Austonp: i dont know what to say. i did 1 trade this morning then after i read Lescor and your post i dident take next trade
You know, if there was a trading "college" that would act as teachers/ mentors for new traders, things like this wouldn't happen to guys like Rasl nearly as much. The problem is that people who would most likely open such a place would nickle and dime the students to death and they probably wouldn't learn anything of value. I've heard people here talk bad about Pristine.com.. I actually thought about moving to one of these campuses, but I changed my mind.
There are universities (well known 4 year colleges) that offer trading classes as part of a business, finance, economics degree. However, I myself wouldn't consider Pristine.com as a college nor campus like environment (they offer no accredited degrees). The real question is has Rasl waited until now to ask for help or has he asked for help many times before in the past under another alias at other discussion forums or here at ET in the past. I just can't imagine losing that kind'uv money and waiting until now with a trading account that low in comparison... To finally ask for help. Too lose that much money, requires a different type of help and he won't get it from EliteTrader.com Hopefully, the money lost truly was money he could afford to lose and it had no impact on the lives of his loved ones. Mark
<i>"so i can lose $1500 max,after all the losses <b>and having no life out side of trading in last 6 years"</b> "i dont know what to say. i did 1 trade this morning then after i read Lescor and your post i dident take next trade"</i> <b>rasl</b>, whether you traded today, next week or next month is totally irrelevant. Absolutely nothing is going to change as you continue down the same path as always. To go from $3,000,000.00 (your math) to $4,500 remaining pretty much says it all. Today's trading is insignificant to your life, to say the least. See the bold print above? Therein lies one of many problems. Your whole self-worth is tied to trading... successful or otherwise. Perhaps you feel that the only way to restoration is recouping losses. Maybe you cannot see any other way to feel "whole" again. I dunno... not qualified for analysis of others. What you desperately need is professional counseling, right now. There is no hope for you to succeed in trading or much more importantly, enjoy a wholesome fulfilling life in the rut you are trudging thru. Please strongly consider turning things around for yourself 180 degrees... and that has nothing to do with trading, period. Very Best Wishes Always Austin
recap friday 16 feb only 1 trade today 10.47 am long es @1456.75 (entry signle was from my trading strategy ) target 1457.75 (days high so far 1458 ema34 above @1457.75 as resistence) trade went +3 ticks then it came back to my entry price,i dident want to let 2-3 tick profit to turn into loss as my account is so low so i exit for +2 ticks at 10.55 am 8 min later es traded @1458 then fall back to1456 i dident take next trade. total loss for week 20 trades -$3. - $77 commision net loss for week -$80.
Rasl, have you considered a long break from trading? Your problem is not whether you pick bottoms and tops. Burning your hands won't make you profitable or more disciplined at this point. Take a long break from trading and come back with a fresh attitute towards it.
how my trading account gone down to $4500. from $3 million it is very hard to write this but i said before i will explain how i did it so here it is, it was nere the end of yere 1998 i had a electoroics businness for 20 years and was doing well,i recived a copy of monthley stock tip sheet in post after reading i subscribed to it ,i then opned a account with broker and bought some stoks from tip sheet about £30k,i got intrested it investing in stocks and subscribed to few more tip sheets and share magazines and reading stock pages in newpapers in april 1999 i won the 2nd prize of £67k in uk lottery i invested all that in 7 stock from tip sheets,3 of them went up quickley, BLT, ARM, LSB,i had bought BLT for £3 and it went to £4.50 then fall back to £4.00,i sold at £4.00 few months later at was up at £7.00 and tiped again so i bought it again,ARM i bought this at £7.05 and it soon went to £9.50,then fall back to £8.00i got stoptd and then it ralley to £9.00 i re enter that at £9.05,LSB i bought it £10.00 it went to £12.00 and fall back to £10.00 i got stoptd out and then it went up very fast and didnt buy it soon it was trading at £54.00 these were all tech and internet stock. so i learned from these 3 trade to buy and leave it alone. i read a artacle by Warrn Buffet in newpaper that if you dont want to keep a stock for ten years then dont even look at it.so i kept doing reserch into best internet, tech and biotech stocks and kept buying all the best ones,i put all my saving in stocks,then i read that all the best tech and internt stock are listed on us stock markets,so i open a account in usa and i bought all the best performing stocks and wacthed cnbc all day and did reserch on internet to find more stocks and sold most of my british stock and sent the money in my usa trading account market was going up and up and i keep buying stock that were making new highs, in march 2000 my