Scientist
Registered: Dec 2002
Posts: 2364
06-12-03 03:27 PM
Quote from Gordon Gekko:
about 2 weeks ago, my account at IB dwindled down to like $1975. to place a trade, you need $2000. so i wrote a check for $50 to get back above $2000 and considered my next trade a hail mary trade. well, i did the trade today and lost like $200.
once again, i am NOT asking for help and i am NOT looking for sympathy. i'm just posting my current situation and it sucks.
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About 2 days ago, my account at IB dwindled down to like $1,750K. Just to be able to buy a nice dozen of Ferrari's or an apartment over Manhattan, you need $3,500K.
So I overdrew my credit card for $2,000K and bought 3,000 E-Mini's, thinking I'd make a point or two. "Sorry", said my broker, as they went down over 15 points. I didn't adhere to my stop-losses or learn about discipline. I never stopped trading although I was losing money, because I'm a STUPID trader.
I'm a compulsive trader.
Well, too bad, now I've got $6m on my credit cards, and it's hard to gas up those Ferrari's these days. All my girls are wondering why the Lobster ain't coming 3X a day, too...
You see - I'm broke, too - Am I? Money is relative! You ain't poor!
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Now - Seriously - Gordon Gekko - Forget all the trash these dummies have been posting on this board! Take this advice from me if you really want to make your trading capital back:
2 years ago, after I repeatedly became #1 in the daily, weekly and monthly rankings in VSX (virtualstockexchange), amongst over 200,000 other players, I got 'adopted' into a community of absolute ace elite traders. These are not the 'pseudo elite traders' on these boards, that keep pooping around being dickheads and abusing others because they're draining their accounts or whatever and wasting their time posting here all day, trying to find victims like you (I.e. phoenix and the like) -These are the serious best, and they trade accounts worth dozens of millions. One thing they taught me when they accepted me was that I will never need to have to worry about money in my life again - Since they know everything there is to know about making money (yeah - anyway). But, seriously, the first thing they taught me was actually a gambling system, since this was their idea of introducing me to the reality of trading. This was their way of saying "money management is everything".
Next thing I knew was : They were right.
So, because I see you're in a desperate situation, got nothing to lose anymore and essentially everything to gain, please take this advice:
Learn a proper gambling system. I recommend on Baccarat, since the vic (house edge) is only ~1.23% or so - Lowest of all - Using advanced money management strategies, you can exploit 'streaks' in the shoe while minimizing losing 'streaks', this is exactly what successful traders do.
ANYBODY who wants to poop around now about the differences between trading and gambling - get lost. It's essentially the same. Don't kid yourselves. You can learn a lot about advanced money management from successful pro gamblers. Pro gamblers have similar behaviour to pro traders, and loser traders have similar behaviour to amateur gamblers (those guys who feed slots or play roulette or whatever HOPING they'll make some money) What you really LEARN, though, is the fact that money management is everything. Throw away prediction bla bla you don't even need it - You can roll a die to determine whether to go long or short, and given you cut your losses and run your gains, you'll make money. No kidding.
Using a Baccarat system I use, you can start playing that $2k with $5 units (U need 500 lifetime units for psychological reasons), then double the units everytime you double your bankroll. This way you should build your bankroll up to $50K-$100K within 6-12 months if you can be fucked living in Vegas and playing all day. This then should be enough for you to trade again (if not, you're a loser and better buy a business or sth).
U must use land casinoes, though, because the Online casino's software-systems now feature algorithms to detect gambling systems and once you actually make money, they just blacklist you and freeze your gambling account. Trust me.
Once you got that money, maybe you should try trading the ES - (S&P500 E-Mini's) -Just one contract at a time. That way you get out of the habit of jumping between stocks that you don't know, and you'll actually get familiar with something. You'll get used to the behaviour, and you'll get much better. The great thing is that once you get even halfway good at them (will take a while), you can trade pretty much anything (well, personally I found that ever since I managed to capture 1.5-3 pts per day on the ES, everything else, like stocks, seems pretty easy)
Focus on that one particular issue, and stare at it all day, analyze it, do paper trades, do real trades - You'll get better. Educate yourself. Read books. Get a mentor. U can also ask me if you're in dire straits, I'm not an expert, but I know a few tricks on trading the mini's (particularly exit strategies / cutting losses).
If you want to know which gambling systems are the best for which game - feel free to ask me - I just don't wanna advertise on here - And why tell anybody else anyway? Since everybody here, particularly the abusers, are apparently doing so well...
I hope this helped you, Gekko. Get back at me with your success story!
Good Luck (as if you'd need it)
~Scientist
