This job of trading (if you can call it a job) will destroy your sanity and drive you nuts, it will make you depressed some times, and euphoric at other times, yes, you will become bipolar You will lose your life savings and your marriage (if you have a wife/husband), you will trade alone, die alone, die poor, very poor, very very poor. You will lose interest in other things in your life, such as growing flowers and playing baseball. The reason I mention those two things is that I never growed flowers or played baseball, so I am immune to the harmful effects. You will be addicted to gambling. You will lose sleep. You will have nightmares. You will have cold sweats, fevers, chills. You will be ruined. To save yourself, STOP trading today. Once you stop, you will be a heathy person. You will start growing flowers and playing baseball (I still don't understand why people play baseball. It baffles me )
This game will change the person that you are. Nice people will turn nasty. You made need the N pill http://www.youtube.com/watch?v=mArLytmADVM
Having a healthy state of mind is the key in this and perhaps any other business. To achieve that, we need to keep our risk at minimal and always be defensive. This approach will make us very relaxed, and feel that trading is just like other routine boring stuff. Of course, we cannot be rich overnight by this approach, but we will be awarded with a steady monthly (if not weekly) income.
In the attachment 9 trades were taken and over 100 bucks were lost. It was the first day this person traded. Can you imagine how he would have felt if he took the first entry and just left on the last close with a profit of 7 points. He's buring through 2000 bucks for the summer at a clip of over 100 dollars in losses a day. The first entry price was touched 7 times going across the chart. Think about the last time it did and then price dropped to the last close shown (to make the seven points another way). What is it like to not know what you are doing or not know what the market is doing? Read joab's struggle thread that starts with an MTV song. Listen to Gabe's plaintive song too. Well then, marketsurfer says something about a word. Mental health is very important. And everything a person does affects the mind. I have never seen any single thing that is so destructive as people screwing off mentally while they actually think they are learning to trade. Isn't it the least a person can do to learn how the mind works? Look at the chart attached. The original poster of the chart did all those annotations his first live day with real money and lost 5% of his capital going across the chart. Look at the middle where he was freaked out by the first few trades. A person says wait to go in until you are sure you have a 5:1 ratio. Gabe asks: how do I know when????? See the chart showing the first entry point being hit 7 times as you go across the chart. See how on the lower right the last close is 7 points below the price that was hit 7 times?? All this means one thing to gabe and the 17YO kid: They do not know how their minds work!!!! Does anyone else know in those two threads I reference? I don't think so. anyone here??? hmmmm.... WHY DOESN'T ANYONE WHO TAKES UP TRADING NOT FIND OUT HOW HIS MIND WORKS????
WHY DOESN'T ANYONE WHO TAKES UP TRADING NOT FIND OUT HOW HIS MIND WORKS???? ---------------- Isn't it cliche to say "I know what he's thinking"? and very well you might be right. I don't believe many consider how their own mind works. What makes you tick? Self discovery on how your own mind works is by being beat down with a side order of money by no one else besides yourself AND realizing it.
While they torture themselves psychologically and gradually turn into a mental wreck, they think it's "discipline." On the physical side, if you find it very difficult to cut off your fingers, it must be a wrong thing to do. You should simply stop cutting your fingers. On the psychological side, if you find it very difficult to cut loss and lose money, it must be a wrong thing to do. You should simply stop gambling/losing money in the stock market. You must quit trading before your mental health deteriorates further. You must be brave enough to say: I Quit! (just as I did some weeks ago). For the sake of your mental health, for the sake of protecting your teeth, quit!