your goals and then...."Just do It" as they say. Good Luck to you, you'll be ok. GT