ohh how i wish this ability/skill can be brain washed into my thick head. to be truthful about it. everyday i would start the day up 300-500 bucks. and then.. whamo, from the blind side, i get caught in one bad trade.. i start the averaging down theory(remember my original quote). and get stuck with a loss that wipes everything away.... one trade dammit.. i swear.. now im in a hole.. and then renegade boy takes over.. well u know the rest of the story. and everytime i promise to kick it. promise to reverse the position.. stop tryin to catch the falling knife.. but in the end.. i failed at it... mind u i'm not at liberty to allow this to happen to me.. always been very successful at everything.. i def. learned a big lesson... pick fights that i can win. thank u all for all the advise.
that's a mature response. trading is not for everybody. it is entirely possible for some people to make a great living in trading, but whether any individual can do that is dependant on a host of factors.
ive been at it for 4 months and im down 15k.... arrgh!!!! i worked on the nyse floor for 10 yrs.. trading and making decisive trading calls for some very well to do fund managers through out the street and i was very good at it.. but now that its my money....
It sounds like you have the skills, but you may just be over-trading. It would seem to me if you lower the dollars you are working with and only concentrate on execution and the best setups you will be fine. Sometimes the trades are just not out there. Thats why I don't like trading goals. You win in streaks and you lose in streaks, but you have to stay in the game for that next winning streak. Good luck, no matter which way you go, but I have a strong feeling you should hang in there.
everyday i would start the day up 300-500 bucks. and then.. whamo, from the blind side, <b>i get caught</b> in one bad trade.. i start the averaging down theory(remember my original quote). <b>and get stuck</b> with a loss that wipes everything away.... one trade dammit.. i swear.. now im in a hole.. <b>and then renegade boy takes over</b>.. well u know the rest of the story. and everytime i promise to kick it. promise to reverse the position.. stop tryin to catch the falling knife.. but in the end.. <b>i failed at it</b>... mind u i'm not at liberty to allow this to happen to me.. always been very successful at everything.. i def. learned a big lesson... <b>pick fights that i can win.</b> thank u all for all the advise. ive been at it for <b>4 months and im down 15k</b>.... arrgh!!!! <b>i worked on the nyse floor for 10 yrs..</b> trading and making decisive trading calls for some very well to do fund managers through out the street and i was very good at it.. but now that its my money.... * All the answers to your problems with being a successful trader have been verbalized. Stop thinking of yourself as a market victim, stop being combative, learn to control the anger like an adult, and accept the fact that x-years on the floor is not a help, it's a hindrance to you. Few simple steps and you could be successful. Simple, but hard as hell.
slickshal You said you worked on the floor of NYSE for 15 years and then blew out as you did. Something is not jiving there pal. What did you do MOP the floors? Look son there is a huge difference between sweeping up paper, then paper treading. Shooting live bullets is even more dangerous. You will be back, you will borrow some money and find a way. The only way to learn how to trade is by making mistakes then correcting them. You finished trading 101 = Making mistakes. Trading 102 is coming back and giving another try to correct those. Soldier on, steel yourself. laptop Come on dude, we all know FOREX is a fad, a bucket shop fad. Your advise is almost as horseshit as your posts. No one gets to become a 10%er in this game without same awfully tough looks in the mirror to see who they see in the mirror has the brass to carry on. Now if you tell yourself it is not for you, then so be it. But please do not say we are fools. If i am a fool, well fine, the pay is good. ..
WOW, FOUR WHOLE MONTHS! That's amazing. And you aren't a millionaire yet. Geez, this is crazy. Trading is supposed to be like taking candy from a baby. This is where that stupid stat of most traders fail comes from. You get morons that think if they haven't doubled their account in 2-3 months, then trading sucks b/c it's rigged, the market is against you, "they" always know where your stops are, etc. etc. ANY business takes YEARS to develop. That's business 101. You think you can open any business and turn a profit in 4 months? VERY, VERY unlikely. Yet, for some unknown reason, people think they can open a brokerage account and double it instantly. Oh well, I guess the market needs people like this to keep that 'dumb' money in the game. We lose one today, but two more will join tomorrow.
how is forex a fad? exchanging currencies has been around longer than stocks, futures, options i'd guess a few thousand years longer.
You are 100% correct about Livermore being a manipulator. They called them "Pools" back then. The quote I posted was actually Livermore commenting on the fact that even though some men knew they were in on a "manipulation" scheme they ended up losing money for greed and then blamed very the "manipulators" they were in with. In that context the quote doesn't pertain to the OP so I edited it.