A true American idiot. He put $500k burden on your family because he's a gambler. Great Reward related to great risk Most wealthy persons in Civilisation history ,Thengiz-Khan as example was very risky ...
I'm not sure I understand the magnitude of the situation either, and so it's hard to know what to say. NY, have you BLOWN UP or have you blown up? I 've done both, so believe me I know how you're feeling either way, and trust me when I tell you that having to go out and get a "real" job, is far FAR from the worst thing that could happen to you. As a matter of fact, I miss my "real" job. Trading is lonely, selfish business (well let's face it, it is), and when you're out in the "real" world, making a contribution no matter how small, there's a certain energy and satisfaction that comes with that. (One thing. I couldn't believe that the moderator of this board took what could be a real BLOW UP in your life as an opportunity to try and sell you his book. LOL!! What an a$$hole! Now watch. I'll never post here again. I'll be kicked off the board.) Anyway....NY HOOD!! LISTEN!! BEEN THERE DONE THAT. NOT the end of the world. Life has this completely irritating and utterly wonderful way of going on. The worst part is what you're going through right now this weekend. THe ruminating. The "what ifs" and "if onlys". For get it! Move on. The very instant you take action to remedy the situation, no matter how scary or humiliating that might feel (i.e. getting a job), is the instant your sense of purpose and dignity will return. And, if you're totally insane like most us are, you'll be back for more punishment in no time at all. But once again, BLOW UP or blow up?
NY only lost a few hundred according to his tone. I would tell him that blowing up is more like losing 30-100% of your money in one day, not a few hundo. He will eventually have a real blow-up and will likely not post about it on here.
BLOW UPS. God. Almost too painful to even remember, nevermind post about. Maybe someday someone like myself will post about a real BLOW UP and what that feels like. Even so and either way, NY is brave to have started this thread at all. Good thread for more reasons than one.
NY, when you get back in the game, try this: Plan to take one trade a day on your best setup. If the first trade is stopped (and always have a stop in place), you are allowed to take one more. Regardless whether the next trade is a winner or a loser, your quit for the day. If your first trade is a winner, close down platform and go play golf. If your setup does not happen, don't force a trade. Do this for a few months and then calculate the statistics - Are you ahead, breakeven, or still losing money? If you're making some money after commissions, etc., then your setup is valid. If you're still losing, you need to develop another setup. The worst thing a daytrader can do is overtrade - all you do is chase the market. I've done it myself. I use the technique stated above using an automated/discretionary setup. Without fail, if I deviate from the plan and take more trades, I lose. Try it for a while, even on a demo account, and see what happens. You might be surprised at the outcome. Best of luck to you. Z
Yes, a fine and humbling thread. Jesse Livermore is mentioned a couple of times. Considered one of the greatest traders of all time. Most here probably know his story. I think of it often as I think about trading. Made and lost several fortunes. Supposedly, he made 100million during the Crash of '29 and for a time was considered one of the richest men in the country. A few years later he was broke, although he set up a trust that left his family well off. From what I understand - he gave a lot back when he tried to call the bottom too early during the early '30s. He committed suicide - in 1940, I think. His story is somewhat haunting. How could he blow all that money? Why didn't he quit at some point? He was bankrupt, but his family was still rich by those days standards (I've read that the trust had at least a million and one account said it was several millions) So he really wasn't broke. But he had failed and could no longer trade. He was getting old and tired - his family was a wreck - his wife and son were alcoholics. It just seems to me that, perhaps, he may have been better off without trading.