I think you answered your own question by the original post. Now you want justification for not trading anymore; rationalizing your decision. I used to do this quite often, and now I simply listen to my gut and know what needs to be done. yea, "quit". You don't need a word that harsh, but definitely move on and spend your time elsewhere. Chalk if off as a great learning experience, fun until it wasn't, and that you decided to spend your time on other things. honestly, nobody cares. only you have to live with yourself. I know a few guys that had rough marriages after they traded a lot. the wives all call it gambling and give them no credit for anything. lol. good times. I also know other guys that either lose it all in one big trade, or actually make a lot of money on one "lucky" investment. They tell people they made it trading, and nobody is going to question them. it's a funny game
I've known guys whose wives never give them credit for anything. That can happen no matter what line of work you're in. LOL Life can get lonely as you get older. I'm seeing it now, in my 30's. Some friends have moved away for career reasons. Those that are still around have settled in to the typical grown-up lifestyle of serious relationships, long hours at work, marriage, kids. So it's not like I can call them up and expect them to go out and do stuff on a whim as when we were younger. So I can understand how Red could feel under the weather mentally if this has been his way of life for some time. I think ahead and wonder, if I raelly make it as a trader will that really be a happy life? I'd definitely have to find something else to do whether it be volunteering, part-time job, or something else.
The financial industry has really fucked itself. It certainly will get what it deserves. The way to beat the industry is to extract the market's full offer and then put the money to work to help people who played by the rules and got fucked by the financial industry. Anyone anywhere can work with the cause of their choice by trading and profferring capital to those who are working in the various causes to get things straightened out. Think of how many foreclosures you can do workouts on for to get banks off the backs of regular people in your community. At least send your wife to class so she can show you the ropes. Print this and read it every day for 40 to 60 days.
You make all good points, but you can either continue as you do or change them. It is just when you were first starting in trading and lost, you have to make changes or get wiped out. Mentor someone, whether an older trader or someone much younger, have daily interaction and you will enjoy watching them share in your knowledge. It use to make me feel odd for the money I make, not any more cause of what good I can do with it. Get involved with families that struggle but are trying to get ahead. Join a book club, take dance lessons, learn to play golf, donate time at a hospital or work with the elderly, GET BUSY. I have found when I help others, comes back ten fold, develop new friendships. Good luck.
I read the thread and a few posters had good advice who have already been pointed out. I will go in order of potential returns/effort involved 1) Search for relative strength rotation of asset classes. EDIT: Actually, as I think about where you are at in your life now, I cannot stress this one enough. I really think the most basic thing for a discretionary trader to do is to do SOMETHING profitably. Without succeeding, your brain turns into mush imho impeding learning for most people. 2) Jack Hershey equities method as defined by spyder 3) Basic understanding of proflogic applied to swing charts 4) Lots of other things exist here, some of which I have seen highly successfully applied including Jack's more refined methods, but #1, 2, and 3 are the ones I would recomend that I myself have been able to understand that are being freely taught.
It's a mentally exhausting game. Even if you win, which is rare for many, you will be drained from the amount of education you have to dedicate to that. I am not trying to discourage one from this game, but so many come here and ask "Is it worth it?" the amount of time you have to study the market relative to the rewards you will reap is very not proportional. Relative to other fields its the smallest. The amount of unknown variable, the competition, technology, etc us stacked against us. To me its just an absurd how our tax system write off tie 401K/IRA so strongly to the stock market. This is a whole different discussion all together. RG
Like any business, trading isn't easy. According to the NASAA, 90% of new traders blow out their accounts within 6 months. But I've also read that 95% of new restaurants go broke within a year. You must be adequately capitalized. It cost me many times over what I originally allocated for losses, before finally turning the corner. At some point you gain confidence which is also key.
Everyone blows out their first account or two. I wonder how many they think end up becoming profitable after working it.