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keep traying to pick tops and bottoms
- Thread starter rasl
- Start date
You know, if there was a trading "college" that would act as teachers/ mentors for new traders, things like this wouldn't happen to guys like Rasl nearly as much.
The problem is that people who would most likely open such a place would nickle and dime the students to death and they probably wouldn't learn anything of value.
I've heard people here talk bad about Pristine.com.. I actually thought about moving to one of these campuses, but I changed my mind.
The problem is that people who would most likely open such a place would nickle and dime the students to death and they probably wouldn't learn anything of value.
I've heard people here talk bad about Pristine.com.. I actually thought about moving to one of these campuses, but I changed my mind.
Quote from cashmoney69:
You know, if there was a trading "college" that would act as teachers/ mentors for new traders, things like this wouldn't happen to guys like Rasl nearly as much.
The problem is that people who would most likely open such a place would nickle and dime the students to death and they probably wouldn't learn anything of value.
I've heard people here talk bad about Pristine.com.. I actually thought about moving to one of these campuses, but I changed my mind.
There are universities (well known 4 year colleges) that offer trading classes as part of a business, finance, economics degree.
However, I myself wouldn't consider Pristine.com as a college nor campus like environment (they offer no accredited degrees).
The real question is has Rasl waited until now to ask for help or has he asked for help many times before in the past under another alias at other discussion forums or here at ET in the past.
I just can't imagine losing that kind'uv money and waiting until now with a trading account that low in comparison...
To finally ask for help.
Too lose that much money, requires a different type of help and he won't get it from EliteTrader.com
Hopefully, the money lost truly was money he could afford to lose and it had no impact on the lives of his loved ones.
Mark
<i>"so i can lose $1500 max,after all the losses <b>and having no life out side of trading in last 6 years"</b>
"i dont know what to say. i did 1 trade this morning then after i read Lescor and your post i dident take next trade"</i>
<b>rasl</b>, whether you traded today, next week or next month is totally irrelevant. Absolutely nothing is going to change as you continue down the same path as always. To go from $3,000,000.00 (your math) to $4,500 remaining pretty much says it all. Today's trading is insignificant to your life, to say the least.
See the bold print above? Therein lies one of many problems. Your whole self-worth is tied to trading... successful or otherwise. Perhaps you feel that the only way to restoration is recouping losses. Maybe you cannot see any other way to feel "whole" again. I dunno... not qualified for analysis of others.
What you desperately need is professional counseling, right now. There is no hope for you to succeed in trading or much more importantly, enjoy a wholesome fulfilling life in the rut you are trudging thru.
Please strongly consider turning things around for yourself 180 degrees... and that has nothing to do with trading, period.
Very Best Wishes Always
Austin
"i dont know what to say. i did 1 trade this morning then after i read Lescor and your post i dident take next trade"</i>
<b>rasl</b>, whether you traded today, next week or next month is totally irrelevant. Absolutely nothing is going to change as you continue down the same path as always. To go from $3,000,000.00 (your math) to $4,500 remaining pretty much says it all. Today's trading is insignificant to your life, to say the least.
See the bold print above? Therein lies one of many problems. Your whole self-worth is tied to trading... successful or otherwise. Perhaps you feel that the only way to restoration is recouping losses. Maybe you cannot see any other way to feel "whole" again. I dunno... not qualified for analysis of others.
What you desperately need is professional counseling, right now. There is no hope for you to succeed in trading or much more importantly, enjoy a wholesome fulfilling life in the rut you are trudging thru.
Please strongly consider turning things around for yourself 180 degrees... and that has nothing to do with trading, period.
