Darn trading...

[algofy]

i stopped reading at "donny trump"

 

[digitalnomad]

Regardless of the general consensus, I believe that it generally pays to be somewhat a "jack of all trades". Really hard to starve if you're willing and that full of knowledge. If you threw me out on the street naked and broke, I have no doubt that I'd produce income within a matter of days.

 

[algofy]

Regardless of the general consensus, I believe that it generally pays to be somewhat a "jack of all trades". Really hard to starve if you're willing and that full of knowledge. If you threw me out on the street naked and broke, I have no doubt that I'd produce income within a matter of days.

Agree.

 

[southall]

He got deeper problems than not having a trading edge. Traded for 20+ years and have no savings???

Savings dont last long if you have a family to feed and mortgage to pay but have zero income.
Actually trading is worse, you dont only risk zero income like most people when they are having job problems, in trading you can get negative income.
I have had years where i lost 50K trading and also paid another 50K in living expenses.
Do that for several years in a row and your life savings will get wiped out.
A single bloke can downsize living standards easily to reduce expenses, but when you got a family it is a lot harder.

 

[tradethetrade]

Savings dont last long if you have a family to feed and mortgage to pay but have zero income.
Actually trading is worse, you dont only risk zero income like most people when they are having job problems, in trading you can get negative income.
I have had years where i lost 50K trading and also paid another 50K in living expenses.
Do that for several years in a row and your life savings will get wiped out.
A single bloke can downsize living standards easily to reduce expenses, but when you got a family it is a lot harder.

You are definitely right. I generalized.

 

[ironchef]

A trading burnout, similar to many here, tells his story --


But the one thing that was never communicated to me, and I don’t believe I’ve ever seen written about or rarely talked about, is what happens to the Trader (like me) who’s been at this business for most of his professional life, and then finds himself out of money and needing to find some income — any income — to support his family?

I’ll tell you what happens: You discover that you have a resume that makes a dry desert bed appear fertile. You discover that you have little or no transferrable skills that “check the right boxes” for recruiters and machines that scan your online job application. You find that you’ve spent little time “building your network” because you’ve been solely focused on building your trading account because that was what was supposed to take care of you — until it doesn’t anymore. And then you find yourself seemingly alone, without options, without savings, and desperate. That’s where I find myself today.

Feeling inadequate. Feeling lost. Scared. Anxious. Depressed. In debt. Unhealthy. Unloved. Afraid of losing my family...

Sorry to hear about your situation.

If you have not already done so, perhaps you should read Alexander Elder's book: The New Trading for a Living. He talked about how some trade to ruin and how to deal with that.

Or join Losers Anonymous and seek some help there.

Good luck to you and hope you can bounce back.

 

[algofy]

Sorry to hear about your situation.

If you have not already done so, perhaps you should read Alexander Elder's book: The New Trading for a Living. He talked about how some trade to ruin and how to deal with that.

Or join Losers Anonymous and seek some help there.

Good luck to you and hope you can bounce back.

Losers anon???

 

[ironchef]

Losers anon???

It was in Elder's book. I have no idea if such an organization existed or not. He said his trading started to turn around after he attended an Alcohol Anon meeting and got this idea from AA.

 

[Millionaire]

Losers anon???

This is from his book, 'Come into my trading room':

"Years ago, when I began my recovery from losing, each morning I held what I called a Losers Anonymous meeting for one. I’d come into the office, turn on my quote screen, and while it was warming up I’d say, “Good morning, my name is Alex, and I am a loser. I have it in me to do serious damage to my account. I’ve done it before. My only goal for today is to go home without a loss.” When the screen was up, I’d begin trading, following the plan written down the night before while the markets were closed. I can immediately hear an objection—what do you mean, go home without a loss? It is impossible to make money every day. What happens if you buy something, and it goes straight down—in other words, you’ve bought the top tick of the day? What if you sell something short and it immediately rallies? We must draw a clear line between a loss and a businessman’s risk. A businessman’s risk is a small dip in equity. A loss goes through that limit. As a trader, I am in the business of trading and must take normal business risks, but I cannot afford losses"

 

[algofy]

This is from his book, 'Come into my trading room':

"Years ago, when I began my recovery from losing, each morning I held what I called a Losers Anonymous meeting for one. I’d come into the office, turn on my quote screen, and while it was warming up I’d say, “Good morning, my name is Alex, and I am a loser. I have it in me to do serious damage to my account. I’ve done it before. My only goal for today is to go home without a loss.” When the screen was up, I’d begin trading, following the plan written down the night before while the markets were closed. I can immediately hear an objection—what do you mean, go home without a loss? It is impossible to make money every day. What happens if you buy something, and it goes straight down—in other words, you’ve bought the top tick of the day? What if you sell something short and it immediately rallies? We must draw a clear line between a loss and a businessman’s risk. A businessman’s risk is a small dip in equity. A loss goes through that limit. As a trader, I am in the business of trading and must take normal business risks, but I cannot afford losses"

I like that, thanks.