Care to post your P/L today?
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I'm down big time today.
- Thread starter pumpanddumper
- Start date
Care to post your P/L today?
Quote from flipflopper:
Got back on the horse today and really glad I did. Woke up late this morning started watching the market an hour after the open and made 5 winning trades and two losers with 2-3 cars for net gain of $985.
Today was a zen like day. Even after the depression and crippling loss yesterday I came into the day with no hard feeling. No urge to get the money back quickly. No strong desire to even trade. I just started watching. Things just developed and I was thinking clearly and trading again.
No fear of loss no anxiety to win just pure relaxed trading. I will be honest that I have always had a tendency to gamble a bit and if yesterday was the lesson I needed to eliminate that handicap I will gladly pay the price.
I freely accept the fact that each trade has an uncertain outcome and could therefore be seen as gambling but I know this isn't true. Anyone who trades and is somewhat consistent knows that real opportunity from a high probability trade is much different then an "ah what the hell lets see what happens" trade. The more I do the former and the less I do the latter the better off I'll be.
I feel like these past few weeks have led to a real turning point for me. I had become consistent and disciplined for quite some time. I thought I never had to worry about myself gambling and over leveraging since I was making good money almost every day. Then out the blue a chain of events led to a blowup. Not wanting to lose caused me to slip into crazy risk taking. Then I got away with it. Guess what... I did it again the very next day?!?! In trying to save $150 loss which would have still made me +$750 for the day I with blinding speed turned a $17,000 loss. Now I will always know I have done and could easily do it again. Hopefully this realization will lead to my success. I know there are skeptics and cynics out there who want nothing more then absolute failure for all who try.
To those I say, "not today friend, not today."
Ok Ok Ok !! We get your point.............
Word of advice ," you might just want to start a journal or something under another heading. "
We dont need to know every detail everyday and a rehashing of the exact same thing you said yesterday.
At least not under this section of ET !!
Please spare us cause everyone has their own story.
Quote from jimmygold:
Ok Ok Ok !! We get your point.............
Word of advice ," you might just want to start a journal or something under another heading. "
We dont need to know every detail everyday and a rehashing of the exact same thing you said yesterday.
At least not under this section of ET !!
Please spare us cause everyone has their own story.
Care to post your P/L?
Not too sure what you saw in F-flopper's post that sent you into "He's a permanent Loser" mode. Sure, he did something really stupid - but he realizes it and his account survived. As long as someone truly learns from a mistake, there's no reason to quit trading that I can see. Hell, some of the best traders in the world had to burn multiple accounts to zero thru stupidness - before they learned. But they did eventually learn - which is all that matters....Quote from jimmygold:
You need to STOP Trading immediately !! And totally reevaluate your situation.
From what you have said above and what I have gathered, trading is NOT for you .
I am a rookie too and have been trading YM for about 5 months now.
I could not even to imagine demonstrating such reckless emotion as you have, even in my first week of trading.
Something of this magnitude and this catastrophic should not be looked at as some kind of learning experience, or going thru the school of hard knocks etc..etc..etc blah blah blah . Thats BS my friend !! Lets Face it and lets be realistic , what you did is just flatly INEXCUSABLE !!! Trading is not for everyone and there is a certain amount of emotional IQ that one must already possess even to consider getting in this game. You seem to not have it. I know that sounds cold but I am just being honest.
And bottom line, this debacle should be taken as a clear signal to you that there are other endeavors that would be more suitable for you than trading !!
End of story !!
IMHO
If you have a need to bash someone, go over to one of the many Bullz n Bearz threads. He has yet to show any ability to learn .... :eek:
R
I'm now down 26k net on the year if that makes anyone feel better. I made no new trades today and watched watch my positions lose money. My net worth went from 240k last year down to about 150k(includes brokerage, 401k, Roth, checking). I thought I was hot shit quitting my job 3 years ago and going into business for myself at age 25. My online business was shut down in October which screwed me big time. I have no sources of income coming besides my trading. I use to have multiple streams of income doing various jobs and now have nothing besides trading which I have not succeeded at. I've been chewed up and spit out. But it was cool having 3 years off to myself and doing cool shit.
I was a lot more happier and at peace with money coming out of all directions when times were good. When I watch my finances lose money, it takes away all my motivation and energy. I have to regroup...
Now I am looking to move some place cheaper(I want to buy a townhouse/condo, go back to a job and be a schmock living paycheck to paycheck. Have peace and mind with a job, benefits, and the 401k. I made it as a gambler in other ventures but not the trading spectrum. Watching these tickers all day and being addicted to the market is starting to take its toll on me and feel my life is going no where. I thought it was my calling but apparently not.
Sorry for the rant, just had to get that off my chest
I was a lot more happier and at peace with money coming out of all directions when times were good. When I watch my finances lose money, it takes away all my motivation and energy. I have to regroup...
Now I am looking to move some place cheaper(I want to buy a townhouse/condo, go back to a job and be a schmock living paycheck to paycheck. Have peace and mind with a job, benefits, and the 401k. I made it as a gambler in other ventures but not the trading spectrum. Watching these tickers all day and being addicted to the market is starting to take its toll on me and feel my life is going no where. I thought it was my calling but apparently not.
