Is my career over?

Quote from TruthSeeker247:

Thanks a lot you all. The one thing I've learned from my own pitiful experience is that trading size is not the answer when you are losing money. I found myself wanting to trade bigger size the more I lost. That was until my last refunding of my account. I woke up to the fact that size is not hte way to go. I am now scared shitless to trade size. I learned a lesson but a quite expensive one.

Another question: how do you deal with losing every single day for two weeks in a row? This is hard. I recently came back from a two week decline. I made money three days in a row after losing for 11 days in a row. i made half of what i lost in those two weeks in those three days.

Also, at what point do you wake up and feel confident in your ability as a trader? When do you say to yourself: I have made it.

Thanks
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You have serious issues. You are so cought up in the money of trading, you don't even care how you perform.

You are worried about loosing money. Everyone loses money. Everyone has their bad streaks. You need to aim for consistency. You just seem to be one of those traders who looks at the prize before figuring out, that you need to be a good trader.

Did you keep a journal of your trades?

You lost 7 times more money than i ever did and I started small.

It's just not looking good my man.

Stop thinking about money. You started trading more and more contracts because you let money get in the way. Your dreaming of a prize, and in this business, dreaming and wanting something can hurt you. I know from personal experience. Change the way you look at trading *or in your case, gambling* and change quick.
 
I don't know, but even with 1 year of experience, I can't imagine how some people can put so much money at risk. I thank god I didn't decide to throw 30k into an account. (I couldn't afford to anyways)

I was wise, I started small, I blew out my account twice. I'm ready to go. If I would have lost 30k, I would have been terrified.

I don't know how 30 year notes work, but you need to put in twice the amount it costs to trade one contract. And trade one contract.

I started trading 2 contracts, but it was too big for me, I went to 1 contract quickly. *This was on the YM btw*

You just seriously need to change the way you think about trading ASAP. Your going to get yourself creamed, I don't know how much of that money you could have afforded to lose, but hopefully all of it is the right number.
 
Quote from Albert:

Holy Crap Batman, you are one lucky mofo. If I traded 40 big ones my sphincter tone would be so tight that my eyes would be brown!
You made 5000 in ONE MONTH? With 40 lots?
OMG, you might try limiting your loss to your highest intraday gain from the previous week- or average loss, or anything that was a real number.
5000/22 trading days is $227 per day. A $3000 loss represents 13 trading days ahead of you. Who are you, Sisyphus? Just keep pushing the rock, baby.
Albert
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I forgot to mention that I made that $5000 trading 6 lots. I lost $2000 and got pissed off. It is then that I started trading 14 lots, then 24 lots, then 40 lots. I was out of control.
 
Quote from TruthSeeker247:

I forgot to mention that I made that $5000 trading 6 lots. I lost $2000 and got pissed off. It is then that I started trading 14 lots, then 24 lots, then 40 lots. I was out of control.
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Well you got some brass balls my man. I don't know how the hell anyone in this world could do that. You had to be pissed off to the next dimension or something.

Did you have any anxiety attacks? I just would love to know how you did it.

I always have put in sincere effort to read all posts of people that fail in this business. I try to learn from others mistakes. But, you just take the cake and then some. I'm actually printing this whole thread out as we speak. Saving it later on when I decide to move up in share size. ET is like an archive for some of the greatest trading material ever.

You certainly are an inspiration and an eye opener for me and hopefully for other ET newbies.
 
Quote from JMowery1987:

You have serious issues. You are so cought up in the money of trading, you don't even care how you perform.

You are worried about loosing money. Everyone loses money. Everyone has their bad streaks. You need to aim for consistency. You just seem to be one of those traders who looks at the prize before figuring out, that you need to be a good trader.

Did you keep a journal of your trades?

You lost 7 times more money than i ever did and I started small.

It's just not looking good my man.

Stop thinking about money. You started trading more and more contracts because you let money get in the way. Your dreaming of a prize, and in this business, dreaming and wanting something can hurt you. I know from personal experience. Change the way you look at trading *or in your case, gambling* and change quick.
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You make a lot of good points. I'm hoping that I'll one day make 7 times more money than you ever did too. If I lose this money I'll have to go back to work for a year, save money and try again. I don't ever anticipate giving up on this. This is not a fad thing that I'm doing as a get rich quick scheme. I feel as if I was born to be a trader; that this is what I was meant to do. Things have to change though.

Would a proprietary trading group decide not to hire me based on this one blowup of my account? what do you think?
 
Quote from JMowery1987:

Well you got some brass balls my man. I don't know how the hell anyone in this world could do that. You had to be pissed off to the next dimension or something.

Did you have any anxiety attacks? I just would love to know how you did it.

I always have put in sincere effort to read all posts of people that fail in this business. I try to learn from others mistakes. But, you just take the cake and then some. I'm actually printing this whole thread out as we speak. Saving it later on when I decide to move up in share size. ET is like an archive for some of the greatest trading material ever.

You certainly are an inspiration and an eye opener for me and hopefully for other ET newbies.
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I'm hoping that I will open myself up to the same extent of sucess as I have done for failure. (i.e. I've lost $30,000 in a month and one day hope to make $30,000 in a month). Thanks for the post
 
Quote from JSL_Capital:

- Go read some books about money management (Van Tharp`s books come to mind).

- Unless you are broke, and unless you want to keep on trading the way you have, your career ain`t over.

- Cool down, perhaps take a month off while reading some books and coming up with strategies to manage your money. The market will always be there and you can always make money later with better plans (as suppose to blowing it out a few more times now the way you`ve been trading).

Good luck.
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Thanks. I need cool down periods after losing periods. I've discovered this to be a fact too.
 
Quote from dividend:

is that for real?
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Yeah, I've got the Dreyfus statement right here -- came across it this weekend when looking for the car reg info for getting new plates.

Her brother lost >$100mil the same year. Makes for interesting dinner conversation.
 
Quote from JMowery1987:

Truthseeker.... You said this in a previous post:


"Sometimes....but in such cases we call it GAMBLING (especially when a single trade makes a positive number into a negative one). If you trade like that then you are a gambler not a trader. Please note that I never said Traders could not possibly reduce Trading to Gambling.....I just said that traders who do so {{{can not make a living at it. I stand by my claim.}}}"


I'm just going to post that.. I need not give any explination.

Do you still stand by that claim?

Why did you put on so much size and gamble with your money then?

You need to ask yourself questions, no ask us questions. Only you can solve these problems, but you have to admit you have them first. So if you are seeking the truth...... well you already wrote it.
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I was trading while I was out of my mind. I simply didn't want my $5000 that I had made in february to become a $500 loss. Well, that $5000 gain became $13000 loss which became the impetus for my $40,000 loss.

You are right, the answers are within me.
 
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