I guess I should clarify. I didn't set the wages and the jobs were for minimum wage laborers. Most of the ones that worked several jobs were immigrants and sent the money home. I always found it interesting that they came here and worked their butts off in menial jobs while their famillies were livin large back home.
Desperation
- Thread starter HappyGoLucky
- Start date
I actually got a call today for a computer position interview. I have over 8 years of experience doing computer work. I would probably need to get another 2 certifications to get some better work.
But like you, I am thinking it might be better to do a real job again than trading. I like working from home for the trading, but its like you make some money, and then you give back some money. I am thinking of studying for these tests at night and/or taking some more classes. I am sure there are some successful traders here, but sometimes it feels like gambling to me even when I do "win". I do feel that I make more money trading than I would ever at black jack, but I wonder if this is more like gambling, and some people who are so called successful traders are just better gamblers.
But like you, I am thinking it might be better to do a real job again than trading. I like working from home for the trading, but its like you make some money, and then you give back some money. I am thinking of studying for these tests at night and/or taking some more classes. I am sure there are some successful traders here, but sometimes it feels like gambling to me even when I do "win". I do feel that I make more money trading than I would ever at black jack, but I wonder if this is more like gambling, and some people who are so called successful traders are just better gamblers.
Have you ever noticed how many Little Emperors there are among us who immediately pop up out of the woodwork the moment someone renders himself vulnerable with refreshing honesty and asks for guidance? Rather than address the specific issues raised by the poster, these omnipotents proceed to pass judgment on the lives of people about whom they have read a scant few paragraphs. At the drop of a hat, they will advise you of the limitations that will haunt you for the remainder of your natural life. Oh, what splendid lives these big-picture visionaries must lead from their lofty perches! On the other hand, perhaps they assert themselves here in a manner than they cannot, or dare not, attempt in real life. I think I'll go with door number 2.
P.S. The rest of us can only hope that they trade as adroitly as they dispense advice.
P.S. The rest of us can only hope that they trade as adroitly as they dispense advice.
Hi Happy,
You are much more experienced in trading than me but here are my thoughts anyway:
1) Get a job even if it means crawling back to your old boss. Do it for your family. Don't create a "scared" money situation.
2) "Elevate yourself" - I heard this from a TV interview of a Chinese trader (more of an investor). I think his name is "Million" Wang. He said if people seek investment opportunity but they don't "improve" themselves thru that experience, ultimately they will fall behind even though they made the money.
3) As I suggested on Ripley's thread, read Spike500's posts... they are free. You don't have to abaondon this trend technique or that countertrend method, everything will fall into their own place when you go with the assessment of the market. You don't need the so-call trading psychology as much either... I think they are more important when we are on the wrong side...losing.
Regards,
William
You are much more experienced in trading than me but here are my thoughts anyway:
1) Get a job even if it means crawling back to your old boss. Do it for your family. Don't create a "scared" money situation.
2) "Elevate yourself" - I heard this from a TV interview of a Chinese trader (more of an investor). I think his name is "Million" Wang. He said if people seek investment opportunity but they don't "improve" themselves thru that experience, ultimately they will fall behind even though they made the money.
3) As I suggested on Ripley's thread, read Spike500's posts... they are free. You don't have to abaondon this trend technique or that countertrend method, everything will fall into their own place when you go with the assessment of the market. You don't need the so-call trading psychology as much either... I think they are more important when we are on the wrong side...losing.
Regards,
William
To HappyGoLucky,
Your story is very similar to my own. I traded unsuccessfully for several years as a hobby, re-funding accounts regularly. I went 6 or 7 years without ever making money, just dumping most of my disposable income (and most of my retirement savings) into the black hole of my account.
I loved trading and knew I had the mind for it, but kept making the same errors, most of the ones you outlined. Eventually I faced up to all the issues that were holding me back, got serious and treated trading as a business, and eventually made it.
Let me see if I can offer some advice/comments that you can take something away from.
You don't have to be a 'gambler' to have a gambling-type addiction with your trading. Deep down I knew this was one of the issues dogging me, but didn't want to admit it. I too never gambled, bought lottery tickets, had any gambling inclinations. Yet my behavior with my trading was clearly along the same lines, it's just that trading and investing are socially acceptable and we don't associate the same traits we do to typical gambling. I would recommend you read up on the 12 step recovery process used by AA and see if you recognize something there in your own behavior.
Taking responsibility for absolutely everything that you do and that happens to you is critical. You can never blame other people or factors for what happens to you. You seem to have a good handle on this, but you just have to ingrain that thought process into your belief system.
Forget futures. It is much much more difficult to make consistent money in that game. I'm not saying it can't be done, but when you are starting out or struggling, it's not the place to be. Focus on equities only, there are more inefficiencies there to exploit. This is a common trait I see on ET among losing/complaining traders, they are usually trading futures or currencies.
