Need Help

Discussion in 'Trading' started by enkidu007, Feb 25, 2004.

  1. I don't know where to post this so if this is the wrong place then I apologize. I'm new to trading. I started with a $50,000 account, using the Mohan service I drove the account up to $88,590.65 from June 2003 to Mid December. The problem comes that Mohan has been sucking since then and my account is down to $33,680.

    I know nothing of daytrading except for the books that I read. My question is there a daytrading mechanical system that can make money consistently in the emini S & P? Or does anyone know of an advisory service similiar to mohan except that it actually works? Or any books that will walk me step by step in trading the S & P?

  2. But your biggest problem is that you haven't taken responsibility for your trades. In accessing your drawdown you blamed the service that you are using. In most cases, people who rely on services end up in the red because they abdicate responsibility for the trade in favor of a faceless entity. It's no different than the average investor who gets screwed because their broker gave them mediocre advice.

    You mentioned that you have read some books, which is a great start. But if you really want to make it as a trader you have to learn for yourself about what you want to do and why you want to do it. Some mechanical system or another service can't help you with this process.

    Best of luck!
    Oh! BTW, you might want to focus your early studies on the subject of "money management."
  3. sjp


    The path to riches is beset on all sides with false wisdom. Nowhere is this more prevelant than in trading books. Child, the options open to you are clear and stark. You must choose your next move carefully or I see a future for you working in your local pizza hut. Day trading is a dangerous, dangerous game - the fool will lose and lose often. My advice? Make things quick and easy on yourself and forward me a cheque for the full amount of your trading account. This will save you the pain of me and others like me reaching into your pockets on a daily basis and taking your lunch money.

    There is no piece of equiptment that can tell the future. Anyone who tells you otherwise is clearly deranged. A good trader making good decisions will make cash (quite a lot of it), someone who reads lots of books and relies on equiptment (and the advice of half the fools on this website) will surely line the formers pockets.

    Sir, good day to you. I want no further part of your madness.

    Advice giving trader
  4. enkidu007:
    You screwed up. Now the question is are you ready to do the right thing. Most people who screw up this badly never really learn the lesson, so they just keep losing. Best advice I can offer is stop trading, put the money in a safe place, take the initiative to learn how to operate in the markets, then come back and earn it back. Hard work and not certain that you will be successful, but then I am certain that you will eventually lose it all if you continue as you were. Good luck. Steve46
  5. You made $38,590 in six monthes, and lost $54910 in
    1.5 monthes? That tells me you didn't even went according
    to what mohen told you, when you had losing days.

    As an example, you were not closing your losing trades
    when mohen told you to do, or it were time to get out.

    Learn art of trading and what to do when you have losing
    days. it doesn't matter how much you make on wining days,
    it all that matters is how you control your losing days or trades
    whethere daytrading or swing trading.
  6. btw take this word from me. It takes you at least
    one year to become a profitable trader if you are
    very smart
  7. sjp


    Quote from NANA:
    'it doesn't matter how much you make on wining days,
    it all that matters is how you control your losing days or trades.'

    This is one of the first sensible and TRUE things I have read on Elite Trader since I joined. It is the cornerstone philosophy of every good trader making 6 or more figures, yet on all of these threads, packed with nonsensical gibberish, Nana is the first person to say it. Trading is not about winning per is about NOT LOSING - consistently - money soon follows, believe. I urge everyone to pay heed to what Nana says above.

    Surprised Trader
  8. Knowing isn't enough, learning it that takes time.
    More than a year still I not making any real money :D
    can you believe?
  9. I am taking everyone's advice. However, I am coming to the conclusion that all the floor traders on the MERC are making money consistently and they learned that from a mentor or from a company system. I'm thinking one can't guess everyday and make money consistently. All I'm asking is, isn't there a manual or a book out there that teaches this step by step? Like the way I learned math in college. Or any good advisor service I can use to make money successfully while I learn?

    P.S. I did follow mohan's money management advice, but his calls are just falling on deaf ears. It's a little bit late now but I realized if I were to do the opposite of his calls I would make a decent killing. However, I'm scared that if I start to do that now he'll start being right again and then i'll really get a heart attack. The only mistake I made was that I kept on trading bigger and bigger to make up for the loss what a bad mistake.
  10. Theres a guy on this board that goes by heilbronner. Just keep an eye out for him and trade his calls. His calls has a 100% win rate :p
    #10     Feb 25, 2004