just fyi, I'm in need of funds to trade and am considering selling my trading secrets to anyone who is interested.
watch this webinar on self-confidence for traders, made by Dr. Andrew Menaker, a trading psychologist. http://bit.ly/dw9ALA
I think we've all either been there or were damn close. If your a trader, you'll find a way. A lot of good stuff in this thread, take what you want. I was given a "Commodities Traders Prayer" many years ago, it's still on my desk. (use any Higher Power yo choose) Keep me humble in my prosperity and strong in my adversity And then there's always this http://www.youtube.com/watch?v=FS2belEBXyM&feature=related
Your strategy doesn't work because of the change of cycles and the fact that you're now behind the form. It's just like when people play the horses and the favorites are coming in 50% of the time and suddenly something changes and they only come in 10% of the time and the 6:1 horses are coming in 50% of the time. The publicmisses the cycle change in the horses and the cycle change in the markets. Cycle changes are great if you can catch them, but the general public is always behind the form being part of the general public, you're chasing a cycle that's passed you by. No malice is meant by calling you a member of the general public, but you are. Hell, I've been in the business for 32 years and I'm still in that category and I own 3 exchange memberships Just don't let the scared money change you.
What On November 22nd you said the following... Just keep working and save your money. If you have a low paying job...get another job that doesn't conflict with your other job. Heck, I funded my trading account back in the 80's via working three jobs (1 fulltime and 2 part-time) for two years. Surely you can find some low level part-time job (cleaning, fast food, grocery store et cetera) for many months or a few years to refund your trading account. Mark
to the guy who started this thread, take the above and print it out, Period, listen to it, read it, do it. Not much more needs to be said, the guy who wrote this has seen both sides of the coin, as have I, except he can write better then myself. Rednecktrader= the MArk Twain of Elitetrader ,, Happy thanksgiving to all. Ef
The first thing you need to do is understand WHY you suffered these losses. Is it strictly about loss of discipline? Or is your methodology no longer effective? These are two different problems requiring two different solutions. If you keep a detailed trade-by-trade journal (as all traders must), the solution to the problem is in your journal.