I'm done trading. I FAILED

P and D,

Very sorry to hear about capital shrinking. I been there more than once and it stings. As someone who aposolutly loves to trade I have had to pick myself up and dust myself off and take a good hard look as to why I failed in the past.

For me at least it seemed that I overtraded as I wanted to be trading or in the mix

Take a look at my journal, http://elitetrader.com/vb/showthread.php?s=&threadid=99082&perpage=6&pagenumber=3

If you still want to trade and you think the way I trade fits your style then let me know and we can set up an instant message and I will let you know in real time what I am trading for a few weeks. Perhaps seeing someone else will spure some new ideas and assist in keeping your losses low and your winners high. As you will see I am consistant in how I trade.

If your all done then I would seriously think about if you really should turn "trades" into "investments". Holding out hoping that a trade will turn your way may not be the best use of your capital IMHO. with the tax advantages of IRAs and Roths you may be best off using that capital to reduce taxes and or get a higher rate of return.

Best of Luck to you

Bob
 
my advice even though i'm a new trader in the wonderful world of currencry trading. cash out, buy a couple packs of condoms and a ticket to thailand...

asian chicks always put a smile on my face :) :)
 
Quote from flyingiguana:

my advice even though i'm a new trader in the wonderful world of currencry trading. cash out, buy a couple packs of condoms and a ticket to thailand...

asian chicks always put a smile on my face :) :)
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Hard to argue with that advice
 
Wow, thanks for the kind remarks and support.

I know I'm not the first to screw up and make a post like this. I've seen and read quite a few. I know a few people personally who failed as well.

Looking back in time, the most successful position trades were when the market REALLY dumps. Picking quality stocks and companies on the cheap with a decent dividend and sit on them and not try and time things.

Trading shit stocks or momentum stocks too has burned me. Not letting winners run and taking profits too soon. Sitting on losing positions too long.ETC... Then Warren Buffet comes in my head and I hear buy and hold. Then you see some shit positions become shittier. Then I think average down but I don't want to commit more capital to the same stock and remain diversified. It comes back and you kick yourself...but NEVER buy into its momentum.

Then I say fuck this and stocks and play the index etf's like qqqq vs. qid. DDM vs. DXD. Maybe try and scalp them. I buy the dip and don't let the rally run to maximize gains. Then I say this market is fucked long term anyway and I don't want to be long anything.

Yes, I thought the market was overpriced to start the year. I shorted the DOW starting in January. Looked like a champ late Febuary. I covered for a sizeable gain. I say short the next pop. Well, that 23 Day straight bull run in the Spring killed me. Rather have it choppy like it is now...


I know financials are fucked in the Spring and feel the need to short banks. I go short BIG time on CFC at one point like $41 and also WM. I actually short WM the day before earnings...The bastards beat. Still hiding their problems before it became public as it is now. I sit on the damn position and watch these fraction, penny moves higher losing like $50 every penny higher and see it at $44. I hold the short position. I get back to even and cover glad to be out...You the the rest of story.


I have CFC pegged too and about 1000 shares short at @$39. The bitch is falling. Cramer fuckbag comes on and says BUY. Motherfucker causes a mid-day spike to $42. I hold position. It comes back down and I get out. Rumors of a god damn MER buyout too! Then you see these M&A takeovers and I say screw shorting anything. Man, I could list a ton more examples...It was disgusting to watch everything up everyday being short.

Then I short again first cross at 14k DOW in July. Oh yeah got this one!, August gets bad(I'm happy). August 17th is the big one and flush out day. Futures are tanking275 overnight. Japan is gonna raise rates too. Motherfucking FED steps in. F'd ME good. I am gonna cover on the big one 87' style, longs get fucked and this creates an ultimate time to pick up bargain stocks. The crash doesn't happen. Now you have to buy a weaker dip....


Then there are some IPO stocks I really like like VMW. I know it will be huge like GOOG. I pussy out and don't go large. Thing doubles but my strategy wouldn't of let it run and would of took profits early anyway.

Man, so many more to mention. I am not looking forward to tax season to see some trades.

I can't lie. I love the markets and finance. I love following financial news. I like watching about 40 tickers trade from 8AM-8PM. Shit I check overnight right now as well and China. Man, do I want a global crash. I want blood and lots of it over there....I want a max global breakdown in the next year. I am doom and gloom in irrational markets like this. Same feelings I had in 00'. PEople were like buy TECH! I said are you fucking crazy at these prices? Then 9-11 happened. No one gave a shit about the markets. Time passed and then I saw the $$$ signs and potential in the market. You say man a lot of people got wiped out, what a great time to BUY! BUY the fear and uncertainty, it will pay off! I don't have much money to play since fresh out of college practically and just started working. Markets are kind of dead. I sit on positions and get frustrated and sell good stocks I had at bargain levels WAY too early. Shit, we were all still scared still.

