There appears to be some confusion in this thread. Correct me if I'm wrong, but you did not turn 5K in to 1.4M, you turned it into a lot more because you spent trading profits over that time. And you did not lose the whole 1.34M trading in the last 6 years, because you spent a lot of it, right? What were your actual trading gains and losses in these two time periods?
I Quit
- Thread starter GolfTrader
- Start date
If this post is true, then the OP got lucky imo and is confusing brains for the bull market. You don't make that kind of money being a trader then go on a 6 yr losing streak...it doesn't happen (unless there's been head trauma). People don't change and the markets haven't changed all that much (rules, etc). It's just that everything happens a lot faster. If you know how to spot buying/selling its like shooting ducks in a barrel.
You were never a trader. Get out now before you lose everything.
Because I can drive a car doesn't qualify me to race F1!
You were never a trader. Get out now before you lose everything.
Because I can drive a car doesn't qualify me to race F1!
So if I read between the lines correctly...
In the beginning, you had a method that worked really really well given the market conditions at that time.
Then the crash happened and what worked in the beginning stopped working. You continued to use this method against a changing market and began losing.
You kept going on with this method, not deviating from it (or not much) and kept losing more and more money until as of now you're shot.
So, three things.
1. You have proven <I>that with the right method and market</I> you can make money.
2. You have proven that the method you employ no longer works at all, even in the mini bull we're enjoyed over the last few years.
3. You have attached so much self esteem and 'value of self' to trading results that each inevitable loss chipped a little more away from you and now each loss is crippling.
So, what to do?
1. Stop trading first and foremost. You KNOW your method no longer works. And you KNOW your head is all messed up. The market is not more efficient to the point that you (or anybody else) can't trade it. That's a cop out. Szeven here makes a TON of bread. Lots of others on ET make money. It's not the market. It's your method and your head.
2. You MUST find a cognitive behavior therapist. You have essentially (and not to minimize vets AT ALL) PTSD. You have attached importance to trade results which of course is incredibly easy to do when you're perpetually losing. And each loss piled on each loss has wiped out your coping abilities. Each trade is now considered dangerous to your well being and you can't pull the trigger any longer. An excellent CBT can see what you're suffering from. You are Trader Number 4 in this example: http://traderfeed.blogspot.com/2007/10/four-problem-traders-four-trading.html
3. Trading for you is not an addiction. You didn't trade for the action; you traded as a career. Do you exhibit other addictive behaviors in other areas? Drinking? Casino gambling? Drugs? I'd bet not. But because you've been getting your ass kicked for so long, you have labeled it gambling as a way of coping with the painful results you've experienced. It's your way of letting yourself off the hook and to protect your psychology.
Attempting to wait out feeling better about this will not work. You are psychologically injured and time itself will not change a damn thing.
Now, I am in no way saying 'man up dude' because what has occurred with you has seared your psychology and would take a lot of effort on your part to both discover a new method that works for you and that works now AS WELL AS all the head work that's needed to get you back in a good place. You can never accomplish that totally on your own. You can't just 'sack the fu^* up' and get it done. You need help. But it IS out there. But you don't need a 'tell me about your childhood' therapist; you need a CBT that can help you overcome the events and the language you use internally that have led to the seemingly end of your trading career.
If you want to trade badly enough again, you'll figure out a way to do the work. If you don't, then you gave it a good run, made some great dough, put your kids through college, and have nothing to be sorry for.
Best of luck to you.
In the beginning, you had a method that worked really really well given the market conditions at that time.
Then the crash happened and what worked in the beginning stopped working. You continued to use this method against a changing market and began losing.
You kept going on with this method, not deviating from it (or not much) and kept losing more and more money until as of now you're shot.
So, three things.
1. You have proven <I>that with the right method and market</I> you can make money.
2. You have proven that the method you employ no longer works at all, even in the mini bull we're enjoyed over the last few years.
3. You have attached so much self esteem and 'value of self' to trading results that each inevitable loss chipped a little more away from you and now each loss is crippling.
So, what to do?
1. Stop trading first and foremost. You KNOW your method no longer works. And you KNOW your head is all messed up. The market is not more efficient to the point that you (or anybody else) can't trade it. That's a cop out. Szeven here makes a TON of bread. Lots of others on ET make money. It's not the market. It's your method and your head.
