I'm done trading. I FAILED
- Thread starter pumpanddumper
- Start date
Hi, pumpanddumper
QUOTE: I knew CFC and WM were going down but couldn't hold my short position long enough.-------------------
I'm not going to ask why. (patience)
It look's like you don't have any T.A. to back you up on your trades.
You don't mention or bring up any CHART info, or PRICE ACTION
from the charts. To me, you seem to wing everything.
You need CHARTS-ON-THE-SCREEN time. Lot's of time.
Your going to have a good time when you learn to read charts.
(I have fun every night all hours of the night and mornings, and
you get to dig into it on the weekends). The fun never stop's.
You must burn this price action in your mind, remember what you see and not what you here so much . This is LIFE long thing.
No help from anyone, no tv on, just let the charts talk. You'll
be surprise what they say. Remember they do call all the TURNS!
(you just have to catch them)
Started this affair at 12. Still going, and even inventing my own new trick's. Just keep on going, it all come's to you after awhile.
Just stay away from all those reports,meetings, tv crap, the system, just stay out of the box, unless your getting a ticket
or something, then jump back in the box.
THIS IS YOUR TRADE.
You called this move down, but didn't play it right.
This is real, it's like a move, your WM stock make's a New
High at the end of Jan. over 43.50 then drop's big to 37
early Apr.. The trend change's down, sharp rally to 42-43 testing
the new high but stops at 42 just short of new high. Pumpanddumper put's on his short trade at 42, with a mental
stop 44, the danger point. Price's drop to 41 and begins to chop sideways for six week's. (pump has no patience because there's
no plan, he cover's).
Mid July price's collapse to 32-31 in early Aug., pumpanddumper
cover's short.
The trade is over. We Win. A Short-term trade, and
we take the profit. We always take short-term profit's.
Here's an example right below your post.
Fight_On: Said,
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.
If I was Fight_On, I wouldn't even blink an eye, until I was out
with the 100K. That quick and that quick out. NEXT TRADE.
Don't even get into market's like this Fx trading. Can get hurt
and maybe knock out while your at it.
Pumpanddumper, the charts is where the world is at, every day.
If you had the patience to wait with the plan, you'll always be good. You must always be ready for the next good trade. Patiently waiting that is, they always come.
trade well
perr
QUOTE: I knew CFC and WM were going down but couldn't hold my short position long enough.-------------------
I'm not going to ask why. (patience)
It look's like you don't have any T.A. to back you up on your trades.
You don't mention or bring up any CHART info, or PRICE ACTION
from the charts. To me, you seem to wing everything.
You need CHARTS-ON-THE-SCREEN time. Lot's of time.
Your going to have a good time when you learn to read charts.
(I have fun every night all hours of the night and mornings, and
you get to dig into it on the weekends). The fun never stop's.
You must burn this price action in your mind, remember what you see and not what you here so much . This is LIFE long thing.
No help from anyone, no tv on, just let the charts talk. You'll
be surprise what they say. Remember they do call all the TURNS!
(you just have to catch them)
Started this affair at 12. Still going, and even inventing my own new trick's. Just keep on going, it all come's to you after awhile.
Just stay away from all those reports,meetings, tv crap, the system, just stay out of the box, unless your getting a ticket
or something, then jump back in the box.
THIS IS YOUR TRADE.
You called this move down, but didn't play it right.
This is real, it's like a move, your WM stock make's a New
High at the end of Jan. over 43.50 then drop's big to 37
early Apr.. The trend change's down, sharp rally to 42-43 testing
the new high but stops at 42 just short of new high. Pumpanddumper put's on his short trade at 42, with a mental
stop 44, the danger point. Price's drop to 41 and begins to chop sideways for six week's. (pump has no patience because there's
no plan, he cover's).
Mid July price's collapse to 32-31 in early Aug., pumpanddumper
cover's short.
The trade is over. We Win. A Short-term trade, and
we take the profit. We always take short-term profit's.
Here's an example right below your post.
Fight_On: Said,
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.
