Non - sensical ramblings of a stock traderâ¦â¦â¦ Given this whole trading thingy a lot of thought and try as I might I cannot think of anything in my life to compare it toâ¦55 years on the planet, youâd think there would be SOMETHING in all my days that would compareâ¦hmmmâ¦waitâ¦maybeâ¦NADAâ¦I got nadaâ¦nothing compares. This experience is simply IMPOSSIBLE to explain⦠Basically I sit in my living room and push buttons. Incredibly solitary and isolating. Alternately humbling and prideful. Periods of almost unbearable intensity, and mind-numbing boredom intermixed with moments of sheer joy and absolute dejection the likes of which I have rarely known. What, exactly is this thing???â¦You push a few buttons - wait - then later push a few more buttons, and POOFâ¦youâve bought and sold stock. To the casual observer â itâs MAGIC. And if your trade is a winnerâ¦itâs MAGIC THAT ACTUALLY MAKES MONEY⦠Letâs take a closer look, shall we?â¦In my case this undertaking came late in life. Iâve spent the past two and a half years studying and analyzing stock charts â hundreds of hours and thousands of charts. Yes Iâm aware that categorizes me as a âtechnicalâ trader, and â from my lurking inside these forums â I am aware of the running debate. This, however; is not a debate of technique. Back to the matter at handâ¦thousands of hours, or a weekend with a six-packâ¦when you believe youâre ready, you push those buttonsâ¦thenâ¦you pray, you hope, you dance your âwinning tradeâ jigâ¦or whatever else it is you do between button pushingsâ¦For me it is the feeling of helplessness during a trade that threatens at times to overwhelm. While studying, analyzing, testing, I feel some semblance of control and direction. BUTâ¦push the button and POOF⦠all gone. Even during a trade that ultimately winsâ¦I sometimes feel âthisâ is just too much to bearâ¦For the record, Iâve spent the past two years developing my âsystemâ and trading part time while working the second shift at my job. Intraday round trippers to three-day holds. Day trading, Swing trading. Call it what you will. During this two year period and a couple of hundred trades, Iâve managed to hold onto my trading capital, and have generated a small profit. So⦠I recently quit my job and commenced trading full time. . Am I âreadyââ¦who the hell knows? Someone much smarter than myself once saidâ¦âin this journey, long before you ever have a chance of reaching the gleaming metropolis of âfortuneâ, you must trudge through the grimy village of ânot losing everythingâ â¦it may sound corny, but I really believe itâs true. Frustrated entrepreneur most of my adult lifeâ¦No retirement savings to speak ofâ¦I know, I think Iâll risk the quality of my âgolden yearsâ to the civilized insanity that is the stock market. Iâm old, alone, and Iâm desperate (you might add just slightly unbalanced). Not sure exactly what qualities are required to succeed at this craziness, and while these are probably nowhere near the top of the list⦠theyâre what drives me⦠My heart bought in early, now if I can just get my friggin head to come around⦠Thanks for the time. Just my 2 centsâ¦Much cheaper than therapy⦠Iâll be lurking with the best of themâ¦einsteinduckâ¦
Very entertaining post. You should consider starting up a blog or at least creating a journal thread. I'd like to read more. Good luck on your new career. Learn to control those emotions though. They may be your biggest obstacle to success.
Strange story when you feel old with 55, unbalanced not a good background to trade for a living. Ever considered another place to live? Move over to Thailand and taste the breeze. Life costs half cheaper than where you stay probably, alternation and entertainment guaranteed and last but not least the next cycle bringing strenght into the dollar will blow further wind in your back. Nothing to lose in the situation you describe and it really doesnt matter where your living room is located.
Great post, einstein! Well said! All the best to you! Sounds like you'll do well and are right on track in your progression. That's how it is: Lose money, lose less money, eek out a very small living, earn a decent living, make a phenomenal living... One of my favorite quotes of all time is from TS Eliot: "Only those willing to risk going too far, can possibly find out how far one can go." Best wishes, Professional
Many thanks to those who have taken the time to comment specifically: Thunderdogâ¦Posts: meâ¦2 youâ¦5558 and counting. I can only hope to learn a portion of the things you have probably forgotten along your journey. Again, Thanks. ///////////////////////////////////////////////////////////////////////////////// Takestockâ¦I actually do a daily blog of sorts intended primarily for a small group of people from my former job. You mentioned the importance of controlling emotions. Hereâs a snippet from yesterdayâs blog after experiencing a substantial loss (BIDU short overnight ) and then missing a reentry (BIDU long) one hour later that would have resulted in a net gain for the dayâ¦...... Posted TUE 4.01.08 5:39 PM A glance inside my noggin during today's - make that all - trades would look something like this TRADE ENTERED..."OK - GO - GO - YES - UH - NO - C'MON - CRAP - OK - YES - CRAP - GO - GO - NO - NO - NO - DAMN - DON'T - OK - GOOD - BAD" You get the idea... It's become patently obvious that my emotions are getting in the way of proper executions. Witness the failure to enter the aforementioned Green Acres trade as BIDU changed directions. Hey...I'm an emotional guy, especially where money is concerned...Aren't we all??? BUT...In the crazy world of the stock market unbridled emotions definitely interfere with effective and profitable trading... Enter "Dispassionate Observation and Analysis" AKA "DOA" (no, not that DOA)...What the heck you ask???...Just something that's been percolating in my brain. I now realize that DOA is absolutely CRITICAL to our future success, and on the 0 - 10 range of DOA application we rate bout a 3...Not good. So...What exactly is DOA??? Not exactly sure my own self, but I do believe that a critical component of effective DOA is some form of "subdued emotions"...to wit...keep a friggin level head while trading regardless of the current situation. Lessons... It has been said that during trading, one is responsible for a myriad of things, but the outcome of any particular trade is NOT one of them. Lessons... It should be obvious to us by now that we are gonna experience some bone-crushingly BAD trades along with some amazingly good ones. Our immediate task is to incorporate DOA into our trading mentality ASAP... The market offers us lessons everyday...but in order to LEARN, we must remain humble and receptive...In particular this lesson has been received LOUD AND CLEAR...Duck out... TO DA MOONâ¦..DA DUCK ///////////////////////////////////////////////////////////////////////////////// Pitaâ¦Actually the âoldâreference was a tad bit of poetic license. I actually feel pretty good for the age⦠Ahâ¦Thailand. How could you possibly know that I have a real âsoft spotâ for Thai women. Being single, Iâm allowedâ¦Course Iâve never actually been to Thailand, but If I ever do get anything figured out with this craziness, you can bet Iâll be heading in your direction. Thanks⦠///////////////////////////////////////////////////////////////////////////////// Professionalâ¦You said⦠âThat's how it is: Lose money, lose less money, eek out a very small living, earn a decent living, make a phenomenal living...â Dude youâre my kinda guy. Couldnât have even said it betterâ¦Bye the bye, I too am a Eliot fan. Thanks.
Eisen, I think you will enjoy your new life direction. Give it enough time and your income can be as stellar as anybody's...
Thanks for the kind words, but don't put too much stock into post count and mistake it as a proxy for experience or wisdom.
Get this. Learn it. Live it. Love it. http://www.amazon.com/Trading-Zone-...bs_sr_1?ie=UTF8&s=books&qid=1207249489&sr=8-1