%% Good points; unless thats all they talk about. Frankly if I had KNOWN trading was as hard as it can be sometimes/would have done more inVesting………………………………………………………………………………………………………………………………... I knew I could get burned badly in single stocks gaps; so tried to '' be wise in size''/////instead of getting ruined by gapps= I never did really beat SPY or come close to QQQ %%/over 10 years. SPY + QQQ tend to be super strong oct-DEC;jan-March. BUT last 2 October'$ have been bearish I sold myQQQ, not in OCT. Good dividend also.BUT IBD says never buy for a dividend/amen.Amazing how many full time fund managers DONT beat spy every year/amazing
That's why I only hang out with poor people and unsuccessful gamblers. Although I don't drink, sometimes I go to alcoholics anonymous meetings just to cheer myself up. First of all, are they consistent? Most people like to talk about their winners more than their losers. If they are consistent, then that sounds like a learning opportunity. Figure out what they are doing right.
I can't quit. Once you are in it，theres no way out，I tend to be more patience and calm when I play poker，i know trading it's my things，it's sucks when I first start trading I picked up bad habit from penny stock guru like sim syke chasing breakout and shoot for massive return. over the years trading part time on and off (after my second account blew，i go back to work sometime traded on the phone，using Yahoo chart)，i know I am getting no where，now I tried to trade serious but I developed a lot of bad habits，i am trying to unlearn that and block everything that mess with my head.
Then maybe you should rather focus on learning about the market if you genuinely want to become a trader.
thanks SimpleMeLike.although they always talks about their winning I know they are just average investors from the content they talked about，they would held for a 20%loser and just wait for another spike to get out so most of the time they would made back their money，I don't think that's how a professional should trade. et certainly offered a great environment to learn.
U r right bone，i get disappointed in myself OVer the years trading carelessly I picked up too much bad habits specially in mental approach toward trading. I worried if I don't chase，i would missed a massive move and when I everybody made money，i got jealous. My biggest problem now is I know all my mental approach is wrong，but I can't rewire my mind because it was reinfoced in my head for so many years.
orbit23，u r 100%right. I am disappointed in myself and at the same jealous that unsophisticated people(trade on tips and held for 20% drawdown) made money. And I know my mental approach toward trading is so wrong，but it's so hard for me to change because it was reinforced over the years of my partime unwise way of trading. now I want to give myself the last chance and unlearn everythin and friends like that reminded me of my failure.
Focus on risk management and not risking more than 1% per trade since, you are a beginning trader. Not all trades will work out and result in winners. It does not matter if you have a lot of small losers provided, the times you win, the average win size is several multiples of your losing trades. Say you only win 30% of the time which means you lose 70% of your trades. However, each time you win, you win $500 on that trade, each time you lose, you lose $100. So, after 10 trades, you lost $700 but, won $1500, for a net gain of $800. You think you have an edge? Yep. Last advice, focus on swing trading or position trading and use stop losses on a GTC basis. Do not let small losses turn to large losses.
Unless you like losing money - just stop trading for awhile. Your mental state as you describe it sounds an awful lot like someone with a gambling problem. Compulsive behaviors, chasing bets, and depleting savings are all conditions described by the Mayo Clinic as a gambling problem. I wish you better health and a good life.