I'm so LOST and feeling stupid. This is very long!!

Discussion in 'Risk Management' started by aalluubbaa, Mar 7, 2009.

  1. Doesn't matter how you dice it , but stockmarket still is part of organized gambling , only few survive . If you have 50 k , you're
    much better off to open a pizza joint , or hotdog stand and guess
    what you double and triple your money in couple of years.


    P.S. And another misconception , stocks are better than options.
    WRONG.
     
    #21     Mar 7, 2009
  2. Man, so many confessions from frustrated traders. I think you're the sixth one I'm running into this week. Frustration arise not because you lack an "edge" but you don't know what the hell you're doing. This is compounded as the losses start to creep up on you. Having an edge is tremendously powerful for those who know what they're doing in the first place but it's potentially damaging for those who lack proper knowledge to use it. It would be like allowing someone with no knowledge of heavy machinery to operate a crane and other equipments.

    Now, you and I have one thing in common. We both follow Support and Resistance in our trading. Perhaps I could help you get back on your feet. But it ain't going to easy, however. You'll need to learn the ropes and this takes time. No doubt, you'll make more mistakes on the way but in the end you'll gain a proper understanding of price movements. That is, why do prices move the way they do. As such, you'll finally come to a realization that price DO NOT move in random (ever!) as taught by the press and other academic hacks. Lastly, you will be able to prove these idiots wrong by being able to time your entries and exits down to the tick. But obviously I'm getting ahead of myself.

    Check out my tutorial to get started: Unholy Grail to Success

    Good luck!
     
    #22     Mar 7, 2009
  3. Pita

    Pita

    you said that you share a trading office with other traders who are all profitable, so how about giving your money to one of them and share profits? Then sit beside when they trade and watch until you know what they do. Seriously if you are not able to do that then it is actually just you who is the contrarian and worse than that you just want to do something different even when you see it working in front of your eyes. Watch, learn, understand, copy (adjust to your comfort level) and apply. Easy, no?
     
    #23     Mar 7, 2009
  4. I think that will not apply to him.

    when you start to think trading is difficult, then it is difficult. the idea of difficult will control you. when you think it is a piece of cake, then it is a piece of cake.

    just like stand in the edge of a tall building, most people can not stand there even it is very safe or some people who stand there to show them how to do it, since most people's focus is "if fall, I die", they are locked into this illusion.

    that is why trading is so tough for most people! the edge is in a trader's mind. actually to make money, just a mouse click effort, why so many can not even people show them how to do it?






     
    #24     Mar 9, 2009
  5. I think this is pretty harsh. Tell me which trader who first started trading was 100% successful. Any honest successful trader will tell you that they lost a big chunk or maybe even blew up their account when they first started. What separates the profitable traders from the wannabes is the ability to adapt and learn. Since your strategies/system isn't working during live trading I'd suggest you stop trading real cash now and run a simulation, find a system or edge and be at least profitable for 6 months with this system.
     
    #25     Apr 27, 2009
  6. I traded at a prop firm and saw the head trader quadruple down to his losers and consistently make profits... It's a really frustrating when you think you are playing by the rules and lose money. I've been there, trust me. Granted that trader has been day trading stocks for more than15 years, but he too is up 80% of the time. I prefer to be disciplined and not "double-down" either because all trader books say that is one of the worst habits.

    My conclusion about adding multiple times to a losing position is this: when you day trade and the market is choppy/sideways... it works. When the market is trending in one direction, you could get KILLED (because you accumulated so many shares) with that strategy. I've seen people take HUGE loses by applying this strategy... could abolish ten winning days.

    I would also not recommend adding to winners... In day trading, that doesn't work. Only if it is decisively trending in one direction, which is rare. It's hard to time the market, but it all depends how the market is acting too.

    My last advice to you is to seriously take a entire month off from trading. It looks like psychologically you are not in the right state of mind. You're lacking confidence. You're also upset that people that "break the rules" are making money. You can't trade when you have your emotions (noticeably perhaps) dictating your decisions. Why not take a month off? Maybe even more time. You should only trade when your head is clear.
     
    #26     Apr 28, 2009

  7. Are we talking day trading here? Than yes, you are right. However, position trading edges are easy to come by.
     
    #27     Apr 28, 2009
  8. 20% yearly? Come on. That's unbelieably pathetic for a short-term trader, unless you're limited by market liquidity and moving several million dollars.
    Even Buffett has done better than that while moving billions of dollars!
     
    #28     Apr 28, 2009
  9. How long have you been trading?
     
    #29     Apr 28, 2009
  10. It's common sense. Assuming your goal is a $100.000 yearly income, at 20% yield you'd need a $500.000 account as startup capital. That's just insane, dude.
     
    #30     Apr 28, 2009