I'm done trading. I FAILED

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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Here is an idea, istead of holding on to the portfolio and letting it flucaute hoplessley and probably down, sell the stocks you think are the worst and keep the once you like if any, a 50K lose is a lot better then an 80K one. This is a situation which poker players call going on tilt, after you lose a few hands you go all in out of hopelessness. If you can save a couple of thousand by stopping the blood shed you will be much better off in the long term. Who knows maybe your better stocks will work for you. The worst think you can do at this point is not act. 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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This is golden. Nice words.
 
Quote from FAST.AM:

TRV yes 100 shares of aapl VS 500. your odds of catching a run are much better however again depending on the size of your position it can be a gamble. I.E market opened down 180 POINTS the other day I was sitting on 3000 shares and 10 contracts of CSCO if you hold a sizable position overnight this can be tricky. Do you hold sizable positions?? I still do believe in this environment this can turn into a gamble intra day..However all you need in this market is staying power if you dont over leverage you can play the game I think we can ALL agree that we will break 14,300 once again. and at this rate of change this could happen by year end.
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Funny you should ask. Those very large positions (built over a couple weeks AAPL/RIMM) were sold last week as they were taking a big hit. Lost profit on paper, but still sold at a gain. That's the way it is....don't hold and hope.

Intra-day is much more comfortable for me.......That's where I was able to cut the size in half, execute the plan and get back on track. :) Still refining.
 
Quote from maxpi:

Yeah, P&D, you seem to think trading is about being RIGHT about something, I don't think so, not for the small guys like me at least, it's about seeing what the bigger guys are doing, not before they do it, but while they do it, and getting on their coat tails and riding for a while, with no regard as to why they are doing anything. I see lots of really small traders trying to think like Warren Buffett and predicting things and having opinions on things market related... what's the point? WB has to be right about things, his positions are huge and he holds them for years, I don't even need a subscription to the Wall Street Journal, just market data and maybe a heads up on when numbers will be released....
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Nice post...
 
Let's just say 2007 will be an almost six figure bad beat in poker terms. This covers trading and a sizeable check I got screwed out of in January from my old business.

I never played on borrowed money or margin and am cutting my losses while ahead.

Big picture is I'm in a lot better financial shape than I was when I got out of college 7 years ago. Slow and steady usually does win the race. Maxing out a ROTH IRA each year, a company 401k, swing trading/position trading on the side is my style.

The Ameritrade account sits. Chipping away a few hundred here or a thousand there may be the way but rather focus on a new career.

You cut you losses while your ahead "long term" and move on.....
 
Quote from FAST.AM:

Market is a tough call BECAUSE YOU CANT TRUST WHAT THEY ARE TELLING US.
The Fed is full of shit, the CEO's lie trough their teeth. If the game is rigged we will all fail. I was at Merrill 2-3 months back when the CEO sent out an internal memo. STAN ONEAL.. I will make it short - the scum bag that he fuckin is said we have no exposer to sub prime merrill's assets are over sea's. He also said he has learned from the 90's when he was the CFO during the banking problems back them...
Well do you know how many people put the a majority of there 401 K into merill stock because that scum bag was playing a game?? I didn't buy the shitty company's stock but -- case and point.. I dont care what type of trader you are when this shit comes out after hours your screwed say good bye to you 10 percent stop loss if your levered with options- if this happens a few times this will turn you upside down. As I said beware. With the presidential race coming up - information coming to us may be slanted also.. The media (politically) are also trying to scare the people because are trying to make the case for the democrats make REP look like they did a shitty job on wall street of the Now that said.. I think the market is healthy the money is to be made over seas.
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I hear ya and know many poor employees with big time 401k's in their buttletproof companies that seen their nest eggs raped.

Smart ones or those in the know already bailed before the shit hit the fan.

Those poor sheep with housing, financial, and their great dividend no more and companies gone to shit. The big guys will survive, while the sheep get slaughtered.
 
Quote from perr:

hey Peanuts, (that's you pumpanddumper)

I think you should give this form around of applause.

AS you can see here, we have some very successful traders,
with very good help for you to get back in. (Don't forget todays
form). READ IT OVER A FEW TIME'S.

Let me ask you this, can you show us just two examples of
a trade you made. One win and one losing trade, and why
you made it.

Well, this year at the beginning of the year I was anti-housing, financial. I knew CFC and WM were going down but couldn't hold my short position long enough.

http://www.elitetrader.com/vb/showthread.php?s=&threadid=92371&perpage=6&pagenumber=1

Not letting winners run and taking profits too early for fear of not locking in the gains.

I can site a whole list but and show you my tax returns of years past trades for winners and losers...
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Waw.. what a great site.... so i guess i am not the only fool contemplating suicide...

SO..a little about me... I graduated in engineering and was fortunate to join a company paying me 80k a year and a butt load of bonus for no reason...

before starting my job, i was day trading, playing with my sign on bonus.. i did good. in 06 i got 23% return.... not bad for someone 22 years old.

Anyways..got introduced to Fx trading, and i made 30k in 24 hours! i thought i was god! so my account went from 65k of my money, to 100k in 24 hours.

And then... and here is the dejavu for all of you.... horror of horros, the market fell - for no good reason i assure you - and i was reduced to 20k within 40 seconds. thats 45k of my money, and 80k total...

that was 2 weeks ago.. i am still depressed...but... it seems god can really take you 6ft under in no time....

I just turned 24, i've learned, i am not going to get greedy again and i will exit when my position is zero, rather than being negative 40k.

I'd say, set aside a fund - i've set aside what is remaining of my account, and play with it STRATEGICALLY, and DONT TOUCH YOUR NEST...i am fortunate to be 24 and have a job that pays me 80k + a ridiculous amount in bonus.. but hey..thats just my 2 years of experience.. i still have a lot to learn...

losing 45k in 40 seconds really hurts!
 
"Never give up, never surrender"

Unless, you lose your shoes and shirt.

Good luck anyway, have you looked into buying treasuries?
Or just putting the money into a money market account (preferably somewhere in europe, and exchanging $ for euros).
 
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