Very Best Wishes Always
Austin
recap friday 16 feb
only 1 trade today
10.47 am long es @1456.75 (entry signle was from my trading strategy )
target 1457.75 (days high so far 1458 ema34 above @1457.75 as resistence)
trade went +3 ticks then it came back to my entry price,i dident want to let 2-3 tick profit to turn into loss as my account is so low so i exit for +2 ticks at 10.55 am 8 min later es traded @1458 then fall back to1456
i dident take next trade.
total loss for week 20 trades -$3. - $77 commision
net loss for week -$80.
only 1 trade today
10.47 am long es @1456.75 (entry signle was from my trading strategy )
target 1457.75 (days high so far 1458 ema34 above @1457.75 as resistence)
trade went +3 ticks then it came back to my entry price,i dident want to let 2-3 tick profit to turn into loss as my account is so low so i exit for +2 ticks at 10.55 am 8 min later es traded @1458 then fall back to1456
i dident take next trade.
total loss for week 20 trades -$3. - $77 commision
net loss for week -$80.
tradethetrade
Vendor
Rasl, have you considered a long break from trading? Your problem is not whether you pick bottoms and tops. Burning your hands won't make you profitable or more disciplined at this point. Take a long break from trading and come back with a fresh attitute towards it.
how my trading account gone down to $4500. from $3
million
it is very hard to write this but i said before i will
explain how i did it so here it is,
it was nere the end of yere 1998 i had a electoroics
businness for 20 years and was doing well,i recived
a copy of monthley stock tip sheet in post after
reading
i subscribed to it ,i then opned a account with broker
and bought some stoks from tip sheet about £30k,i got
intrested it investing in stocks and subscribed to few
more tip sheets and share magazines and reading stock
pages in newpapers in april 1999 i won the 2nd prize
of £67k in uk lottery
i invested all that in 7 stock from tip sheets,3 of
them went up quickley, BLT, ARM, LSB,i had bought BLT
for £3 and it went to £4.50 then fall back to £4.00,i
sold at £4.00 few months later at was up at £7.00 and
tiped again so i bought it again,ARM i bought this at
£7.05 and it soon went to £9.50,then fall back to
£8.00i got stoptd and then it
ralley to £9.00 i re enter that at £9.05,LSB i bought
it £10.00 it went to £12.00 and fall back to £10.00 i
got stoptd out and then it went up very fast and didnt
buy it soon it was trading at £54.00 these were all
tech and internet stock.
so i learned from these 3 trade to buy and leave it
alone.
i read a artacle by Warrn Buffet in newpaper that if
you dont want to keep a stock for ten years then dont
even look at it.so i kept doing reserch into
best internet, tech and biotech stocks and kept buying
all the best ones,i put all my saving in stocks,then i
read that all the best tech and internt stock are
listed on us stock markets,so i open a account in usa
and i bought all the best performing stocks and
wacthed cnbc all day and did reserch on internet to
find more stocks and sold most of my british stock and
sent the money in my usa trading account
market was going up and up and i keep buying stock
that were making new highs,
in march 2000 my usa trading account was over $3 million i
had hunderd of stocks all tech,internt and
biotech,average gain was 500%,markets went down in
march 2000 but went up again next month,i was invest
for 10 yares so pullback dident worry me,then i though
why i am running a business when my stocks are doing
so well so i sold the businees and investd all that in
market,i also started using the margin and i had 5
proptries 2 of them were vacent then so i sold them and
bought more stocks i was buying all the IPOs and all
the money i had went in stocks,
market kept falling from april 2000 and although i
have invested $100s of thousend more my trading
account was down to $1.5 million in march 2001,
there was a 3 day trading seminar by Criss Manning in
london (april 2001) so i went there(about $3000. fee)
there he teaching about charts and indicater and how
to trade,he said if stock close above 15 ma and rsi 21
going up you should be long and short if reverse and
money can be made both ways,i had never been short
also i learn about option there,
well all my stocks must be under 15ma so i decided
when i go home i will sell all of them,when i came
back from london markert had been going up last 3 days
so i dident sell,few months later i sold all stocks and go short
market then started going up and i was short
then i joined a fee based trading chat room i will call
the owner P here,p is very good trader and world class
poker player,he daytraded and also swing traded, mostly
shorted stocks that had up too much
on news or long if has fallen to much and if trade go
against him he would add more and more to it,he exit if
he was down more
then 40% or higher,
i followed his trades, some times i could not get filled
at or nere his entry and missed trade or could not borrow
the stock to go short from my broker, i was profatble
first few month not as much as him,then i increased my trade
size, 1 trade he coverd for a loss and i had big position
in it and wasent willing to take a 40% loss and i keep
adding to it to take a even bigger loss(i lost all profit
i had in last 6 months),i was in Ps room 1 year and down
about 10%,i learned here how to add to a losing trade,
then on a trading form i read a post by trader who also had
a fee based trading room($400. a month)i will call him WX here
,i went to his website
and it claime
they were highely profatble and traded stocks and options
both intraday and swing tradeing,
i took a 2 week free trial ang then subscribed to WXs room
WX was tradeing big size and claimed he was making up to $100k
a day ,there was 500+traders in the room,WX wasent in room
most of the time his staff were posting trades,
ther were too many
trades posted many were already up 10% when posted,there were
no exits posted we have to manage trade our self ,
there was no updates on losing traded,i was taking all the swing
trades and option trades,some day trades ,i dident know how to
manage trade after entry,so i was looking at text posted by other
traders,there were some star traders there who were posting there
trades and profatble exits,i was taking there trades also after entry
i was looking at text to see when they exit ,i dident see exit on losing
trades .also i was taking my own trades.
