Hey JangoFolly Thank you for your advice I was trading good and i think i got over confident ) with my trading. I had 1 heavy loss 1K+ which really messed my brain up other wise every day i was making $80 some time $100 and even $225 net a day and my losses were - 30 - 50 but i have to say i made a very big mistake 1 big mistake and i could not take the pain no more i QUIT i need to take some time off and probably work on a project try to make some $$$ Like they say ( unfortunately displince does not come to a trader unless he blows his trading account ) ; - < Live and let learn
I believe that many lessons and insights can be gained from trading quotes by market wizards. Read through them time and again so that they become mantras. They have a way to make you form a subconcious confidence and acceptance that trading is about probability and acceptance of losses is a must. Trading quotes help me in all aspects of my trading tremendously. Bookmark this blog, if you will, for easy reference when you are down or when you just want to have a refreshing quote. http://www.tradingquotes.blogspot.com/ I have also update periodically some quotes on the thread Good Trading Quotable Quotes Below are some quotes that I have taken out which is particularly relevant to psychology of taking losses. 95% of the trading errors you are likely to make â causing the money to just evaporate before your eyes â will stem from your attitudes about being wrong, losing money, missing out, and leaving money on the table. What I call the four primary trading fears. Mark Douglas, Trading In The Zone I have found that the greatest traders are the ones who are most afraid of the markets. Don't get too complacent once you have made profits. The toughest thing in the world is holding on to profits. You have to learn how to lose; it is more important than learning how to win. Mark Weinstein Don't assume that successful traders never have down periods. Invariably, one or two times a year I can count on totally losing my discipline and enduring the inevitable losses. Usually the cause of this discipline failure is becoming too opinionated on the market's direction. Instead of reacting to market action, I trade by anticipating what should happen. Gary Smith, Live The Dream By Profitably Day Trading Stock Futures To whatever degree you haven't accepted the risk, is the same degree to which you will avoid the risk. Trying to avoid something that is unavoidable will have disastrous effects on your ability to trade successfully. Mark Douglas You learn to distinguish the good traders from the bad, the successful techniques from the unsuccessful, and the good habits from the faulty. You also learn to distinguish the lover from the fighter, the winners from the losers, the serious from the frivolous, the cerebral from the superficial, and the friend from the foe. But above all, you learn that the psychological makeup of the trader is the single most critical element of success. Leo Melamed The fundamental law of investing is the uncertainty of the future. Peter Bernstein It helps not to be preoccupied with your losses. If youâre worried, channel that energy into research. William Eckhardt and my favourite on "taking losses"-- Wanting to make money in the markets without accepting there will be losses is like waiting to breathe but only wishing to exhale. Ed Seykota Enjoy!
If all of the above is true, then I should be well on my way, taking a beating, but still surviving, approaching that mark where if you survive this long, you are getting the hang of it and really dedicated. Kinda funny how now that I have survived, time is running out and I need to start making money, or at the very least, stop loosing it. So i'm screwed either way, but, no matter what happens, even if I have to get another job, I will be back if I'm forced to leave, I love trading too much to leave it. Even if I did have to get a job, i'd try my hand at swing trading at the very least, unless I could get a night job. But, if a few good things happen for me within the next few months, maybe actually have a few nice profitable days to make up for many days of losses.... who knows, things could turn around. I think my life trading life should be made into a movie, *deep movie preview voice*....the poor broke kid who lost his father, trying to trade... not for the money, but because he loves it *dramatic cut...* but TIME IS RUNNING OUT.... Money is dwindling.... everything is being put on the line, it's time for James to find himself, will he do it??? Find out by 2007 *This movie is rated R* Haha, I love being optimistic!
