hey guys,does this sound like you? here goes so read carefully: 1) i lost 10k in 1 month. (rationale)-its normal for a business to lose money the first year so trading is a small business right?if i lose 50k my first year thats part of the business,i need time to learn. 2)if i only stuck to my discipline i would have been fine,next time will be different. damn ! i made the same mistake again,i knew i should'nt of made that trade. i will be fine if i just stay disciplined because after all,i am a good trader and i can do this. do you find yourself using the "discipline excuse" time and time again? 3) i have to lose it will make me learn,afater all you cannot be successful if you don't lose once in a while. true,but you gotta draw a line somewhere,how many "trading lessons" need to be learned before you go bankrupt! 4) i will just use stops this way i don;t ever take a big hit. ok thats fine but how many .20 cent loses does it take to add up to one big hit? NOT MANY ! not to mention the commission costs that add up. 5) i feel i have a gift,i am great at stocks and i believe this is my calling. hahaha. of course its your calling. who would'nt want to wake up with the adrenalin rush every morning and have the p[ossibility to make 10k in one day? oh i know,i guy that plays black jack for a living. guys,there are very few traders that consistently earn mony in order to make a STABLE living. i talk to to different OWNERS of daytrading firms in new york and they all gave up trading years ago because there is just so much money to make through commissions. they all say out of all their traders very very few are arond after 6 months or a years. what ahppens is guys will have one or 2 months and think they have FINALLY GOT IT and thtas the big breakthrough. then they take a big hit that wipes them out ann they are back to the discipline excuse again. not trying to be negativemjust don't want to see any of the young guys waste valuable time in their lives by chasing a dream that will get shattered. what happens with trading which is different than other dreams like being a pro ball player ,is trading becomes an addiction akin to gambling. for example,a trader just wants to "break even" for the day or make the moeny back he deposited in his account and he will quit for good. yeah right,they will be chasing that lost money just as a gambler chases his money or a drug addict keeps searching for the same high he got when he first did drugs.
Whether you are 'chasing' your losses or not, you are a gambler as a trader - either one with risk control or one without (little more reckless). The sooner you come to terms with this and realize there is no holy grail nor impervious system, the better off you will be. The only ones who make money without 'gambling' (to the same extent) are the scientists who find an exploitable *actual* market inefficiency (ie like some latency issue that creates risk free arb). None of those people are on this forum - they wouldn't bother with such academic inferiority. Go to wilmott.com.
Bull.....I knoiw day tradrs who have much mor that "living" for 10 years +. No it's not easy and not everyone can do it but do not paint the opposite picture as well. You sound like you have big chip on your shoulder. I guess you couldn't cut it and now you go around telling everyone else they can't? What a great way to spend your time and effort. You must be proud?
not at all. i am actually a successful trader but also know fully well that its a bad racket to get into. you sound like a guy that gets crushed and is trying to reassure himself constantly that who have what it takes....