It's hard hearing friends making profits, and I am losing money.

[murray t turtle]

That's what I found, traders who talk about their mistakes are the ones to listen to.

%%
Good points;
unless thats all they talk about.
Frankly if I had KNOWN trading was as hard as it can be sometimes/would have done more inVesting………………………………………………………………………………………………………………………………...
I knew I could get burned badly in single stocks gaps;
so tried to '' be wise in size''/////instead of getting ruined by gapps= I never did really beat SPY or come close to QQQ %%/over 10 years.
SPY + QQQ tend to be super strong oct-DEC;jan-March.
BUT last 2 October'$ have been bearish I sold myQQQ, not in OCT. Good dividend also.BUT IBD says never buy for a dividend/amen.Amazing how many full time fund managers DONT beat spy every year/amazing

 

[stockpredictor]

Just follow the trades I've been posting, you'll make it all back in no time.

 

[ET180]

I literally want to block all their messages, cause it's a hard feeling watching someone you know makes money. Do you guys actually talk about market with friends? It's so sick when someone recommended a stock which you didn't buy, and they actually made money and yourself lose money on other stocks.

Thanks,

That's why I only hang out with poor people and unsuccessful gamblers. Although I don't drink, sometimes I go to alcoholics anonymous meetings just to cheer myself up.

First of all, are they consistent? Most people like to talk about their winners more than their losers. If they are consistent, then that sounds like a learning opportunity. Figure out what they are doing right.

 

[TripleJs]

Quite frankly it sounds to me like you should quit trading, as it's clearly just draining your time and mental health. Find something to direct that energy towards which is more tractable, and fits better with your personality.

As to your friends, just ignore them, save diligently and invest wisely - which does NOT mean chasing hot stocks on tips. If your financial situation isn't good, then get more education and a better job.

I can't quit. Once you are in it，theres no way out，I tend to be more patience and calm when I play poker，i know trading it's my things，it's sucks when I first start trading I picked up bad habit from penny stock guru like sim syke chasing breakout and shoot for massive return. over the years trading part time on and off (after my second account blew，i go back to work sometime traded on the phone，using Yahoo chart)，i know I am getting no where，now I tried to trade serious but I developed a lot of bad habits，i am trying to unlearn that and block everything that mess with my head.

 

[tedmos38]

few，but lot more time they talk about winner. I know they don't have a clue in trading，Thats what pissed me off even more.

Then maybe you should rather focus on learning about the market if you genuinely want to become a trader.

 

[TripleJs]

Hello TripeJs,

Do not block your friends. Ask them how can you learn to be a profitable trader. Ask them to review your trades. Ask ET members to review your trades.

I have learned to ask for help. When I came to ET, I started asking questions and got logical answers.

thanks SimpleMeLike.although they always talks about their winning I know they are just average investors from the content they talked about，they would held for a 20%loser and just wait for another spike to get out so most of the time they would made back their money，I don't think that's how a professional should trade. et certainly offered a great environment to learn.

 

[TripleJs]

There's a flip side to this. If you're not progressing you're regressing. If after four years you are losing money, what your "friends" and acquaintances are doing is immaterial - you need to "man up" with some personal accountability and make some serious and fundamental changes or get out.

Let's break this down - you're not annoyed with your friends, you're annoyed with yourself.

As a side note, I've found that traders who brag about profits are full of shit. When you find a trader who never talks about his profits and is modest about his trading but the rest of the floor or the pit or the office talks about his profits - that's a big swinging dick.

U r right bone，i get disappointed in myself OVer the years trading carelessly I picked up too much bad habits specially in mental approach toward trading. I worried if I don't chase，i would missed a massive move and when I everybody made money，i got jealous. My biggest problem now is I know all my mental approach is wrong，but I can't rewire my mind because it was reinfoced in my head for so many years.

 

[TripleJs]

Judging by your post you see yourself as a loser and you feel like one too.
Confidence won't make you profitable, but lack of it will guarantee failure.

You seem to feel sorry for yourself that even after 4 years, you are still not making money while your friends are. It's as if you are feeling something is owed to you.

Get what i am saying? YOU are the problem. Have some introspection.
You've mentioned that you have bad habits. That's a good starting point.
They ain't gonna change by themself, as you can see after 4 years.

If you are disciplined otherwise, the emotions are probably getting the better part of you when there is risk-money on the line.

Keep a journal and you will find repeating patterns that lead to a certain behavior. To change the behavior you have to be first aware of it, then you have to recognize it as it's happening in real time and do the right thing instead. This will take time and effort.
You have to work on your "mentality"/emotional intelligence, start by meditating/mindfulness or whatever, i am not an expert.

None of this will help if you don't have an edge though.

Just something to think about as a word of advice, i don't really know what i am talking about.

orbit23，u r 100%right. I am disappointed in myself and at the same jealous that unsophisticated people(trade on tips and held for 20% drawdown) made money. And I know my mental approach toward trading is so wrong，but it's so hard for me to change because it was reinforced over the years of my partime unwise way of trading. now I want to give myself the last chance and unlearn everythin and friends like that reminded me of my failure.

 

[smallfil]

I can't quit. Once you are in it，theres no way out，I tend to be more patience and calm when I play poker，i know trading it's my things，it's sucks when I first start trading I picked up bad habit from penny stock guru like sim syke chasing breakout and shoot for massive return. over the years trading part time on and off (after my second account blew，i go back to work sometime traded on the phone，using Yahoo chart)，i know I am getting no where，now I tried to trade serious but I developed a lot of bad habits，i am trying to unlearn that and block everything that mess with my head.

Focus on risk management and not risking more than 1% per trade since, you are a beginning trader. Not all trades will work out and result in winners. It does not matter if you have a lot of small losers provided, the times you win, the average win size is several multiples of your losing trades. Say you only win 30% of the time which means you lose 70% of your trades. However, each time you win, you win $500 on that trade, each time you lose, you lose $100. So, after 10 trades, you lost $700 but, won $1500, for a net gain of $800. You think you have an edge? Yep. Last advice, focus on swing trading or position trading and use stop losses on a GTC basis. Do not let small losses turn to large losses.

 

[bone]

Unless you like losing money - just stop trading for awhile. Your mental state as you describe it sounds an awful lot like someone with a gambling problem.

Compulsive behaviors, chasing bets, and depleting savings are all conditions described by the Mayo Clinic as a gambling problem.

I wish you better health and a good life.

U r right bone，i get disappointed in myself OVer the years trading carelessly I picked up too much bad habits specially in mental approach toward trading. I worried if I don't chase，i would missed a massive move and when I everybody made money，i got jealous. My biggest problem now is I know all my mental approach is wrong，but I can't rewire my mind because it was reinfoced in my head for so many years.