Now that is funny! And, is a succinct, and brilliant summation, of the majority of internet postings regarding the financial markets.
Day 33 +9.2% Played the pre-market and run-up to the oil report terribly.. but analysis was correct (whew) which helped me end the day in green. Trying to screw my head on right and play safer.
Day fin. - 4x% so let down dont even want to calculate or update the title of my youtube videos. wifi-trouble all morning, and completely wrong chart analysis. I hate to admit but everyone that's been criticizing me was right... im going to take a break and also do some virtual trading to get my game back. currently i'm horrible at cutting losses and i trade way too big.. Well, it was fun while it lasted. Until we meet again! Adios.
What you need to do is study, research, test ideas, and keep refining your trading method. You think that it's just your psychology that is the issue, but there is obviously something wrong with your system when it is making huge losses. I can tell the reason why a mile away. Try to figure why you are making losses. Also you need a real charting software and not some half ass looking internet browser chart. You're kind of doing something like starting a business racing cars but bringing a bicycle to the race. This is a trading business, and you need the right tools to even stand a chance. I understand you want to keep cost down as much as possible. But you can't expect to win a gun fight by coming in with just a knife. Batman isn't a real person, in the real world he would've gotten killed eventually. It's all a matter or probability and risk. P.S. Look into Think or Swim and use their charts. You have to open an account and deposit $50 to use their charts in live mode. Then it's free. And for free, their charting software is pretty good. Anyways. Good Luck.
Challenges and being thwarted with setbacks is an opportunity for growth. Debriefing your trades can increase what you didn't see in retrospect. That's the 1st step. The next is to form a picture of the ideal trade when presented with the same signals. The more one practices this in their mind's eye, the better the forward programming. The process is similar in training of high-performance athletes. The choices one makes now define one's character. It's who we are in the face of adversity and no-agreement that is a measure of our true values. Pick yourself up, dust yourself off and get to work with purposeful learning!
I don't think it was his system (trade method). Instead, it was the environment (conditions) he put himself in via the loans, leaving trades open (without a stop) to do other things like go to work, misuse of leverage, position size mismanagement and so on. I don't care how good a trade method it is nor will it matter if backtest showed positive expectancy. The trader is doomed if the other pieces of the puzzle aren't there, ignored or not in place to support the trader/trade method. Hopefully, he'll understand its more than the issues about his psychology in the market...its about the environment he voluntarily put himself into and his twisted understanding of money (behavior finance). Simply, underestimating the impact it will have on his trading results. There's just too many traders think that if they tweak the trade method then everything will be ok...they'll make money most trading days. That's not reality. In reality they only needed to fix those beliefs/opinions/attitudes in their head and/or fix the environment they're trading within...the differences between a losing trader versus a profitable trader using the exact same trade method. This is why trading is so difficult. There's more things involved in its success than just trade methods. Unfortunately this is a commonality (how we approach trading...I'm not talking about the trade method) among us retail traders.
I respect your courage to admit your own shortcoming. Let's hope you get your game back so we can all celebrate your success. Best to you.
I mentioned at the start of your thread...Stop trying to get all you-tubish. Focus on the trading...The online-streaming thing is going to distract you. STOP TRYING TO SHOW YOUR WINS AND FAILURES with some streaming thing. Just do it on your own time, and post a synopsis at end of day. You are obviously not ready to multitask your live trading with your desire to show what you be doing. It doesn't have to be live! Just chill! My journal is about 2 months outdated. I have traded very little and had a vaca break. But do I sweat it? No! I am just going with the flow, reducing stress, just chillin'. Just smoke a bowl man. Perhaps you should get some dudeness. Or duder, or El Duderino if you're not into the whole brevity thing.
Fabulous post! Wise and helpful. Maybe one day only algorithms and Xela will beat trading and the computers will complain about her on a daily basis. I greatly enjoy Xela posts.
If I am good, I can quit my job and trade full-time as I've always wanted; or if I suck or am performing just okay, then I'm going to forget about trading for a living and focus on my career to get promotions, raises, etc. I just can't get my head out of trading and watching charts and it's been affecting my career and my personal lifestyle. Everyone who knows me knows I'm addicted to trading so this would be my wake-up call. ------------------------------------------------------------------------------------------------- That is what he wrote early on. Against seasoned advice he carried on. Sadly to say but expectedly it has ended badly. A lesson to other hopefuls with heads full of daydreams.