Now I'm working a sweet gig job, making money on the side in a side home based business supplementing my income, plus swing/position trading. Life ain't too bad. I'm banking money in my Ameritrade account, maxing my ROTH, maxing my company 401k. Sacraficing new car, house, etc for the time being...

I save over six figures cash. I say fuck you job, I quit, I want FREEDOM. I'm gonna trade! Well cut that in half and here I am.

No job, no benefits, still student loan debt (YES, I should pay off!) I think well if I die, I don't have to re-pay...lol. I can beat the 3.25% in the market...LOL. I still drive the same POS car, want to buy a condo (I am waiting for foreclosures, still think too pricey market). But hey, it could be worse...And I have half banked still. But I need to hustle and get money flowing again and get a LIFE back to normal.


Sorry for the rant, probably need to sleep. BTW, American Gangster was good.
 
Sorry but I think what you say is total bullshit. Out of failure comes success? I dont think so. We hopefully learn from failure and try to do it better next time, BUT how has "out of each favor come your best success"??? Another failure....another failure.....another failure? Is that what you mean? I dont think that is a meaningful pursuit of life. Dude, you do what you want to do but I dont think this is the right advice to give to the OP.

Even if it hurts I want to give the OP an honest but maybe brutal answer: Trading is not for everyone!!! If you tried, even more than once, and you failed at this venture then maybe you should really think about GETTING OUT of this business and do something else. You are under 30 and still can do a lot of stuff, but dont become like tons of people in here: Fail again and again and again and they still think they got the ability/emotional strength....obviously they dont. Dont hang on to your failures of life. Move on and do something else. Search for the thing that you really excel in.

Good luck!!!



Quote from drsteph:

I have failed so many times in my life that I have really stopped being upset about it. And I mean failed.

But out of each failure has come my best success. Truthfully.

I never once would have imagined being the person I am now from where I started, but I am always amazed and astounded at the path that has been laid before me.

Do not be afraid to fail, but also do not be afraid to succeed. And it happens to lots of us. Why do you think Victor is so beloved on this board? He reminds us that failure is never final, and I think we all take heart in that. If you never fail, what then is your success worth?

Good luck to you.
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As I stated in my earlier post, my best adivce to you is to get out of this business because you have clearly proven that this does not work for you. Trading is not for everyone (and certainly not for 90% of the people here at ET, either). Other people may be soft on you, pat on your back and tell you "sorry dude, just get some more funds, and try again". Sorry but I think this is pathetic. Those are the same guys who re-fund their accounts time and again. A cardinal mistake to do in gambling and trading (I use the gambling=trading analogy here because I think most "traders" here at ET approach trading as a gamble). You took your chances and you lost your stake. I think you should move on in life seek some other opportunities outside the trading arena. You are under 30. Do you want to end up like so many losers here at ET? They are probably between 20-50, have not ventured into anything meaningful in life, funded their accounts again and again, but have the audacity to challenge and attack people with a proven track record of success. This is pathetic. There is so much more in life. Leverage up your skills (which are obviously not trading) and utilize those talents!!!

Good luck!!!



Quote from pumpanddumper:

Sorry, this may be thereaputic. I think I went through a couple months ago but tried trading again.

I'm a bagholder now in many stocks and some etf's. Probably the worst portfolio out there. Down a ton.

Trading has started to consume my life too much. When you are not consistently making money, I guess it sucks. I fall in the 90% failed category.

I had a successful business out of home and did well. Saved a lot and tried trading again full time.

Need to regroup and REALLY get a job, benefits, 401k going again. I really loved working out of home for 5 years. Shit some days I don't get dressed. Gotta make some changes. To some its pathetic being on the computer all day but its the freedom I had to do and trade. When I'm not making $$$ consistently, it eats away at me. I gave this almost 1 year and its not working. I should of stuck just with the index trading....

I will now go back to the 9-5 routine. Actually its been 4 years. A job will suck. I'm 29 so there is still time. Seeing a six figure savings cut in half blows big time.

I'm getting the fuck out of the house and going to see American Gangter right now with a friend. He's actually unemployed now thanks to Countrywide so misery loves company.

Gonna miss ET. I tried trading, failed, deal with it, don't beat self up, and move on. I go down along with others I guess. I'm not liquidating positions yet until I have to. Always kept 20k cash on sidelines. I have 50k in positions that will just fluctaute daily. Will try not to check them constantly. Will check back in later. I'm another loser...
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Totally agree, regarding your portfolio, if you dont have the ability to take a serious look at your holdings and can justifying staying in then better liquidate all RIGHT NOW or BETTER ask someone knowledgable to have a look. To operate on hope and luck is what got you into this situation!!!!