Regarding risk, yes you have to take risks to make any money, that goes without saying. The best most consistent traders I know hate to lose money and play a tight game. Yes, there are good, long term profitable traders who swing big $'s up and down and have the +- $10k days regularly, but you have to realize that they have gotten there over a long period of time and that it's all relative. They still hate to lose and never get lazy about controlling risk. I would say that the number one thing that knocks people out of the game when they are new is that they take on way too much risk for where they are on the curve. You have to focus on executing the plan only, forget trying to make money. IF you can execute your plan consistently and become and automon about it, the money will come. Trade small, small, small and move up slowly. This is why it's so important to have money to live off of while you're going through the early stages.
Consider the prop firm route. When the time came to go full time, I too quite my job and moved my wife and kids to a different city where we wanted to settle near our extended family. They stayed behind and I drove 2500 miles and lived in a dumpy apartment for almost 3 months while I traded in the prop firm's head office. I went into hyper-learning mode, sponged all I could from other traders, stayed at the office until 10 pm every day reviewing trades, working on ideas. I lost money over that time, but it's while I groped for something that really clicked with me while learning and getting exposure to so many different ideas. I came back home and my trading turned the corner and I've not had a losing month since (4 1/2 years). My years of constantly losing finally paid off because I'd made every mistake imaginable and experienced every loser's range of feelings. When I got really serious about it, I progressed pretty quickly because I recognized what not to do.
You seem to have the right mindset to trade. You're humble and willing to do whatever it takes and that is hugely important. It sounds like you are caught in a tough situation financially. A crappy job won't get you anywhere and you don't have enough savings to live off of while you start over. If you decide to go for it, you need a bit of a mental makeover and have to face up to whatever issues are making you blow out with the same error each time. When you do make it though, it'll all pay off in spades.
Good luck
Your story is very similar to my own. I traded unsuccessfully for several years as a hobby, re-funding accounts regularly. I went 6 or 7 years without ever making money, just dumping most of my disposable income (and most of my retirement savings) into the black hole of my account.
I loved trading and knew I had the mind for it, but kept making the same errors, most of the ones you outlined. Eventually I faced up to all the issues that were holding me back, got serious and treated trading as a business, and eventually made it.
Let me see if I can offer some advice/comments that you can take something away from.
You don't have to be a 'gambler' to have a gambling-type addiction with your trading. Deep down I knew this was one of the issues dogging me, but didn't want to admit it. I too never gambled, bought lottery tickets, had any gambling inclinations. Yet my behavior with my trading was clearly along the same lines, it's just that trading and investing are socially acceptable and we don't associate the same traits we do to typical gambling. I would recommend you read up on the 12 step recovery process used by AA and see if you recognize something there in your own behavior.
Taking responsibility for absolutely everything that you do and that happens to you is critical. You can never blame other people or factors for what happens to you. You seem to have a good handle on this, but you just have to ingrain that thought process into your belief system.
Forget futures. It is much much more difficult to make consistent money in that game. I'm not saying it can't be done, but when you are starting out or struggling, it's not the place to be. Focus on equities only, there are more inefficiencies there to exploit. This is a common trait I see on ET among losing/complaining traders, they are usually trading futures or currencies.
Regarding risk, yes you have to take risks to make any money, that goes without saying. The best most consistent traders I know hate to lose money and play a tight game. Yes, there are good, long term profitable traders who swing big $'s up and down and have the +- $10k days regularly, but you have to realize that they have gotten there over a long period of time and that it's all relative. They still hate to lose and never get lazy about controlling risk. I would say that the number one thing that knocks people out of the game when they are new is that they take on way too much risk for where they are on the curve. You have to focus on executing the plan only, forget trying to make money. IF you can execute your plan consistently and become and automon about it, the money will come. Trade small, small, small and move up slowly. This is why it's so important to have money to live off of while you're going through the early stages.
Consider the prop firm route. When the time came to go full time, I too quite my job and moved my wife and kids to a different city where we wanted to settle near our extended family. They stayed behind and I drove 2500 miles and lived in a dumpy apartment for almost 3 months while I traded in the prop firm's head office. I went into hyper-learning mode, sponged all I could from other traders, stayed at the office until 10 pm every day reviewing trades, working on ideas. I lost money over that time, but it's while I groped for something that really clicked with me while learning and getting exposure to so many different ideas. I came back home and my trading turned the corner and I've not had a losing month since (4 1/2 years). My years of constantly losing finally paid off because I'd made every mistake imaginable and experienced every loser's range of feelings. When I got really serious about it, I progressed pretty quickly because I recognized what not to do.
You seem to have the right mindset to trade. You're humble and willing to do whatever it takes and that is hugely important. It sounds like you are caught in a tough situation financially. A crappy job won't get you anywhere and you don't have enough savings to live off of while you start over. If you decide to go for it, you need a bit of a mental makeover and have to face up to whatever issues are making you blow out with the same error each time. When you do make it though, it'll all pay off in spades.
Good luck
Do you have the tenacity and discipline?
If you need it check this out.
www.hotspankings.com
Just felt this thread could use a laugh.
If you need it check this out.
www.hotspankings.com
Just felt this thread could use a laugh.