i was in this room for 15 months and i dident know what i was
doing, i had no idea where to stop out
i was only looking at text posted by other traders,
i dont know how much i lost in this room may be 40-50% of my account.
i dident look at my trading statments or remaning balance or how much
i was
making or losing each day or month.
so after 15 moths in WXs room i joined another room, i will call the
owner J,in Js room i learned how to make a losing day trade into a swing
trade,j was trading stocks like GOOG for quick 1 or 2 pts scalps
if trade go against him he will keep adding to it till he can get out
at breakeven or he will take the trade to next day or week and add big
size to get breakeven,this room had audio so that give some rest to
my eyes,i missed most of entrys because as i was getting filled he was
+1 so i tryed his style trading ES,NQ and YM eminis,no stops and not
looking at chart some times,and no one to tell me where to exit,
i was in Js room for 1 year,
then i try few more rooms and Woodies room (free) woodies system is profatable
if all the rules are followed,but i had learned so many bad habats
from my self and other traders i followed so i bought and leased auto
trading system($1000.a month)they dident work ,
there must be something out there easy to trade so i thought forex will
be easy ERUO was nere all time high so it must come down ,doller cant go down
for ever ,so i shorted EC using Js sysle and keep adding to it as it
went higher after 3 month and margen call i coverd,biggest single losing
trade i did was to short ES emini @1200 my target was 1198 and at 1202 i
added more i had a chance to cover at b/e few days later,as it was going
higher i keep adding to my short till i could ,i cover it @1324 -124pts
from my entry,
seems like i was fighting the market for my losses duiring 2000-2003 when
i was long,
i have learned many lessons from my mistakes but there is more work needed
and i have to unlearn bad habbets,
i am using hard stops
now and entry signles from my strategy that is profatble if i wait for
right entry,
million
it is very hard to write this but i said before i will
explain how i did it so here it is,
it was nere the end of yere 1998 i had a electoroics
businness for 20 years and was doing well,i recived
a copy of monthley stock tip sheet in post after
reading
i subscribed to it ,i then opned a account with broker
and bought some stoks from tip sheet about £30k,i got
intrested it investing in stocks and subscribed to few
more tip sheets and share magazines and reading stock
pages in newpapers in april 1999 i won the 2nd prize
of £67k in uk lottery
i invested all that in 7 stock from tip sheets,3 of
them went up quickley, BLT, ARM, LSB,i had bought BLT
for £3 and it went to £4.50 then fall back to £4.00,i
sold at £4.00 few months later at was up at £7.00 and
tiped again so i bought it again,ARM i bought this at
£7.05 and it soon went to £9.50,then fall back to
£8.00i got stoptd and then it
ralley to £9.00 i re enter that at £9.05,LSB i bought
it £10.00 it went to £12.00 and fall back to £10.00 i
got stoptd out and then it went up very fast and didnt
buy it soon it was trading at £54.00 these were all
tech and internet stock.
so i learned from these 3 trade to buy and leave it
alone.
