Asking for advice

[innovest_11]

I became full time trader 1 year ago, quite profitable , but hit a string of big losses about a month ago, now just beginning to recover a bit, but my account still far from pre loss level, cause now still quite shock from the losses so tend to take profit too fast and play small positions

I'm still in recovery stage and gaining small profit but still able to generate profit for monthly expense, but growth of account is slower than previous before losses

I have begin to search for job, cause to prevent monthly expense drawdown and also turned skittish, but funny thing is I only search for job half hearted cause still able to generate profit for monthly expense

What will u do if u are in my shoe

 

[Wide Tailz]

Make a decision, are you going to be a trader or a minion?

Make up your mind, then do it.

 

[innovest_11]

After deducting the losses and expenses last year, still profitable for last year

But quite doubtful about this year

Main losses comes from being too stubborn with long position in aapl though i'm a day trader

 

[Specterx]

Quote from innovest_11:

After deducting the losses and expenses last year, still profitable for last year

But quite doubtful about this year

Main losses comes from being too stubborn with long position in aapl though i'm a day trader

It sounds like you're undercapitalized (trading with scared money, barely making your monthly nut with little or nothing left over to grow account) and either undisciplined or lacking a coherent trading plan.

First, you need to look at how much money you have, how much you need every month/year to live, what kind of drawdowns you can sustain etc. and make an honest decision as to whether you can reasonably make it as a trader. The consistency and high returns of day trading do help, but if you're making $5000 per month and you spend $5000 then you're not making any progress, and you need to cut spending, trade larger size, or borrow money, go prop, etc. to generate a surplus and build your account.

Obviously you can't both be a "day trader" and have taken big losses from holding an AAPL long. If you're a day trader and this is where your profits come from then you shouldn't be holding long-term positions at all, and should immediately close the ones you have. If longer-term holds are part of your strategy then you need to evaluate why you lost discipline in this particular instance, and make changes so it never happens again.

 

[burt_schroder]

Quote from innovest_11:

I became full time trader 1 year ago, quite profitable , but hit a string of big losses about a month ago, now just beginning to recover a bit, but my account still far from pre loss level, cause now still quite shock from the losses so tend to take profit too fast and play small positions

I'm still in recovery stage and gaining small profit but still able to generate profit for monthly expense, but growth of account is slower than previous before losses

I have begin to search for job, cause to prevent monthly expense drawdown and also turned skittish, but funny thing is I only search for job half hearted cause still able to generate profit for monthly expense

What will u do if u are in my shoe

There are drawbacks to working alone from home ie. when you hit a bad patch - nobody to go through your losses with you and maybe shed some light on the situation.

The ideal solution would be to jump back on the sim and try to regain some confidence - but then who's earning the $$$?

Helps if your wife has a well paid job.

Apologise for not being much help.

 

[jack hershey]

Quote from innovest_11:

I became full time trader 1 year ago, quite profitable , but hit a string of big losses about a month ago, now just beginning to recover a bit, but my account still far from pre loss level, cause now still quite shock from the losses so tend to take profit too fast and play small positions

I'm still in recovery stage and gaining small profit but still able to generate profit for monthly expense, but growth of account is slower than previous before losses

I have begin to search for job, cause to prevent monthly expense drawdown and also turned skittish, but funny thing is I only search for job half hearted cause still able to generate profit for monthly expense

What will u do if u are in my shoe

Quit trading completely.

Get a job such as the prior job you had.

 

[oldtime]

oh for crying out loud, we are all in your shoes. Only I get skittish after a string of profits. We all take profits too soon and sometimes too late. We have all let a trade run against us too far and too long.

we are all worried all the time

that is just the constant state of affairs

if you are not worried you are trading too small

if you are really worried you are trading too big

it's just one constant aggravation after the other

you're only as good as your last trade

what worked in the past may not work in the future

if it goes bad, you are not going to get laid off, so don't count on any unemployment benefits

they say, nobody ever went broke taking a profit, but I've come pretty close by taking too many too soon