Quote from osorico:

PumpandDumper, I don't know you, and I really am sorry to hear of your trading misfortune. But you are absolutely correct; Trading at this time in your life is not for you. How do I know? Your words ... I'm a bagholder now in many stocks and some etf's. Probably the worst portfolio out there. Down a ton. ... I'm not liquidating positions yet until I have to. Always kept 20k cash on sidelines. I have 50k in positions that will just fluctuate daily. Will try not to check them constantly.

Your portfolio didn't start out as the worst portfolio out there. It didn't start out down a ton. YOU LET IT become the worst portfolio out there, down a ton. And even now, still, you are operating from hope. Just keep holding and let it fluctuate (move or sway in a rising and falling or wavelike pattern). And by all means don't look at it!!

The majority of respondents in this thread, (the minority know who they are :) ) are enablers and commiserators who offer little... Wah wah wah, you're young, you'll get over it. Wah wah wah, happened to me, I jumped off a building, had plastic surgery and returned as a hermaphrodite. Wah wah wah, Listen to Tony Little; You can do it!! Man, that there is some useful stuff!!! Bookmark this thread!!!

ET has lost it's edge for actual traders. Just a fun place to visit to kill a few minutes.

Osorico
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I strongly disagree, we should NOT ask ourselves first whether we have a passion in trading. Its ok to pursue your passion in life but in trading it does not matter whether you have a passion or not UNLESS you are able to master the game and trade profitably. Passion is important but the first thing you should ask yourself is this: Why should I be successful the next time around although I have now a proven track record of failure in this business. This is what you should ask yourself. If you cant come up with an answer then turn your back to this business and pursue something else!!!

It does not matter whether you have a passion for something that you suck at, cause you will be inevitably forced to exit.


Quote from Anekdoten:

Daytrading is a tough business.

Regardless of money loss the first thing you need to ask yourself is do you have the passion for it ?

Are you willing to keep on learning and perhaps keep on losing until the necessary skill is actually achieved ?

Ask yourself these questions and come back whenever you feel ready to keep on battling it, the market will always be here. It does not matter if you come back in a year or in 10, the market will be here, there is no rush and no obligation.

Regardless of your decision we can't excel at everything so don't take these unfortunate losses too personal.

Chin up and good spirit I wish you the best in your journey. whatever that may be.

Anek
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Odds are? What a bullshit. You mean I can now take couple darts, throw them at the stock list on my wall and odds are I will be up by the end of this year WITH THIS MARKET VOLATILITY, WITH ALL SUBPRIME, SIV issues, inflation risks, low dollar looming around?

GREAT ADVICE. This is why I love to check out ET, so entertaining. You are surely the bigger loser than the OP. He at least took an honest look at himself and determined this is not the right thing for him. You are still light years behind....

Quote from volente_00:

Post your current positons right now and cost basis. Odds are you will be up in most by year end.
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Quote from pumpanddumper:
I can't lie. I love the markets and finance. I love following financial news. I like watching about 40 tickers trade from 8AM-8PM. Shit I check overnight right now as well and China. Man, do I want a global crash. I want blood and lots of it over there....I want a max global breakdown in the next year. I am doom and gloom in irrational markets like this.
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Pumper, I do not mean to offend, but I get a notion you might have become way too emotional about the markets. Maybe it has even become an addiction like gambling can become an addition.

IMHO there is a big difference between hoping the markets finally succumb to your own macro economic opinion or rather reading the signals the markets are giving that might give clues of further direction.

Again, don't take this personal, but I think I often saw you participate in threads like "Shorting BIDU/GOOG/RIMM etc. @ $XZY" or "Buying CROX/WCG after tanking 50%". You might get lucky in these, you might not. To me, it just sounds like going to Las Vegas and betting on black or red.

Reflect on what went wrong, because there is always money to be made in the markets. If you are (and want to remain) a momentum trader I can recommend Dan Zanger's website and newsletter. I believe it costs something like $39 a month but it (especially the archive and chatroom) is worth gold. I am not affiliated with them but I believe they offer a good job of teaching the ropes trading momentum names emotionlessly WITH the trend, letting winners run and having strict rules of cutting losses quickly. Also, Dan is a big advocate of remaining in cash in periods of uncertainty and whippy markets.

Get your personal life sorted out, do some research and reading, realize what went wrong.. and sooner or later you can definitely come back and come back stronger than before.
 
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