Quote from bmwhendrix:
99%. Sorry for your current state. It sounds like you have more to offer here than just negativity on trading. How about you tell us more about why you were not successful, What was your system, methodology, approach, etc. Was it a money management problem. Were you undercapitalized? Did you overtrade?. Did you have realistic expectations? Clarifying those areas may be more beneficial to novice traders than just general negativity. Just my 2c.
Trading is not for everyone, neither is being a pro golfer, but golf is not a bad game.
Best to you.
Don
I like golf. suck ass at that to!
My message has more to do with being under capitalized. I truly believe you need a lot of money. 50 to 100 grand of expendable capital. That is if you have anything to lose (house, family, nice life, ect.). Maybe I am just to risk averse. That could be as well. Think about having your margined position going against you why being locked out of your computer, broker, or the market as a whole. The possibilities for catastrophic loss are there. Your losses can be just as great as any gains you can dream of.
The general make up of my strategies were trend following using Volume charts, MA's and multiple time frames to gain a bias. Using an oscillator to gain an extreme, take signals of extremes at BB or price action break towards trend. Of couse the BB entry most advantageous. Before my brain just gave out was looking at using confluence zones based on price action needles on longer term charts to give possible reaction zones of 1 pointish to integrate into the above.
Money management was tough because as stated above I am under capitalized. The 2% rule on a small account puts you smack dab into noise. That's why I was trying to use the BB gave early entry's and tight stops that hardly were moved against.
I would have been happy to make as much as I could at wal-mart or the library. Figured $6000-10000 a year would cover what I could gain by working at one of them. Also in the mix is trying to work at home so I can be accessible for children. It all comes down having a nice life and not much money.
If there are others thinking about this, before you get started.
What are you willing to lose. You've heard from a guy who moves around every six months the footloose fancy Italian (by the way love visiting your country, been there twice in my life, feels like a second home
), and someone willing to borrow $25,000 he had no idea if he could pay it back. If things had gone slightly different what would happen, bankrupt, working the next decade to pay it off. I'm sure he would say something like I new I had a strategy, I had a plan, yada yada yada. Trading makes money from Probabilities and inconsistencies in the market. The only certainty in the market is that when you pull the trigger and release a couple thousand dollars that may not come back you will be anything but certain.
I actually haven't really lost money. Unlike some blow ups, I have all my capital intact. I spent some money along the way on trading related things that make me a net loser, but when I welcomed my money home it wasn't to much worse for wear.
These postings are to give people like me a chance. Not really to criticize anyone else. You have your lives and are welcome to them. I am happy that people can attain there dreams. I think if my circumstances were different I would pursue this to the end, but there are probably a lot of people thinking this is possible that similar to me. It's not impossible but it is terribly improbable. Question how much of your life you are willing to lose not just money
.
