closing my trading account today

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Quote from Gordon Gekko:


i have to leave now..but i will be back later tonight and try to respond to more questions to me.....

you made a very good point about learning nothing. i guess i wasn't clear enough. i would say i have definitely learned A LOT the last few years. not just about trading, but about myself, and life in general. there is no doubt my struggles will build character.

when i said i have nothing to show for it, i meant i don't really have anything that shows the effort i put into this. i don't own a house. i won't have my freedom anymore (when i get a job). if in a few years my friends are buying houses and i'm not, the effort i put in will not be seen by others. when i'm working at some job soon, nobody will know what i've been through, they won't know what i know. they'll just think i'm some average guy. they'll have no idea what i've been doing the last few years. in that respect, i have nothing to show for what i have been doing. i just hope i do someday....
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Do you know what this sounds like? It sounds like Henry Hill at the end of GoodFellas only concerned that the good times are over and nobody going forward in his new life will know what a big shot he used to be and he will be subjected to standing in line waiting for things like everybody else.
Further word of advice (see earlier reply), get over it! To bad your chance to be a big shot is over for now. If your trading for the sole point to showoff to other people then I can assure you that you will never be successful at this ever. The best traders shut their mouths kick the shit out the market consistently and you would never know it, they are humble pie about it. I know a friend who is just like you....he worked in the securities industry for years, market maker, prop trader, unemployed etc etc. Always tried to make a go at trading....while I was doing consistently well year over year I would look at him complaining ...the market maker screwed me! I cant believe this stock goes down as soon as I buy it! I'm afraid to trade they know I'm coming its a conspiracy! The list goes on and on. In a nutshell he has failed at 6 trading jobs over and over as a prop trader, market maker, and on his own. He is a stubborn, ignorant, person hwo refuses to look to other who are consistently successful and willing to help them out.
I remember during 1999 when I had my account at over 900K gross (before the tax man cometh that year) he would say to me you seem to know how to trade but I'm sure you had a lot of lucky breaks. Mind you it took me 6 years of starting out at that time building a small account up to that size..I was consistent year over year for 6 years and now add another 4 more years on to that...meanwhile my friend couldn't even catch the easiest wave during late 99 because he was a horrible trader with a bad attitude. What the irony is that he is opening his mouth to me and he is the one without the results telling me maybe you know a little something (well thanks friend). The point is I never say to him directly your a putz (when it comes to trading of course) and your going to keep committing the same errors because your strategy is flawed. Why? because he is my friend and I don't want to hurt his feelings..so I offer my advice and help tactfully and to this day he has never once taken me up on it...he would rather bitch and moan and continue to lose money...currently he is unemployed. However, he is my friend and you are not so I tell you without ramifications, forget the respect you wont get it...if you make it big you will be called lucky by those who have not, if you fail then yes others around you may say great this just shows me it cant be done so I don't have to put the effort in now he proved its pointless.

You need like I said in my earlier post to get a job, revaluate, and then go forward. Your young and its time for you to suck it up.
 
Quote from harrytrader:

This is simple: you can be a genious if you have no capital for trading there is no way you can do it. It's like for any business.
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:confused:

I tell you, I have NO idea what the FUCK you are talking about.

nitro
 
Quote from Gordon Gekko:

about 2 weeks ago, my account at IB dwindled down to like $1975. to place a trade, you need $2000. so i wrote a check for $50 to get back above $2000 and considered my next trade a hail mary trade. well, i did the trade today and lost like $200.

i really just don't have the money to continue. 0% of me wants to quit, but i just can't afford to send more money into my account, so i am for the time being, done. yes, i know a couple months ago i started a similar thread, but i found a way to get some more money, so i could keep at it a little longer. but now, i just don't know what the hell i can do.

i can already see the responses now from dbphoenix, nkhoi, elcubano, etc. i'm looking for sympathy, blah blah blah. i'm gonna state right now, i don't care what negative responses i get in this thread. i really just don't give a fuck.

