I have an idea of building a machine that will learn from the stage of a novice trader to the stage of a master. This machine will simulate human brain process (see my thread where I talk about the mapping process of human brain) and write a journal describing his thinking and one could see his progress step by step. But I don't know when I will do that.
A Daytrader's Story
- Thread starter nkhoi
- Start date
boo hoo. who hasn't lost a lot of money at some point while learning how to trade? i've been through a similarly miserable situation and i'm sure many others have, too. every attempt to make money trading is an effort to take someone else's. if a better man takes yours instead, how can you complain? yeah, it really sucks when you're the loser, but you either quit or keep at it.
As at a poker table. There's only a finite amount of money at the table, and not everyone can win all the time and never lose.
Gordon, have you tried the poker games yet?
you should try commodity futures ---> trend following
you can easily build a system for that , and with only $5000, you get the leverage.
I would also suggest learning equity options and use credit spreads to go long or short, that will reinforce your stop loss.
don't day trade!!! position trade, learn the real cash is made on move that last more than one day(trend).
Stick to your game plan
100% confident you'll be successful if you follow what i just mentioned.
good luck
you can easily build a system for that , and with only $5000, you get the leverage.
I would also suggest learning equity options and use credit spreads to go long or short, that will reinforce your stop loss.
don't day trade!!! position trade, learn the real cash is made on move that last more than one day(trend).
Stick to your game plan
100% confident you'll be successful if you follow what i just mentioned.
good luck
That's a horrible story, even if it's fake.
I don't know what you people's problem is. I know this board isn't to provide moral support but it certainly isn't to call people idiots (not to single anyone out, but daniel_m, what's your problem anyways?)
I'm sure most of you don't even trade.
nkhoi, bad risk management my friend, you should've had a cut off point but again it seems like you were resplenishing your account and that's a no no. You start with a set amount of capital (and not an undercapitalized amount) say $30,000 (that you can afford to lose), you find a strategy, you apply money management rules, you set a cut off at say 20,000 (which is still 33%!) and you stay disciplined. Your strategy better have a slight positive expectancy or you will bleed slowly.
Good luck if you don't give up, and I don't believe in giving up but that's just me. (Maybe you should, it seems you cannot afford more losses with kids and all).
I don't know what you people's problem is. I know this board isn't to provide moral support but it certainly isn't to call people idiots (not to single anyone out, but daniel_m, what's your problem anyways?)
I'm sure most of you don't even trade.
nkhoi, bad risk management my friend, you should've had a cut off point but again it seems like you were resplenishing your account and that's a no no. You start with a set amount of capital (and not an undercapitalized amount) say $30,000 (that you can afford to lose), you find a strategy, you apply money management rules, you set a cut off at say 20,000 (which is still 33%!) and you stay disciplined. Your strategy better have a slight positive expectancy or you will bleed slowly.
Good luck if you don't give up, and I don't believe in giving up but that's just me. (Maybe you should, it seems you cannot afford more losses with kids and all).
Thanks. I'm not feeling so bad now about the $200 I "lost" on friday. Maybe you should show Trading Guy the threads by lundy, so he will feel less bad about his $160,000.
just to be clear, nkhoi posted someone else's story.
PeBBLe
That's just the way he is. Like Oscar The Grouch on Sesame Street. We wouldn't want him any other way. And we respect his right to live in a trashcan if that's what makes him happy.
well, my nose is blocked, i've been putting on a bit of weight and my favorite pen has just run out of ink. thanks for asking.
look, it's a sad story, everyone can see that. and i had a pretty good idea there'd be hoards of sympathetic ears coming along to offer their condolences. i thought i'd go the other way.
dropping $160k when the guy admits he had no idea what he was doing is idiocy beyond words (in my world -- feel free to disagree). it's obvious he was hung up on making his losses back, and that that's an easy trap to fall into, but i still call it idiotic.
and furthermore, i'll also tell you that i kinda get irritated when some schlep under illusions of grandeur (or in desperate need of income to supplant his ailing business) thinks he can just waltz into the market knowing nothing and make a go of it and then pour on the sob stories when it all goes south.