closing my trading account today
- Thread starter Gordon Gekko
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yeah. you got a good point here. I know it's a very romantic ideal to persevere in the face of challenges and danger and best of all to win and conquer it all. But you have to be REALISTIC and have a PLAN.
The way I see it is this. There are 3 ways you can approach this problem:
1) Quit. Find a job. Do something else. The statistics rate for failure in daytrading and trading in general is horrendous. There are lots of other things to do in life. I know when you are young and passionate that's all you can see. Trading. Trading. Trading. Trading is my life! I want to trade!!! I want it now!! You can say that and five more years go by and you don't have anything to show for. Or worst yet become financially ruined. Is it worth it?
2) Quit. Find a job. Then RETURN to trading once you build up your stake. This is the safest path. Since you can have some financial security while you study the market and return it with full force.
3) Go back and study ALL OF YOUR TRADES and figure out what went wrong. Until you figure this out, you'll not make $ in a million years.
Well, I was in a similar situation. Maybe not as drastic but it was pretty bad about a year ago. But things have changed dramatically because I went over all of my trades and studied what went wrong. Read alot. Study market action. Worked out a trading plan. Became DISCIPLINED. Worked on eradicating my weakness. Constantly observing my mistakes, learning from them. Reinforcing my good habits, etc.
If you want to continue to be in trading, then you have to be PRO-ACTIVE about it. You can't just sit here and complain and not CHANGE. If doing the old way is what made you lose $, then you should STOP doing it. And find NEW ways or changes to make $.
I know it sounds simple, but it's HELLA difficult to do, because human nature being what is it; it takes a huge effort to CHANGE. But change is possible.
good luck GG dude!
-99
Again with the proof. You are one stubborn old man db. I knew you wouldn't accept my challenge, or you are stalling while you doctor up some false paperwork. You are a one lot NQ trader db. Not that there is anything wrong with that....!
Let me "detail" the most important characteristic that GG, myself and you share... a burning desire to trade. That is enough. Although I don't see what common characteristics has to do with anything.
You want proof of my success, how about I post my open and closed stock positions for this month so far? I mean a copy of my confirmations and balances. C'mon db. My success is not the issue either, but I am willing to prove that I walk the walk. I'll post mine thru a middle man if you post yours.
You have a point. Two thousand dollars is two thousand dollars.All the ruffled feathers notwithstanding, what's sad about all this is that it may all have been completely unnecessary. Every time we go through this little ritual, ETers (dozens by now) have encouraged him to post his trades, post some charts, provide some information about his strategy, his risk management, something. And yet every time, nothing. With all the help that is available here, he has refused to take advantage of any of it.
Last time, he said he'd open and maintain a journal so that those who were interested in helping could see exactly what he was doing and perhaps help him see where he was going wrong. I believe that lasted three days, and he never posted a single trade.
So now that he's down to $2K, is it time for him to quit?
something is seriously wrong GG if you can't add at the very least $500 or $1000/month to your account from some other income stream like a JOB. you obviously don't even have a job, and your entire world turns on a measly 2K?! something is seriously wrong here. 2K is NOTHING for gawd sakes. get off your lazy butt, get a freaking JOB dude, and get an income stream to build a decent trading account!
db, your problem is so obvious: you are a frustrated trader. everything you say to GG you've been saying to yourself. don't project YOUR insecurities, YOUR inadequacies, YOUR frustrations with trading on GG. perhaps it is YOU who should take a long hard look at yourself and where you are at.
:-/
db, your problem is so obvious: you are a frustrated trader. everything you say to GG you've been saying to yourself. don't project YOUR insecurities, YOUR inadequacies, YOUR frustrations with trading on GG. perhaps it is YOU who should take a long hard look at yourself and where you are at.
:-/
False paperwork? For what purpose? What does my success or failure have to do with GG?
As for burning, the only thing that GG is burning is money.
And if you're as successful as you claim to be, why not volunteer to mentor him. open to close, five days a week, until he "walks the walk" as well as you claim to? You're encouraging him to keep trying, to keep throwing his money at the market. Are you not willing to help him succeed by direct interaction? If not, do you have any reason to believe that he will do anything differently in the future? If not, then why do you dangle the carrot?
Unfortunately, tournament-style poker can teach you some bad habits.. Like this 'all-in' business that happens so often..
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