Just lost 5% of my account...
- Thread starter failed_trad3r
- Start date
5%? i lost way more than that over the last few days. shit happens... get over it and learn from your loss. that, or just pack it up...
Quote from failed_trad3r:
I am forward testing a strategy live, and it lost 5 ticks the first trade. Then I got so mad my first trade was a loser i just entered a trade then I got scared and made my stop smaller and smaller, and stopped out. My loss is actually bigger than $100
Let's look at that closer:
I am forward testing a strategy live
You are testing an unknown strategy with cash and not in sim. I applaud your candor, but your choice should condemn your pride to ever do that again. If not, you are a cracked account just waiting for a place to happen. Brokers love margin call fees.
Wrong. Try $1500. http://www.elitetrader.com/vb/showthread.php?s=&threadid=181371
Pull up a chair and watch.
says it all...all traders can relate
I know what I did yesterday was very irrational. I must act differently
You guys might be right. Having a name as failedtrader might not be smart, even though it's just a joke. I haven't exactly been successful in everyone of my endeavours.
Several years ago I had a depression, lost friends family college. Then found trading, thought it would save me. But blewup my first account and contemplated suicide. Luckily I didn't do that. However I did realize then God didn't exist. Only lately have I come to terms with family again. I feel much happier now. Also I have accumulated vast amounts of trading knowledge. Even blowing off steam on ET helped a bit. However building up savings to trade again has been tiring. The first day of testing, luckily I only lost $100. This is more than a days work, but at least I have a job in these times.
It's hard, but I think I can do it. I can dream can't I?
You guys might be right. Having a name as failedtrader might not be smart, even though it's just a joke. I haven't exactly been successful in everyone of my endeavours.
Several years ago I had a depression, lost friends family college. Then found trading, thought it would save me. But blewup my first account and contemplated suicide. Luckily I didn't do that. However I did realize then God didn't exist. Only lately have I come to terms with family again. I feel much happier now. Also I have accumulated vast amounts of trading knowledge. Even blowing off steam on ET helped a bit. However building up savings to trade again has been tiring. The first day of testing, luckily I only lost $100. This is more than a days work, but at least I have a job in these times.
It's hard, but I think I can do it. I can dream can't I?
Sounds like you've been through a lot.
As tempting as trading for a living sounds... in your current position... don't do it.
Have a normal day job (just like 99% of everyone on these forums) and build savings for several years; all the while learn everything you can about the markets and investing and trading. It's almost like working towards a degree.. except you're totally on your own.
The learning curve for trading is very long.. on the order of years, even decades.
As tempting as trading for a living sounds... in your current position... don't do it.
Have a normal day job (just like 99% of everyone on these forums) and build savings for several years; all the while learn everything you can about the markets and investing and trading. It's almost like working towards a degree.. except you're totally on your own.
The learning curve for trading is very long.. on the order of years, even decades.
To ft:
I would say that trading does indeed require a pretty strong psyche, so trading your own money might not be the way to go forward for you. However, there might be other ways for you to utilise your "trading knowledge" - perhaps becoming a broker or some sort of financial advisor.
Anyway, good luck to you.
I would say that trading does indeed require a pretty strong psyche, so trading your own money might not be the way to go forward for you. However, there might be other ways for you to utilise your "trading knowledge" - perhaps becoming a broker or some sort of financial advisor.
Anyway, good luck to you.
I thinks it's good to be honest with yourself and other people, why not. I have a certain empathy with your meloncholia and have suffered similiar feelings (indeed, my depression and hypersensitivity are going to be with me all my life and they are inherited, for the most part). I think society generally creates many of it's own problems and how many times do we hear the facts when it's too late? I would go as far as to say that many of these feelings are the norm rather than the exception, it's just that people don't want to talk about it because of the stigma and modern society (especially USA) requires us all to be 'winners' and the word loser is the absolute worst offence you can call somebody. Crazy. We're all losers in the end, we die and life is at heart meaningless.
But what I would say is you have to be careful when you have these feeliongs and you trade (there is a whole thesis to be written on this) as it's a great way to press the self-destruct key. I have self sabataged many times. It's taken me about 4 years to get to the stage where I can make a living, controlling my emotions and being consistent at the game and as It's christmas I'm going to offer to tell you my system (I trade the es and euro). It's pretty simple as long as you have a few basic tools. PM me if you're interested and I'll talk to you via email.
All the best