Giving up is hard to do......

[EricP]

Quote from bobcathy1:

That is a great contribution DB. I have decided to stop looking for a guru. Somewhere inside I have the answers if I only trust my own judgement. Like right now, I took a trade based on a rising double bottom on a 15 min chart and it worked fine.

I like patterns because they help me set natural stops and targets.

I would also add that you should try to minimize your costs every step of the way... Primarily, I am referring to commission costs, and the bid/ask spread.

The best way to learn to make money is first to be able to consistently break even. Once you have done this, you can refine your methods to improve results, without seeing your capital constantly bleed away. For active traders, often their transaction costs (commissions/spread) are among the biggest reasons for their losses.

I would suggest you find a firm with very low costs, and then try to only give up the spread on one side of the trade. I almost always 'win the spread' on my trade entries, giving me a little cushion for my position initially. Of course, some trades get away from me and I never get my entry filled. But who cares, I can miss some trades and it's not an issue. The important thing is to ensure that your actual trades taken give you every edge possible for success.

-Eric

 

[Crusoe]

Quote from bobcathy1:

I think some people just don't get it no matter how hard they try. And I have tried so many things and read 100 books on the subject, dozens of tapes and millions of postings.

This appears to be your problem, rather than exploring for yourself you're reading what other people say.

I read that all the great traders eventually lose all their money. I would rather stink in that case!

More hearsay and what 'people have written' -- Utter bollocks

My view is, you're reading too much junk. The solution is to get off these forums and burn the books - To new beginings !!!

Do what 99.9% arent doing. Think out of the box no matter how whacky you think it is, question everything, dig deep and come up with your own ideas and explanations.

 

[Cheese]

Quote from bobcathy1: ..and I need to focus on larger trends.

Correct.

Get that going first. When you are doing that with confidence and comfort ..

.. then become a genius at scooping up the crumbs as well.

 

[mazotrade]

Cathy: Not sure if you are abandoning trading altogether, or just day trading. Day trading is gruelling and gut wrenching, albeit appealing to a certain personality type. I have never been able to profit consistently from day trading, although I enjoy the rush (until I lose). I make money swing trading, although I find it somewhat boring.

 

[misctrader]

Quote from bobcathy1:

I had decided to give up day trading a month ago.

Along comes another guru who helps me a little than disappears. Today I am in the same place. Quitting day trading.

I think some people just don't get it no matter how hard they try. And I have tried so many things and read 100 books on the subject, dozens of tapes and millions of postings.

I read that all the great traders eventually lose all their money. I would rather stink in that case!



I have to go back to work or I have to sell my boat. So now is a good time to chuck in the towel. It was a fun 4 years.....:eek:

bobcathy1,

that's probably a wise choice! No regrets! I've given up daytrading as well. It was one crazy ride! Though I'm still doing it lightly...

just focus on your next goal. the market will always be there...

misc

 

[bobcathy1]

I want to thank everyone for their supportive responses to this thread. You all are amazing.

 

[Cutten]

Quote from Crusoe:

This appears to be your problem, rather than exploring for yourself you're reading what other people say.



More hearsay and what 'people have written' -- Utter bollocks

My view is, you're reading too much junk. The solution is to get off these forums and burn the books - To new beginings !!!

Do what 99.9% arent doing. Think out of the box no matter how whacky you think it is, question everything, dig deep and come up with your own ideas and explanations.

Good post, I fully agree.

 

[maxpi]

Quote from Crusoe:

This appears to be your problem, rather than exploring for yourself you're reading what other people say.



More hearsay and what 'people have written' -- Utter bollocks

My view is, you're reading too much junk. The solution is to get off these forums and burn the books - To new beginings !!!

Do what 99.9% arent doing. Think out of the box no matter how whacky you think it is, question everything, dig deep and come up with your own ideas and explanations.

Agree 100%. Once you get in the habit of doing your own thinking including your own research you will be surprised as to what you can learn and how far ahead of "the experts" you can get in so many areas of life.

 

[ms_9901]

Hey, he knows whats up. Listen to him. First you minimize. Then you consistently break even. Then you make so much f$&^ing money its ridiculous. But always make sure your trades have the edge. Why didn't I think of that. Gonzo. You are a wizard dude. Just always make money. Damn.

 

[ms_9901]

That was funny.