that said, my (financial) life has made a new all time low today. i totally feel obliterated. i have put countless hours into trying to trade since 1999, i'm 25, and i have absolute NOTHING to show for it and i'm pissed. i'm gonna have to get a job and i'm probably going to get paid like minimum wage. who the hell is going to hire me when i haven't had a job in like 3 years? what am i going to say at interviews? "so what have you been doing the last 3 years?" "trying to trade, but i lost all my money." on top of that, i am going to be MISERABLE at some job. you people can have any opinion you want of me, but i am not someone who should get paid minimum wage, i don't care what anyone says. i'm gonna be miserable!!!!!!!!!!!!!!!!!!

finally, i almost feel like the last few months i was really starting to understand the market. i may even have a profitable trading strategy but my account is just way too tiny to trade it. that's another thing that pisses me off. if i had an ok size account, i could maybe make at least what i'll make at some minimum wage job.

once again, i am NOT asking for help and i am NOT looking for sympathy. i'm just posting my current situation and it sucks.
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Give me your $2000 and I will turn in into $4k by the end June next year. I will return $3600 to you guaranteed.

nitro
 
Nice post Lundy.

I like Harry 123's approach. When I read GG's posts I don't get a clear sense of External vs. Internal Locus of control. Are my outcomes due to problems with me or problems with circumstances? If I conclude that the main problem is circumstancial I have no potential for growth. Acknowledging problems as internal is extremely difficult but the only way change is possible. Of course, when I come to the conclusion that problems are internal, it becomes extremely difficult to accomplish change without some direction. That can be educational or professional in nature but there has to be some reference point. Otherwise, objectivity is impossible.

Also, three years may seem like a long time (more than 12% of your life) but I don't see how you can become a really well skilled trader in that time, unless you are truly gifted and have great teachers. For myself, I don't expect to see myself as competent for at least three years. My goal is to hang in there until that time comes.


Good Luck,
Jorge
 
GG,

Have you considered getting a job related to trading, such as being a stock broker or something? Your trading experience would be a plus, and you'd still be involved with the markets on a day to day basis while you save up some more money for your trading account.
 
You people are truly amazing. Even though the guy can't win to save his life, you keep pushing and prodding him to keep trying, keep trying, keep trying. Why? Because you can't face the fact that you should probably quit yourselves.

Most people will not succeed at trading. Most. Not some. Most. And yet you all create this bizarre support group, encouraging each other to play another one, play another one, play another one. All you have to do is keep trying and you'll win. Eventually you'll win. You all have to believe that. And part of that is refusing to allow anyone to waver.

Pitiful.
 
Quote from Ron In-a-sauna:



so we all got it wrong but only YOU know what best for him?!? you must be a democrat too!
get off your soapbox and GG can make his own adult decisions, good or bad he is the one who has to live with them.
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Right, Ron. Better he follow your advice to take what he has left and learn poker and blackjack.

What an idiot.
 
Quote from dbphoenix:

You people are truly amazing. Even though the guy can't win to save his life, you keep pushing and prodding him to keep trying, keep trying, keep trying. Why? Because you can't face the fact that you should probably quit yourselves.

Most people will not succeed at trading. Most. Not some. Most. And yet you all create this bizarre support group, encouraging each other to play another one, play another one, play another one. All you have to do is keep trying and you'll win. Eventually you'll win. You all have to believe that. And part of that is refusing to allow anyone to waver.

Pitiful.
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Speak for yourself. It's not a pyramid scheme.
 
I know it. You will be back in the game, and at some point you will be able to say it was all worth it.

When i was 21, i turned 5k into 100k trading options. I then lost it all. For the next 5 years i wondered if i would ever have 100k again in my entire life. Then came the 1999 bubble, and i found a way to turn 25k into 300k. I then lost that. I then spent the next 18 months in misery wondering if i would ever get that money back. Well then i learned to day trade and i turned 3k into $2 million with pro leverage.

The point is, no matter how bad things seem now, they will likely get better. And much better. And that there will always be another market. The market will always be there. Its just not your time yet.

This year i've lost several hundred thousand dollars in the market. I'm once again left wondering if i will ever regain what i had. As my confidence is shot after 5 months of losses.

What i have learned from the above is YOU NEVER LET YOURSELF LOSE IT ALL. I now have to cut back my size so i can't lose much more. Which i have done. it may take along time to make back what i've lost this year, but the important thing is that you stay in the game.

The other thing i've learned from the above, is as unlikely as it may seem now, there will be another market/opportunity to make much more than i ever have before.
 
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