HEy J mowery I am in the same situtation man I dont have money for back up but i love trading Hopefully i will get a job and try to make some $$ 3 to 6 month depending on my confidence but i have realised 1 thing A Great Trader always blow up his trading accounts once :- ) Hopefull we are aware of the next account . And could it be us - ? Time will tell
Yeah, I blew out one account, 2k. It was costly, then lost about 1k back when trading stocks *i was stupidly playing pennies* and then blew a 300 dollar mini forex account, but Forex seemed impossible, plus I never had any good charts, but, I have been paying the price to learn the hard way. I feel it is the best way to learn. Hopefully we will both be successful one day. But yes, I love trading so much, first thing I have ever really known I want to do with my life (besides my love of music), and that is where I am at right now. But might have to go get a job at wal-mart or lowes or something if things don't change for the better, I am also determined to work for myself, but.... got to do what we got to do to survive. But one thing is for sure, trading makes you look deep at your self, I understand so many more things about myself, and studying the psychology of traders and stuff, really amazing how mentally challenging it can be, did not believe it at first, but now I understand completely. Trading seems like the greatest job in the world, and seems it could be the most rewarding job in the world if you get the hang of it. Although it might not be expensive as an education at a university (for me anyways *wouldn't be able to afford it regardless*) it is still expensive! Just got to keep trying, slowly gaining more and more experience. I can't even think how I thought about trading 6 months ago even, just seems to come a lot more naturally, but the emotions are what I need to be able to control. Things are getting interesting though. Loosing less and less, I believe I have developed the ability to be patient with trading (sometimes too patient now), and I do follow my stop rules (would be better if I had a platform to set mechanical stops though), but these emotions...... the fear of loosing money, just have not had any advantage for trading, not much money, not much freedom, plus I'm 19, and time is running out to sit at home all day and trade only to lose money.... the odds are all against me, at least that is the way it has always felt. So much drama, Maybe TNT *they know drama* should call me for that movie deal.
Jmowery I do realise it is the best job But i was not ready for the back up ) if u r not profiatable 1 &2 month ) I was doing good only. 1 day i lost like $2K u know the fri exp day when down fell - 200 and nadsq fell 50 and u can see my bad luck not 1 loosing day and the loosing day i had was like - 2K and that day only i was playing 1000 lot + i lost my part time job ( sat sun )+ my part time business was also so slow no revenue were coming form there. i have to say i learned a lot and next time i start trading i know exactly how to take care of things. But there is a saying when bad luck come it come from all 5 corners
Lucky for me (Ironic?) that I don't believe in luck.... because if I did, I'd have the worst luck ever!
JMowery1987 and ksonsinc You should consider playing online poker to increase your bankroll and to improve your trading. I use to play on partypoker and it taught me a better understanding of probabilities, money management, patience, emotional control, anticipating others behavior, and handling large swings in my bankroll without tilting. Poker and trading have many simulates since the are both zero sum games minus the rake. I have run 100 dollars into 1000 dollars many times, and most of my trading money came from partypoker while I was playing it in college. I was going to start trading with 2,000 dollars but instead have gotten to start with about 10,000 dollars because of poker. This has allowed me to make big mistakes on my initial trades and survive to live another day in the trading world without being scared money. In poker if you play correctly you are guaranteed to make money since there is an actual statistical edge in playing a certain way. Also, if you can't beat low limit games on partypoker it is a good sign that trading is not a good profession for you. There are many good poker books as well so you don't have to learn by yourself. Good Luck
Funny thing, I already do this I use Bodog.net to play my poker though, I do well. Although I play the really small games, I believe playing poker really helped me develop my patience. I never have played all in games because there is always some newbie in there going all in and I'm just not that brave to call all-ins yet. But yes it is good advice, it does help you practice patience, and sticking to my rules, which I have done. Only problem is I have to actually make money, so it is easy for me to take losses, because I've pretty much been taking them for my whole trading career, now it's time to change things around.
JM1987, A piece of advice I gave Kson, which I think ultimately led to his failures in trading the first time through, was that you need to give yourself sufficient time to see if trading might work for you. Honestly, if you dont have 1 solid year to dedicate to learning the trading game, dont even try. Kson gave himself 2 months to get profitable and that pressure is not conducive at all to building your trading foundation. The pressure to make $$$ so soon after you just started leads to many destructive trading habits which, if you do them enough trying to reach unrealstic goals, will only be harder and harder to break as you get more experienced. Spend some time thinking about this. If you can (financially and mentally), dedicate 1 year of your life to becoming a good trader. You mention how much you love it, I dont see why you wouldnt have the desire and commitment to see it through. I feel like too many new traders want to and think they can make $$ right away without putting in the required time and hard work to get there. I dont think this is true for you based on your posts. You seem very mature for 19. Wouldnt it be great to know that, by age 21 or so, that you can make 200k+ a year trading? I bet I know what your answer will be