Is my career over?

Quote from TruthSeeker247:

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?
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How would they find out?

You could go up to any prop house and put up money they will take you.

But.... seriously.

You go to prop houses to INCREASE leverage. They are for new traders who expect to start off trading small. Or great traders who need buying power to execute their strategy.

I was a new trader learning equities when I went to a prop house and I askes specifically that I'm not allowed to get into anything over 100 shares.

I don't know how futures prop firms work. But... I dont know my man.

I hope you make 7 times more money than me myself. Fact is, you hope... means your willing to put on the risk already to do that? You are so set on the money, on the success, I just can't say I see you being successful at this.

But the fact you already lost 7 times more than I did.

You mention a lot of words.... like HOPE, IF, FEEL

You are addicted to this game for the wrong reasons.

Lucky you are young just like me and can take risks.

I have studied as many threads as I can on ET, like I said, and I can many times point out the failures and the successful traders. Your story starts off very badly.

I hope you can turn it around my man.

Read books on psychology and risk management.

Your dreams are clouding your thinking. You got to tell yourself you will change, you will do well, you are going to do things.

Relying on hope, and saying "What if..." don't cut it. I had a lot of people tell me this same stuff though when I first started.

So hopefully it motivates you to do better.

Good luck.
 
Quote from TruthSeeker247:

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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With $8000 left, it would be quite a comeback if I were to make it all back. I only have to make $500 per day for two months straight. Right now I'm trading 6 lots and that kind of profit with 6 lots is definitely possible.
 
Quote from TruthSeeker247:

With $8000 left, it would be quite a comeback if I were to make it all back. I only have to make $500 per day for two months straight. Right now I'm trading 6 lots and that kind of profit with 6 lots is definitely possible.
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How in the world did you end up trading 30 yr T-bonds? while there are some much easier trading vehicles out there.
 
Quote from TruthSeeker247:

With $8000 left, it would be quite a comeback if I were to make it all back. I only have to make $500 per day for two months straight. Right now I'm trading 6 lots and that kind of profit with 6 lots is definitely possible.
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You know what, you already confirmed it for me.

You have failed as a trader, there is no hope.

Give up immediately.

You just demonstrated a common line I have seen from a lot of the failures on ET.

You already going to be revenge trading.

Seriously.

Take my advice, put that money to good use somewhere else.

I've never seen anything like this before.

You are so focused on the goal, on the money, on the profits. I just seriously can not imagine this guy doing well.

All newbies, take a valuable lesson from this thread. It's extremely valuable that you understand what is going on here.

Am I just crazy or anyone else agree?

But seriously... why the hell are you not trading in 1 lot? You really are a gambler.
 
There are three super important factors I've learned in my years of trading and as simple as they sound they only maybe 1 in 10,000 traders do them.

1) Cut losses extremely fast... if you can't take 10-15 small losses in a row and have no emotional attachment then this is key to work on.

2) Riding your winning trades... most of the time I get very impatient and take gains way too soon... all the guys I've met that make millions ride their winners like champs.

3) Manage your risk... you have to be prepared to lose 10-15 times in a row so you have to make sure your bets aren't so big that they will bankrupt you.
 
Quote from trend_guy:

There are three super important factors I've learned in my years of trading and as simple as they sound they only maybe 1 in 10,000 traders do them.

1) Cut losses extremely fast... if you can't take 10-15 small losses in a row and have no emotional attachment then this is key to work on.

2) Riding your winning trades... most of the time I get very impatient and take gains way too soon... all the guys I've met that make millions ride their winners like champs.

3) Manage your risk... you have to be prepared to lose 10-15 times in a row so you have to make sure your bets aren't so big that they will bankrupt you.
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Great advice

Can anyone tell me on an 8k account, how many trades it would take to blow it out trading 6 lots?

I don't know how T-bonds work.

But this guy is insane.
 
Quote from Cheese:

Is my career over?

No, is your life over?
Yes.
:)
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:p :p :p

Were you referring to his gambling mentality?

He is starting at 6 contracts, so once he starts loosing, he is going to go up to 12, and then 24, and then by then it will be over I'd imagine.
 
to the OP: trade 1 lots for 2 years without exception

if you can't stay at 1 lot, that's your issue right there

if you feel the urge to trade more size, it's the gambler inside you talking
 
Why don't you try averaging into 4-6 lots until you figure out how to make it work.

I never open a 30 YEAR position bigger than a 4 lot and I have been doing this for a while.

R U F'ugging nuts trading a 40 LOT, you deserve to lose all your capital. This is not 100% gambling, get an edge before you enter the casino.

Learn the game or you will be retired flipping burgers or mowing lawns.
 
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