I Quit

[timbo]

damnit, that's no reason to quit.

 

[dtan1e]

sh*t, 60k isn't worth a lot in today's dollars

 

[coolpurplefan]

What I'd like to know is what strategy he used. I mean, anyone should be able to make a comment on the validity of his methodology.

 

[Retired]

I think you just need to read a few good books on investing and trading.

Books on Warren Buffett would be a good start. He is hard to beat.

 

[Shagi]

Golftrader - This is the most idiotic post by your goodself.

Its like meeting a stranger on the street who screams "help me i i used to sink all my basketball shots and outplay Michael Jordan for 15years in a row and now I cant even bounce a ball."

 

[ElCubano]

Quote from GolfTrader:

I have been a lurker here for several years and only made one reply, but I have a confession. I quit. Perhaps some of you will recognize yourself. I traded part time for a number of years and then day traded stocks full time for about ten years. I started with about 5K 20 years ago and built it up to over 1.4 million until about about six years ago. I made money every year until about six years ago. I have put two kids through expensive colleges (one Ivy) and paid all living expenses out of my profits over the years.
I started losing $$ about six years ago and continued to pay the bills out of my savings (profits from previous years). I wake up every morning now and dread trading and am afraid to pull the trigger many times. I believe it is an addiction and am quitting while I still have at least 60K left. I will either go back to my older profession or open my own business since I am now in my mid 50s and afraid I will not be hired.
Obviously I should have quit when I had my 1.4 million but I was and am addicted to trading.
I am writing this probably as therapy and maybe a few of you will recognize yourselves to be in a similar position.
I hope to never see another stock and will just dollar cost average into mutual funds from here on .
Good luck to all.

seems to me like you have done fantastic....really...good luck....

tell our kids its time for them to poney up some mula...

 

[discrat]

Quote from open:

as you already know, this place is filled with guys like you

well I am one too, I failed so many times I actually thought about doing myself in you know with a gun

the only reason I didn't is because I know it would create just shit for my family, if it wasn't for them I would be bloated worm food.

jbut what happened is that I kept trying, I told myself you know what "fuck it I tried my best". I decided to let go of my dream to make lot of money and remove the time imposition I imposed on myself so I just took it slowly one day at the time

I decided to focus on day trading a single futures instrument and I told myself I will keep trying until I am an old man and bloated worm food

well the funny thing is as soon as I relaxed it just came to me, like something in me just clicked

I am now proud successful day trader of YM futures

it can be done, YOU CAN DO IT TOO
just relax and slowly keep trying

paper trade for years if need be

Yep, I agree with this fellow. If you have a dream to make this work and you are decently intelligent and analytical then just stick with it. It may take years but if you have a family who will stand behind you and other income to support your Living then I say go for it.

If need be go back and forth between Live and Sim. if you need to !! It will pay off.

Slow and easy is the key. It will build long lasting confidence !!

 

[le140]

I think you should move on. This game was never for you or Timmy or 3 other traders that are my friend. All made it in the dot com days with small starting capital and lost everything after that.

Of the 3 guys I knew, it was typical load up the boat on momentum stocks and never cut losses type of strategies. They never listen to my advice because their now big accounts = knowledge so they thought.

One had to see a shrink just so he could sleep and to get out of his depression. None of them are traders now and would not even discuss the market.

Good Luck on your next career.

 

[midlifeguy]

Could be the Algorithms versus Algorithms that are taking place daily in the market. We are now competing against computers all the time. What happens when all the computerized traders want out at once? I see a 2000 point down day sometime in the next 3 years. You heard it here first.

Quote from GolfTrader:

Thanks to all of the replies. The well meaning and the occasional "dig" replies all had an element of truth. Believe me , my post was real. Especially helpful was Steve0617's reference to the Trader Feed blog by Steenbarger. I actually saw a little of myself myself in each of the trader categories.
I may be more frustrated as opposed to addicted as pointed out by a poster as I don't drink, smoke,gamble (stock market?), never even been to Vegas, etc.
Additionally, as pointed out by a few of the posters I did better in the earlier years as there was less "pressure" to earn an income as I was trading only part time. All of my losses were after I started trading full time.
I have updated my resume this afternoon and will see what happens. I hated practicing law but after the losses I think it may be a fresh start and am actually looking forward to it.

Good luck to all.

 

[Tums]

Quote from midlifeguy:

Could be the Algorithms versus Algorithms that are taking place daily in the market. We are now competing against computers all the time. What happens when all the computerized traders want out at once? I see a 2000 point down day sometime in the next 3 years. You heard it here first.

200pt down?
I doubt that would happen.

The arb computers are just too smart to let that get away.