Sorry for the rant, just had to get that off my chest
Quote from pumpanddumper:
I'm now down 26k net on the year if that makes anyone feel better. I made no new trades today and watched watch my positions lose money. My net worth went from 240k last year down to about 150k(includes brokerage, 401k, Roth, checking). I thought I was hot shit quitting my job 3 years ago and going into business for myself at age 25. My online business was shut down in October which screwed me big time. I have no sources of income coming besides my trading. I use to have multiple streams of income doing various jobs and now have nothing besides trading which I have not succeeded at. I've been chewed up and spit out. But it was cool having 3 years off to myself and doing cool shit.
I was a lot more happier and at peace with money coming out of all directions when times were good. When I watch my finances lose money, it takes away all my motivation and energy. I have to regroup...
Now I am looking to move some place cheaper(I want to buy a townhouse/condo, go back to a job and be a schmock living paycheck to paycheck. Have peace and mind with a job, benefits, and the 401k. I made it as a gambler in other ventures but not the trading spectrum. Watching these tickers all day and being addicted to the market is starting to take its toll on me and feel my life is going no where. I thought it was my calling but apparently not.
Sorry for the rant, just had to get that off my chest
Pump,
It might be old news to some but it's still very much working.
- Buy any major dips on the US markets
- Short any pop ups of the US $
It has been working flawlessly for quite some time. Unfortunately, I have no idea when it will stop working this well but I'm not stopping until the market tells me otherwise.
Sounds like a shot in the dark but it is not.
Hey Flip
sorry to read about your loss.
Losses are part of this business, however I am pretty amazed at how you could possibly let a small loser become a monstrous loser.
WTF, you were even up big for the day - at least for my standards - and you should have given yourself a loss limit.
Reading your previous posts, you seem to have problems with trend days.
I know it's tough to trade trend days when you are not on board at the beginning of a trend.
Nevertheless, going against a market that's making new all-time record highs every other minute is a recipe for disaster.
I myself tried to short YM twice today to no avail. I went long 3 times and all long trades were winners.
I am going to be really careful shorting this market as long as it's within striking distance of new all-time record highs.
Those record highs seem to act like magnetes and prevent the market to retrace decently.
It looks like every 20-pt dip is a good opportunity for those who missed out to jump aboard at a discounted price.
It'll take one of those big down days to reinforce some trust into the bears and discourage some of those bulls.
I am sure you'll make up for your bad loss and I hope you did learn something from this. Sometimes averaging down is the right thing to do, especially under low volatility conditions and rangebound markets.
I do that sometimes too but I am always very careful about any possible trend developing against me. As soon as I spot a trend against me, I don't hesitate to flip sides and reverse my position.
If a trend doesn't develop and I am still losing, I have a max daily drawdown limit I have to respect so that worst case of scenario I'll have a bad loss and move on.
Have a good weekend.
sorry to read about your loss.
Losses are part of this business, however I am pretty amazed at how you could possibly let a small loser become a monstrous loser.
WTF, you were even up big for the day - at least for my standards - and you should have given yourself a loss limit.
Reading your previous posts, you seem to have problems with trend days.
I know it's tough to trade trend days when you are not on board at the beginning of a trend.
Nevertheless, going against a market that's making new all-time record highs every other minute is a recipe for disaster.
I myself tried to short YM twice today to no avail. I went long 3 times and all long trades were winners.
I am going to be really careful shorting this market as long as it's within striking distance of new all-time record highs.
Those record highs seem to act like magnetes and prevent the market to retrace decently.
It looks like every 20-pt dip is a good opportunity for those who missed out to jump aboard at a discounted price.
It'll take one of those big down days to reinforce some trust into the bears and discourage some of those bulls.
I am sure you'll make up for your bad loss and I hope you did learn something from this. Sometimes averaging down is the right thing to do, especially under low volatility conditions and rangebound markets.
I do that sometimes too but I am always very careful about any possible trend developing against me. As soon as I spot a trend against me, I don't hesitate to flip sides and reverse my position.
If a trend doesn't develop and I am still losing, I have a max daily drawdown limit I have to respect so that worst case of scenario I'll have a bad loss and move on.
Have a good weekend.
This tread reminds why I really hate ET sometimes. It takes a big man to admit he has screwed up again. The people on this board love to rub salt into the wound. I just don't understand why. This board should be a place where you can clear you head and help each other improve.
A good example of a bad habit that is tough to break is smoking. It took myself about 10 attempts to finally quit smoking. It sometimes takes repeated failures to actually make yourself strong enough to stop the behavior. It has been about 12 years since I had a smoke, I still crave it once in a while, and I can fall off the wagon at anytime. This is just like trading. I have been 2 weeks without a bad (revenge) trade.
A good example of a bad habit that is tough to break is smoking. It took myself about 10 attempts to finally quit smoking. It sometimes takes repeated failures to actually make yourself strong enough to stop the behavior. It has been about 12 years since I had a smoke, I still crave it once in a while, and I can fall off the wagon at anytime. This is just like trading. I have been 2 weeks without a bad (revenge) trade.