That's tuition money... it could be worse. Look at the bright side, it could be $220K. And just think of all that tax loss carry forward while you figure it out.
Down to about $90k, where would you park it if your trading skills were trash?
- Thread starter zghorner
- Start date
I'll have a $3k write off for decades lolThat's tuition money... it could be worse. Look at the bright side, it could be $220K. And just think of all that tax loss carry forward while you figure it out.
Welcome to the club.
Nope. Follow my advice up-thread, you'll exhaust your tax loss carry forward in a couple years. TLCF actually allows you to take profits on winning trades w/o tax consequences.
Poor me is sitting on multiple $100k unrealized gains like a deer in the headlights because i don't want the tax liability of realized gains.
Good problem to have for sure, but still a problem. Haven't found the solution to this. Only one is to die lol, so kiddos get the stepped up basis.
No rush though
The world is your oyster based on your cash. You don't realize it yet, because you have not done the homework I laid out for you..
Here are few things to think about:
Google who is Paul Tudor Jones. In his interview with Jack Schwager he said:
“I first decided I had to learn discipline and money management. It was a cathartic experience for me, in the sense that I went to the edge, questioned my very ability as a trader, and decided that I was not going to quit. I was determined to come back and fight. I decided that I was going to become very disciplined and businesslike about my trading.”
I’d suggest that you do the same, and that you stop seeking answers on public forum, and instead start hanging around with professional traders. (It’s up to you where to find them.)
Secondly, Mark Minervini has posted the following, which I’d suggest you print as a poster on your wall:
How to go from mediocre to Super-performer
- Admit you suck.
- Believe you can be great.
- Find someone great.
- Shut up and listen.
- Commit to a proven process; sacrifice all other processes.
- Don’t try to find time… make time.
- Take consistent action.
- Push beyond your comfort zone.
- Embrace setbacks as valuable teachers.
- Make your dream a priority.
Thirdly, here are few tips by late Dr. Van Tharp (RIP):
Five Steps to Consistent Profits
- Work on yourself and your personal issues so that they don’t get in the way of your trading. This step must be accomplished first; otherwise, it would interfere with each of the other steps.
- Develop a business plan as a working document to guide your trading. It’s designed to be a continual work-in-progress to guide you throughout your trading career. The business plan actually helps you with all five of the steps.
- Develop several strategies that fit your personality and beliefs.
- Thoroughly understand your objectives and develop a position sizing strategy to meet those objectives.
- Monitor yourself constantly and minimize the number of mistakes that you make. When you repeat the same mistake over and over again, then that is self sabotage. However, by monitoring your mistakes and continuing to work on yourself, you can minimize the impact of such mistakes. People who do this, in my opinion, will tend to produce consistent, above average profits.
If people have no idea how the numbers reconcile or how the cycles impact returns they have no business targeting 25% per year, if anyone advising doesn't know how these numbers reconcile or how the cycles impact the returns they have no business providing that advice in the first place.
The simple plan is over a one year period the balance is recovered back to parity, which makes the alpha returns for anyone doing it more interesting, while the private trader is trained to self-manage $100,000s at 25% per year. however that costs minimum $5k/quarter so inevitably, most people prefer to sit on their losses, funny world.
For reference pools work on lowest common denominator, not averaging and not best results, sometimes it can work short term, but medium to longer term it doesn't, and it provides no basis in recovering losses, happy days, being an SME in market recovery, returns numbers and cycles, this is the basis most people start to capitulate where they begin to understand the markets are not quite as simple as they thought, sometimes.
Everyone conveniently forgot this chart from October, recovering third party losses isn't complicated on an exponential curve when know what you are doing and plan over the correct duration, sometimes you can even do it on a logarithmic curve but that needs to happen post haste after the loss
The simple plan is over a one year period the balance is recovered back to parity, which makes the alpha returns for anyone doing it more interesting, while the private trader is trained to self-manage $100,000s at 25% per year. however that costs minimum $5k/quarter so inevitably, most people prefer to sit on their losses, funny world.
For reference pools work on lowest common denominator, not averaging and not best results, sometimes it can work short term, but medium to longer term it doesn't, and it provides no basis in recovering losses, happy days, being an SME in market recovery, returns numbers and cycles, this is the basis most people start to capitulate where they begin to understand the markets are not quite as simple as they thought, sometimes.
Everyone conveniently forgot this chart from October, recovering third party losses isn't complicated on an exponential curve when know what you are doing and plan over the correct duration, sometimes you can even do it on a logarithmic curve but that needs to happen post haste after the loss
Last edited:
If people have no idea how the numbers reconcile or how the cycles impact returns they have no business targeting 25% per year, if anyone advising doesn't know how these numbers reconcile or how the cycles impact the returns they have no business providing that advice in the first place.
The simple plan is over a one year period the balance is recovered back to parity, which makes the alpha returns for anyone doing it more interesting, while the private trader is trained to self-manage $100,000s at 25% per year. however that costs minimum $5k/quarter so inevitably, most people prefer to sit on their losses, funny world.
For reference pools work on lowest common denominator, not averaging and not best results, sometimes it can work short term, but medium to longer term it doesn't, and it provides no basis in recovering losses, happy days, being an SME in market recovery, returns numbers and cycles, this is the basis most people start to capitulate where they begin to understand the markets are not quite as simple as they thought, sometimes.
View attachment 332145
Everyone conveniently forgot this chart from October, recovering losses isn't complicated on an exponential curve when know what you are doing and plan over the correct duration, sometimes you can even do it on a logarithmic curve but that needs to happen post haste after the loss
Notice how after this guy was called out for talking like he was poor, he upped the notionals by 10x in his posts.
He's just making up numbers.