What a difference a week makes

According to your logic, I won't even be able to stop now if I wanted to.

I don't think I'm addicted. I lost 50K trading in 2000 and 2001, and I stopped cold. Didn't start trading again until last year.

I think everyone here needs to calm down. You act like I'm the first person ever to blow out his account. Like I said, -30K and I'm done. Now why don't you give me some useful advice like what indicators can show me a reversal?

 

You say the above yet in another quote

" Around 10:15 I saw WM plunging nonstop, and so I shorted it around 16.40 thinking it would keep dropping. Sure enough, I was within a few cents of the bottom, and it reversed hard. I would have liked to have covered around 16.50, but it was so fast that I ended up covering around 16.70."

Make up your mind either you trade reversal or momentum.

 

That trade was a mistake that I made. I recognize that, and won't make that mistake again.

 

I can show you a reversal after its happened!! What you want is every trader's dream.

 

with all respect to the moderator, this journal smells like a fake. The guy is losing thousands of dollars a day and acting like he just lost Park Place in a monopoly game. he acts completely ignorant of basic common sense and seems hell-bent on destroying his bank account. coincidentally, it's all very amusing. Come on, this isn't serious.

 

interdigital,

Some quotes from good traders. Hope they help you :

"My ability to win a high percentage of the time is because I have a real fear of markets. I have found that the greatest traders are the ones who are most afraid of the markets. My fear of the markets has forced me to hone my timing with great precision. When I am trading properly, it is like a pool player running racks. If my gut feel of market conditions is not right, I don’t trade. My timing is a combination of experience and my nervous system. If my nervous system tells me to get out of the position, it is because the market action triggers something in my knowledge and experience that I have seen before." - MARK WEINSTEIN

"I don’t lose much on my trades, because I wait for the exact right moment. Most people will not wait for the environment to tip itself off. They will walk into the forest when it is dark, while I wait until it gets light. Although the cheetah is the fastest animal in the world and can catch any animal on the plains, it will wait until it is absolutely sure that it can catch its prey. It will wait for the baby antelope, and not just any baby antelope, but preferably one that is also sick or lame. Only then, when there is no chance it can lose its prey, does it attack. That, to me, is the epitome of professional trading." - MARK WEINSTEIN

And as Anek said many times on the AHG thread, No one is forcing you to trade. The market will be there tomorrow.

Take a look at the AHG thread. Notice how even the BEST students took 4 months or so to "get it" and get consistent. And Anek consistently talks about 4 years to reach his level, no less.

I am a beginner and one lesson that I have learned by burning my fingers is this: You need to know your weaknesses and overcome them. Discipline and the resultant consistency of profitability are not to be found unless this step is crossed.

I'm sure that you are passionate about trading. No need to blow up your account when you can paper trade for years if needed and stay in the game eh?

 

To the non-believers, eat this screenshot.

Well, last week I about reached my limit. Didn't place any trades on Friday. I am now convinced that daytrading is not for me. Took a while, but I guess I'm too stubborn. I may start selling covered calls against my stock holdings to recoup some of the losses. I might also try swing trading the stock that I hold, which I did successfully last year. That company's stock has gone down 4 out of their last 5 earnings announcements, and they announce in the next couple weeks, so I have a decision to make.

 

Interdigital, I have been where you are. I lost $2 million real dollars before learning my lesson. I heard years ago that you should triple your money 3 times paper trading then open a small account which allows you to trade only 1 lot. Triple this account then paper trade again, tripling your account 3 times.

Open an account which allows you to trade 3 lots.

Follow this and you have a chance. It teaches you discipline, your emotions and allows you to learn market balance without the heat.

After I followed this, i began making consistent money...not millions either but enough to support myself.

Good Luck.

Maui

 

Ouch .. 2 million real dollars ....