Please walk away NOW. You don't care to follow the advises here and you are gambling away your money. All you care is the high of being in the trade. Consider yourself lucky to only down that much. This game is not for you because you refuse to learn and take baby steps. Not to flame you, but a fool and his money will soon part. Please close the account and go home. Good luck with your decision or you will lose a lot more.
Come on is this thread for real? Dude, if you're being serious, then you have to stop now. Youre a loser. You have no idea what you're doing. Im sorry to be so negative but I really don't want to see u go down the road to ruins like so many others. Stop and papae trade now. do it for a year then come back.
You said you made 25k last year and your down 23k now, just think of it as you made 2k gain in the last year- just take the 2k gain and stop trading cause it seems like your starting to bet as opposed to trade.
you are systemless and your leverage is too large. you need to get a handle on yourself. are you employed? head in the clouds with the dream of making it rich? here's a guide: 1) aim for maximum account volatility of 5% intraday per day on a small account. (ie $500 drawdown MAX per $10k). that still allows leverage, but will prevent the inevitable double down margin call which wipes out 20%/day. 2) get a copy of ninjatrader and start backtesting your trading ideas. you need an injection of reality if you don't intend to lose it all!!! or 3) get a therapist and talk to him about your compulsive need to lose. Or here's an even BETTER idea: A) Sell all of your stock and positions and send all of that cash to an annuity - anything to protect yourself from touching it. B) Borrow $10-20K against your credit card (one of those 0% offers). Trade with that for one year, with a modest goal of making modest gains off of nonimpulsive trades. Learn how to trade scared (clue: low leverage). You need fear.
Man, I wish this thread were fake. The comments are good. They will be a reminder to me of the poor trades I have made in the past, and how I must strive to eliminate the mistakes that caused them. As far as quitting goes... how about this: if my account drops to -30K, then I will liquidate 30K of stock and then I'm done. Until then, I will try to climb out of this hole. For the most part, I try to trade intraday reversals. How about some advice on what indicators I should look at to see when a reversal is coming (or has just happened)?
Obviously your money management is in need of a great deal of work if you can still lose 2.5k after the losses you have just suffered.STOP trading till you work that side out. Hint: you really should only be risking max 2% a trade. against a certain % a week/month.Anyone who can lose so much so quickly is gambling
You are starting to sound like a windup merchant NO is as stupid/reckless as you are portraying yourself
I have been around quite 10 yrs broking.5 trading doing alright and your P/L swings give me the yips... you are a madman with very little sense and soon to have less cash.
Why wouldn't you just keep on going? If you have plenty of cash available, it'll make even MORE sense to you to keep digging yourself out of the hole you are in. Gambling addiction is not a solvable nut to crack until you recognize the fact that you are in fact an addict.