This was all done daytrading stocks. I was always all cash at end of day. When is it time to throw in the towel and quit? By the way, all of this was done via microcap equity stocks. No options. I do not want to be one of the stories where I lose everything. Has anyone gone through this?
It happens. A lot of systems depend on things that are not obvious. multi year cycles, economic underpinnings, volatility, seasonality, etc. If it is not systematized, WOW. So many psychological factors can be at work. Even when you are doing good you can always get blindsided by the bane of all successful men... a redhead! You did good! Go back and review. Did you drift off from your original entry and exit criteria? Trying to optimize your system without carefully backtesting the optimizations can throw you. Maybe you should take a break for a month to clear your head. Go on a little weekend vacation somewhere.
Rethink your overall trading strategy -- I hate these kind of stores of people who grow their acct, but only to bust or lose a significant portion of it. One-hit wonder, no trading skill. Simply in the right place, right time; Think like an Army General or football coach... as you approach or view your overall, strategic trader game plan.
Have you lost your edge or should I say is what you were doing just not working anymore? At a minimum why not take out your initial $25k? If you are thinking maybe you should throw in the towel, why not just take your money out and re-evaluate. Just take some time and figure out why you are losing.
Yes. My strategy has changed somewhat. First of all, I am going all in and I guess I am getting greedy. My exits are more sloppy now due to larger size. I am buying 100k at once with stocks that have $7 mill volume and the market makers seem to mess with me technically and shake me out. My system is still somewhat solid. I do scans everyday and I'll say 98% of the time one of the stocks in my scanner will be the top gainer for the day consistently. At one point I had a win streak for 30 straight days averaging 2-3k a day. Now I have been losing 70% of the days so far this year. It is even more frustrating when everyone else is making money with the market constantly going up.
Get two or three new brokers and move all your money to them. I'm suspicious that once your account gets big enough they start milking you.
take out your 25k now...take another 25k and buy something illiquid for yourself (car, downpayment for a house?) then use the remaining to still trade.
This is a good point too. If you take it out, or leave it in cash at least you don't have to worry about being one of those guys that "lost it all in the market"
I bought 30k shares with an average price of 3.2 on the run up. I got greedy since I thought the stock was way oversold. It hit 3.8 twice and I had a chance to sell both times, but I held and eventually sold at 3.13 average for a $2100 loss. I am still kicking myself because I was up 18k at one time. But because I thought the stock was oversold, I thought there would be more room to run. I guess part of it is I am trying to make up my year's losses as well so I'm holding out for bigger returns.
I still will feel horrible because I paid taxes on the 150k and now I have to deduct 3k for 20 years since I am down 60k for the year