Kind of cool to see so many guys respond with sincere words of commiseration here. I don't mean this to sound demeaning, but you don't strike me as the type that read a whole lot of books before getting involved in the markets. Books clearly aren't necessary in order to become successful, but if you haven't read Market Wizards by Jack Schwager, it may be of interest. You would see that the best traders on the planet have blown up, some of them multiple times. It took many of them years to figure out what their problems were, or how to overcome them. Second thing is this - what matters now is not your losses. The only thing that matters is how much you really want it. The fact is that a lot of guys don't want it that badly. The problem isn't that you can't learn to trade well. You already know what your mistakes were and what to do to avoid the big losses. Will you act on that knowledge? That's the question. It's the same with people who are fat or who smoke. Everyone knows what to do. Many simply can't find the mental toughness to do it. I believe in what Ed Seykota said - the markets give you what you are looking for.
PumpandDumper, I don't know you, and I really am sorry to hear of your trading misfortune. But you are absolutely correct; Trading at this time in your life is not for you. How do I know? Your words ... I'm a bagholder now in many stocks and some etf's. Probably the worst portfolio out there. Down a ton. ... I'm not liquidating positions yet until I have to. Always kept 20k cash on sidelines. I have 50k in positions that will just fluctuate daily. Will try not to check them constantly. Your portfolio didn't start out as the worst portfolio out there. It didn't start out down a ton. YOU LET IT become the worst portfolio out there, down a ton. And even now, still, you are operating from hope. Just keep holding and let it fluctuate (move or sway in a rising and falling or wavelike pattern). And by all means don't look at it!! The majority of respondents in this thread, (the minority know who they are ) are enablers and commiserators who offer little... Wah wah wah, you're young, you'll get over it. Wah wah wah, happened to me, I jumped off a building, had plastic surgery and returned as a hermaphrodite. Wah wah wah, Listen to Tony Little; You can do it!! Man, that there is some useful stuff!!! Bookmark this thread!!! ET has lost it's edge for actual traders. Just a fun place to visit to kill a few minutes. Osorico
Pumpanddump, Liquidate your entire account tomorrow. Take the big loss before it gets even worse. Losing money happens. Letting your entire account bleed to zero doesn't have to happen. After you sell everything, take some time off and hang with your family and friends. Good luck.
Pump and Dump. I don't know you but I won't say I'm surprised. Every post I've seen from you is about counter trending, you're always trying to predict a bottom or predict a top. That, my friend, will definitely kill you. You're too obsessed about the feeling of being right instead of focusing on trying to make money and swalloing the fact that you could be wrong. Go read up on http://traderfeed.blogspot.com
Daytrading is a tough business. Regardless of money loss the first thing you need to ask yourself is do you have the passion for it ? Are you willing to keep on learning and perhaps keep on losing until the necessary skill is actually achieved ? Ask yourself these questions and come back whenever you feel ready to keep on battling it, the market will always be here. It does not matter if you come back in a year or in 10, the market will be here, there is no rush and no obligation. Regardless of your decision we can't excel at everything so don't take these unfortunate losses too personal. Chin up and good spirit I wish you the best in your journey. whatever that may be. Anek
Good luck in what you do PD. Good advice here. Just one observation and more so for any others reading this that are new to trading - expecting to conquer the trading game in less than 12 months is simply not adequate time. Some will do it, but it's very hard to not only win, but also win enough to make this worthwhile in less than 12 months. The odds are massively against you. This biz requires serious dedication and TIME. Many of which who enter do not have from the onset.
true... the very simple psychology of taking small gains on good trades (that could be great trades by being a little more patient) vs holding bad trades indefinitely until they drain you [or worse off, adding to them] is proof of this. I know most often when I lose, its because I'm literally asking for it and not -greedy- (err protective) enough.
well. day trading is not for everyone. you need both the skill and the luck. speculation is risky business. perhaps being an investor rather than a speculator will suit you. after all, speculating is like gambling, eventually you gonna be a loser. try to take longer positions, use less leverage. follow the trend and be patient. don't over trade and try to distance yourself from the market. i'm sure soon you will be on the winning side.