I am done with trading.

I would hang in there and don't give up. Wait for the Light at the End of the Tunnel



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Light at the End of the Tunnel



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You should quit immediately.

There is no reason for trading unless you got some sort of edge and impeccable discipline.

Clearly you are missing one of the two, if not both.

There is a reason why most traders lose, they are not easy to achieve.

No Heat
 
Something like this happened to me a few years after I started trading and I wish I could say that I only lost $10,950 :(

I immediately got back in the saddle and got back to profitability but a similar thing happen about a year later but this time it shook me pretty hard. I had to take some time off from trading and rethink my approach. Looking back now I can easily say this was the best thing that could have happened to me. I think every successful trader has an event like this. You'll either recover from it or you won't. If you try you have to go back and pin-point what caused this lapse in judgment and fix the problem.

One basic rule I came away with was, when volatility is high averaging can be a good strategy. When volatility is low (like now) averaging will wipe you out. How many times have we seen the market fly up or down and die or, fly up or down and trend in that direction the rest of the day? Pretty much everyday. Averaging right now will result in a blow out. Single entry (unless you average up) and stops are mandatory unless volatility returns.
 
Sorry to hear about your loss bro. Had you behaved in your best manner and stayed with me in CL Redux this would have never happened because I, along with many others, made a tidy fortune on Friday. Despite your losses, I wish you the best of luck in your next endeavor.

Quote from BPtrader:

I was supposed to be on holiday last Friday, but somehow I logged on the Internet and began to trade. Maybe my brain was not functioning well, I just went crazy after the first trade. Not only did I refuse to take the loss, but also I averaged in with a monstrous 10 lots. When it went against me, I totally lost it and averaged in another 7 lots (that was all my account balance allowed me to trade).

With averaging in, we know what will happen eventually. I guess my fate finally caught up with me. I could have taken a loss of $300 after the first trade, but the 10-lot average-in cost me $4000 within 20 minutes. After the second average-in, my unrealized p/l showed a loss of $9000. When it went over $10000, I couldn't take it anymore and threw in the towel. Total loss: $10,950.

I used to lose a couple of thousand when a disaster hit, but this time it was totally out of control. I didn't seem to be the same person that I was, I became a maniac, or compulsive gambler to be more exact. The kind of gambler that you find in a casino, the kind of gambler who bet everything on one color, the kind of gambler who went all in.

I have finally decided that I am not fit to trade. I shall end my misery once and for all. No more trading.

I finally accept the statistics that 99.9% will fail in trading. I guess those who discourage others from trading are right after all. I am at peace with myself: Trading is not for me and 99.9% of those who tried.
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BP,

I like gambling myself and could probably get into trouble as well. That is one reason to keep account balances low if you don't trust yourself. For me, when I go to a casino I might bring a certain amount like $300 or whatever and never allow myself to use the ATM, a check, or whatever for more gambling money.

Also, you should probably try to stop and walk away from the computer and/or force yourself to wait at least 30 minutes before adding to a bad trade if you ever do so that you don't just do it on a whim.

The other thing to consider is going into investments that are slower moving and don't require quick thinking, such as real estate rental properties. I have some and you never have to make a decision on the spur of the moment that you regret big time later on.

JJacksET4
 
Quote from limitupmike2:

The large majority on this site think they can have you watch a video or listen to an audio tape or read a book... or keep a jouirnal or adjust yuur stops etc.

Guess what ... that's all B.S. you did what you did! you obvioulsy do not have it what it takes.. and no AUTHOR or seller of books or stops or trade log will ever save you from a disaster.

YOU WERE "ON TILT" a poker term.
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Mike, you have so far evaded my request to demonstrate your trading prowess by posting your trades in real time, so allow me to rant a bit. SHUT THE FUCK UP FOR ONCE. YOU HAVE NO IDEA WHAT TRADING IS OTHER THAN TO SPIT OUT USELESS CRAP YOU FIND ON THE INTERNET.

It's probably better that you didn't post your trades because I and others would have trashed you by now.
 
BP - Why do you post threads over and over agin saying you are quitting? Do you enjoy people sympathizing with you and wishing you good luck for nothing.

You have over 500 posts in less than a year of membership. Is bogus posting your past time?

In my book, you are a nut.
 
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