Confessions of a loser who need to quit

It sounds like you trade the ES or options. Its now time to stop that and join me in trading the Nasdaq transports on bullish breakouts. Small cap depressed trucking firms and dry bulkers.

Quote from Pension_Admin:

I have been trading on and off for 7 years. Over those 7 years, I have slowly learning and unlearning what trading is about.

Confession #1: I read the book by Mark Douglas and I believe in what he mentioned in his book.

Confession: #2: I am close to "getting it" because I now see through all the BS guru's make.

Confession #3: I have a sound money management system, reward-to-risk ratio, and am highly disciplined in my stop and exit, but it never made me a profitable trader.

Confession #4: I have once again come to the point where I found the right system, but I no longer have the confidence in myself and in the system.

Confession #5: I started this system on Tuesday and I have 3 trades open. I keep thinking that they will all be losers.

Confession #6: I wonder how many traders have came to the stage that I am in, and quit because they couldn't be profitable even with a disciplines, good money management and a good trading system.

Confession #7: This is likely my last attempt because if I fail, I would not know what my system is missing.

Thanks!

PA
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Quote from Alexis:

As I just mentionned in a private message to another ET member, things are very simple in trading:

%win x Avg Win > %losers x avg Loss = profit
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The problem I have is coming up with the %. I just assume that the market is like a coin-flip (either go up or down) and use 50% as my probability. I know this is an optimistic percentage, because of all the manipulation going on in the market.

If 50% of my trades are profitable, I would be a happy person.
 
Quote from retaildaytrader:

It sounds like you trade the ES or options. Its now time to stop that and join me in trading the Nasdaq transports on bullish breakouts. Small cap depressed trucking firms and dry bulkers.
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I am actually trading the forex.
 
Quote from trade4succes:

reg. #4: How do you know it's the right system? Is it making you money? No? Then obviously it's not the right system.
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Those are the exact questions I am asking myself when I see all three of my trades in red today.
 
Thats why. Forex is a fool's game. Who on ET is successful at trading FOREX? If 100 guys can't make it in forex, then how can you? Some games of chance are simply fool's games and that is forex.

The most successful traders here wait for good setups and then execute.

Quote from Pension_Admin:

I am actually trading the forex.
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Sir

Btw not picking on you – but….

If you need to quit trading – why haven’t you

Possibly for the same reason you don’t have it figured out…. And I would conjecture quite possibly


Food for thought Sir


Regards

RN
 
% win is unimportant alone. It means nothing without the Avg Profit and avg Loss.

Most winning trading systems average 40 - 45% winning trades. If average profit is large enough, it's perfect.
 
Yeah rarely if ever do you see anyone write that they make good money just in forex as their main instrument.
They always seem to bring up one of their buddies who does.


I just never could get into it myself. I tried it out a couple times just in simulation and would just go right back to futures or equities in a few minutes.

And i just have one thought to throw out there....why aren't option credit spreads more popular?
I usually only buy them a week before expiration and in a couple of months I've only been stopped out once since I'm usually pretty conservative with my strikes but i got greedy that time and tried to pick a direction.

Maybe everyone is buying them and they're so unsexy people don't even mention 'em but they're the most consistent money I've ever made in the market.
 
Trading, especially discretionary trading, requires a touch character. I never heard of any whining person became a successful trader later on. There is no crying shoulders.
Does anyone know any exception?
 
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