usa trading account was over $3 million i had hunderd of stocks all tech,internt and biotech,average gain was 500%,markets went down in march 2000 but went up again next month,i was invest for 10 yares so pullback dident worry me,then i though why i am running a business when my stocks are doing so well so i sold the businees and investd all that in market,i also started using the margin and i had 5 proptries 2 of them were vacent then so i sold them and bought more stocks i was buying all the IPOs and all the money i had went in stocks, market kept falling from april 2000 and although i have invested $100s of thousend more my trading account was down to $1.5 million in march 2001, there was a 3 day trading seminar by Criss Manning in london (april 2001) so i went there(about $3000. fee) there he teaching about charts and indicater and how to trade,he said if stock close above 15 ma and rsi 21 going up you should be long and short if reverse and money can be made both ways,i had never been short also i learn about option there, well all my stocks must be under 15ma so i decided when i go home i will sell all of them,when i came back from london markert had been going up last 3 days so i dident sell,few months later i sold all stocks and go short market then started going up and i was short then i joined a fee based trading chat room i will call the owner P here,p is very good trader and world class poker player,he daytraded and also swing traded, mostly shorted stocks that had up too much on news or long if has fallen to much and if trade go against him he would add more and more to it,he exit if he was down more then 40% or higher, i followed his trades, some times i could not get filled at or nere his entry and missed trade or could not borrow the stock to go short from my broker, i was profatble first few month not as much as him,then i increased my trade size, 1 trade he coverd for a loss and i had big position in it and wasent willing to take a 40% loss and i keep adding to it to take a even bigger loss(i lost all profit i had in last 6 months),i was in Ps room 1 year and down about 10%,i learned here how to add to a losing trade, then on a trading form i read a post by trader who also had a fee based trading room($400. a month)i will call him WX here ,i went to his website and it claime they were highely profatble and traded stocks and options both intraday and swing tradeing, i took a 2 week free trial ang then subscribed to WXs room WX was tradeing big size and claimed he was making up to $100k a day ,there was 500+traders in the room,WX wasent in room most of the time his staff were posting trades, ther were too many trades posted many were already up 10% when posted,there were no exits posted we have to manage trade our self , there was no updates on losing traded,i was taking all the swing trades and option trades,some day trades ,i dident know how to manage trade after entry,so i was looking at text posted by other traders,there were some star traders there who were posting there trades and profatble exits,i was taking there trades also after entry i was looking at text to see when they exit ,i dident see exit on losing trades .also i was taking my own trades. i was in this room for 15 months and i dident know what i was doing, i had no idea where to stop out i was only looking at text posted by other traders, i dont know how much i lost in this room may be 40-50% of my account. i dident look at my trading statments or remaning balance or how much i was making or losing each day or month. so after 15 moths in WXs room i joined another room, i will call the owner J,in Js room i learned how to make a losing day trade into a swing trade,j was trading stocks like GOOG for quick 1 or 2 pts scalps if trade go against him he will keep adding to it till he can get out at breakeven or he will take the trade to next day or week and add big size to get breakeven,this room had audio so that give some rest to my eyes,i missed most of entrys because as i was getting filled he was +1 so i tryed his style trading ES,NQ and YM eminis,no stops and not looking at chart some times,and no one to tell me where to exit, i was in Js room for 1 year, then i try few more rooms and Woodies room (free) woodies system is profatable if all the rules are followed,but i had learned so many bad habats from my self and other traders i followed so i bought and leased auto trading system($1000.a month)they dident work , there must be something out there easy to trade so i thought forex will be easy ERUO was nere all time high so it must come down ,doller cant go down for ever ,so i shorted EC using Js sysle and keep adding to it as it went higher after 3 month and margen call i coverd,biggest single losing trade i did was to short ES emini @1200 my target was 1198 and at 1202 i added more i had a chance to cover at b/e few days later,as it was going higher i keep adding to my short till i could ,i cover it @1324 -124pts from my entry, seems like i was fighting the market for my losses duiring 2000-2003 when i was long, i have learned many lessons from my mistakes but there is more work needed and i have to unlearn bad habbets, i am using hard stops now and entry signles from my strategy that is profatble if i wait for right entry,