If I was Fight_On, I wouldn't even blink an eye, until I was out
with the 100K. That quick and that quick out. NEXT TRADE.
Don't even get into market's like this Fx trading. Can get hurt
and maybe knock out while your at it.
Pumpanddumper, the charts is where the world is at, every day.
If you had the patience to wait with the plan, you'll always be good. You must always be ready for the next good trade. Patiently waiting that is, they always come.
trade well
perr
No way this is real. You have been day trading for over a year and somehow you think it's a good idea to get in with 200-1 leverage? ...
...
...
I wonder what washed up at ET's shores this time.
This is a great quote. It proves true for pumpanddumper. He wanted a top. He got a top so he shorted and then he got five more tops and had to exit his position with a big loss.
Judging from the posts in this thread he seems to have some instinct for market sentiment and contrarian trading. It's just that his excecution is piss poor and it wouldn't suprise me if he doesn't have a trading plan at all. Calling tops and bottoms is not a trading plan and he will continue to lose money that way even though his instinct will be right in a lot of cases.
my friend as you should know the day trading job is not easy and you always have to keep up with the market and manage your own style so you can be profitable
you have to first find your own style and than update yourself by learning more and more
if you could let me know where you are located i might be able to help you developing your style
first you should think about trading from a day trading office so you get into the environment
and only once your good and making $$$ than you can trade from home however it will be good to visit a day trading office at least 2 times a month just to refresh your ideas and see what the talk on the street
Again let me know where r u located i might be able to help you
you have to first find your own style and than update yourself by learning more and more
if you could let me know where you are located i might be able to help you developing your style
first you should think about trading from a day trading office so you get into the environment
and only once your good and making $$$ than you can trade from home however it will be good to visit a day trading office at least 2 times a month just to refresh your ideas and see what the talk on the street
Again let me know where r u located i might be able to help you
you messed up your account (you still hold those things) and you left, the market will go whereever it wants to go, you totlally lost control of your holdings! sounds to me. you are not patient and you do not have a sound plan.
to correct your problem.
first develop a plan to prevent wild run( for example, bought somthing and if it does not work, kill it, if you still hold it then emotions kicks in and think maybe one day it will pull back, ....this kind of no plan thought will definitely destroy your account and end your trading career pretty quick), market is wild, the plan will protect you from running wild your account and put you in the situation of do not know how to handle it.
a 9 to 5 job sucks!
to correct your problem.
first develop a plan to prevent wild run( for example, bought somthing and if it does not work, kill it, if you still hold it then emotions kicks in and think maybe one day it will pull back, ....this kind of no plan thought will definitely destroy your account and end your trading career pretty quick), market is wild, the plan will protect you from running wild your account and put you in the situation of do not know how to handle it.
a 9 to 5 job sucks!
Its not something i am very proud of. I am trying to forget it. But... if you don't believe me, i can send you a screenshot of the transaction
Again. Its not something i am proud of. It really happened to me. The only reason why i haven't shot myself is, like i said, I just 24 years old, i have 80k in salary and 30k in bonus. So.. i am not too depressed. but 40k hurts.
trust me...it happened..
Anyone in the LA area?? does anyone use Bloomberg terminal? I would love to see how it works in reality and discuss other things about it with you..please let me know if you have it!
tc
Quote from Fight_On!:
Its not something i am very proud of. I am trying to forget it. But... if you don't believe me, i can send you a screenshot of the transaction
Again. Its not something i am proud of. It really happened to me. The only reason why i haven't shot myself is, like i said, I just 24 years old, i have 80k in salary and 30k in bonus. So.. i am not too depressed. but 40k hurts.
trust me...it happened..
Anyone in the LA area?? does anyone use Bloomberg terminal? I would love to see how it works in reality and discuss other things about it with you..please let me know if you have it!
tc
and further on that note about you saying "day trading for only a year"...
I was UP 30K... i lost because i got greedy. Important thing. i learned my lesson. Next time, i'll be leveraging 200 again. I will regain my 40k and more.