2. You MUST find a cognitive behavior therapist. You have essentially (and not to minimize vets AT ALL) PTSD. You have attached importance to trade results which of course is incredibly easy to do when you're perpetually losing. And each loss piled on each loss has wiped out your coping abilities. Each trade is now considered dangerous to your well being and you can't pull the trigger any longer. An excellent CBT can see what you're suffering from. You are Trader Number 4 in this example: http://traderfeed.blogspot.com/2007/10/four-problem-traders-four-trading.html
3. Trading for you is not an addiction. You didn't trade for the action; you traded as a career. Do you exhibit other addictive behaviors in other areas? Drinking? Casino gambling? Drugs? I'd bet not. But because you've been getting your ass kicked for so long, you have labeled it gambling as a way of coping with the painful results you've experienced. It's your way of letting yourself off the hook and to protect your psychology.
Attempting to wait out feeling better about this will not work. You are psychologically injured and time itself will not change a damn thing.
Now, I am in no way saying 'man up dude' because what has occurred with you has seared your psychology and would take a lot of effort on your part to both discover a new method that works for you and that works now AS WELL AS all the head work that's needed to get you back in a good place. You can never accomplish that totally on your own. You can't just 'sack the fu^* up' and get it done. You need help. But it IS out there. But you don't need a 'tell me about your childhood' therapist; you need a CBT that can help you overcome the events and the language you use internally that have led to the seemingly end of your trading career.
If you want to trade badly enough again, you'll figure out a way to do the work. If you don't, then you gave it a good run, made some great dough, put your kids through college, and have nothing to be sorry for.
Best of luck to you.
Your decision to quit is understandable. Just be glad that you forced yourself out of trading instead of being forced out by losing everything. Trading can be an addiction just like gambling. I find more times than not that most traders that give up is because they are locked into daytrading which is extremely difficult to succeed in. Human traders are forced to game it out with robots day in and day out so I just don't see how one can stay alive in this arena. Position trading and sizing up the bigger trend is much easier from a money and risk management standpoint imo. I tend to see daytraders have the highest degree of failure due to forced impulse trading. There's an old saying in Vegas that also applies to the markets as well: "The more they play, they more they pay...
As a daytrader, I disagree. I take on less risk, and minimize it as tightly as possible. Also, the fact that I'm competing against robots makes it easier, not harder. Only a computer program will work an order identically two times in a row. When a panic robot comes to sell a large order into a thin stock, and I spot that, I'm getting paid.
Why don't you take a few days or a week off and go somewhere with either your wife or whatever. change the scenery away from home and your regular environment. Don't trade, don't watch news just chill.
..................................
This is the best advice for you I have seen on this thread.
As a matter of fact if I were you I would take at least a month off if not more. During that month do the following:
1) Enjoy the time with your wife and family. Take a trip, try something new, if you don't ski, go to Vail for a week and sign up for ski lessons. Go on a cruise through the Panama Canal, it's fabulous. Go golfing!
2) During your escape, do not read anything business or stock related, Nothing! Especially do not watch CNBC! Pick up a good novel, read a couple issues of National Geographic.
3) Start an excercise program, treadmill, weights etc.
Come back after your extended vacation and Kick some Ass!!!
You have been very successfull AND you can do it again! You have way too much knowledge and experience to just let it go to waste!
I have gone through ruts as well during my trading career. I do best when I turn off the TV, don't talk about the market with anyone, just study and trade the charts in silence.
Good luck Man, bring back the WINNER in you!
C'mon back in a couple months to say Hi!
..................................
This is the best advice for you I have seen on this thread.
As a matter of fact if I were you I would take at least a month off if not more. During that month do the following:
1) Enjoy the time with your wife and family. Take a trip, try something new, if you don't ski, go to Vail for a week and sign up for ski lessons. Go on a cruise through the Panama Canal, it's fabulous. Go golfing!
2) During your escape, do not read anything business or stock related, Nothing! Especially do not watch CNBC! Pick up a good novel, read a couple issues of National Geographic.
3) Start an excercise program, treadmill, weights etc.
Come back after your extended vacation and Kick some Ass!!!
You have been very successfull AND you can do it again! You have way too much knowledge and experience to just let it go to waste!
I have gone through ruts as well during my trading career. I do best when I turn off the TV, don't talk about the market with anyone, just study and trade the charts in silence.
Good luck Man, bring back the WINNER in you!
C'mon back in a couple months to say Hi!