i read a artacle by Warrn Buffet in newpaper that if
you dont want to keep a stock for ten years then dont
even look at it.so i kept doing reserch into
best internet, tech and biotech stocks and kept buying
all the best ones,i put all my saving in stocks,then i
read that all the best tech and internt stock are
listed on us stock markets,so i open a account in usa
and i bought all the best performing stocks and
wacthed cnbc all day and did reserch on internet to
find more stocks and sold most of my british stock and
sent the money in my usa trading account
market was going up and up and i keep buying stock
that were making new highs,
in march 2000 my usa trading account was over $3 million i
had hunderd of stocks all tech,internt and
biotech,average gain was 500%,markets went down in
march 2000 but went up again next month,i was invest
for 10 yares so pullback dident worry me,then i though
why i am running a business when my stocks are doing
so well so i sold the businees and investd all that in
market,i also started using the margin and i had 5
proptries 2 of them were vacent then so i sold them and
bought more stocks i was buying all the IPOs and all
the money i had went in stocks,
market kept falling from april 2000 and although i
have invested $100s of thousend more my trading
account was down to $1.5 million in march 2001,
there was a 3 day trading seminar by Criss Manning in
london (april 2001) so i went there(about $3000. fee)
there he teaching about charts and indicater and how
to trade,he said if stock close above 15 ma and rsi 21
going up you should be long and short if reverse and
money can be made both ways,i had never been short
also i learn about option there,
well all my stocks must be under 15ma so i decided
when i go home i will sell all of them,when i came
back from london markert had been going up last 3 days
so i dident sell,few months later i sold all stocks and go short
market then started going up and i was short
then i joined a fee based trading chat room i will call
the owner P here,p is very good trader and world class
poker player,he daytraded and also swing traded, mostly
shorted stocks that had up too much
on news or long if has fallen to much and if trade go
against him he would add more and more to it,he exit if
he was down more
then 40% or higher,
i followed his trades, some times i could not get filled
at or nere his entry and missed trade or could not borrow
the stock to go short from my broker, i was profatble
first few month not as much as him,then i increased my trade
size, 1 trade he coverd for a loss and i had big position
in it and wasent willing to take a 40% loss and i keep
adding to it to take a even bigger loss(i lost all profit
i had in last 6 months),i was in Ps room 1 year and down
about 10%,i learned here how to add to a losing trade,
then on a trading form i read a post by trader who also had
a fee based trading room($400. a month)i will call him WX here
,i went to his website
and it claime
they were highely profatble and traded stocks and options
both intraday and swing tradeing,
i took a 2 week free trial ang then subscribed to WXs room
WX was tradeing big size and claimed he was making up to $100k
a day ,there was 500+traders in the room,WX wasent in room
most of the time his staff were posting trades,
ther were too many
trades posted many were already up 10% when posted,there were
no exits posted we have to manage trade our self ,
there was no updates on losing traded,i was taking all the swing
trades and option trades,some day trades ,i dident know how to
manage trade after entry,so i was looking at text posted by other
traders,there were some star traders there who were posting there
trades and profatble exits,i was taking there trades also after entry
i was looking at text to see when they exit ,i dident see exit on losing
trades .also i was taking my own trades.
i was in this room for 15 months and i dident know what i was
doing, i had no idea where to stop out
i was only looking at text posted by other traders,
i dont know how much i lost in this room may be 40-50% of my account.
i dident look at my trading statments or remaning balance or how much
i was
making or losing each day or month.
so after 15 moths in WXs room i joined another room, i will call the
owner J,in Js room i learned how to make a losing day trade into a swing
trade,j was trading stocks like GOOG for quick 1 or 2 pts scalps
if trade go against him he will keep adding to it till he can get out
at breakeven or he will take the trade to next day or week and add big
size to get breakeven,this room had audio so that give some rest to
my eyes,i missed most of entrys because as i was getting filled he was
+1 so i tryed his style trading ES,NQ and YM eminis,no stops and not
looking at chart some times,and no one to tell me where to exit,
i was in Js room for 1 year,
then i try few more rooms and Woodies room (free) woodies system is profatable
if all the rules are followed,but i had learned so many bad habats
from my self and other traders i followed so i bought and leased auto
trading system($1000.a month)they dident work ,
there must be something out there easy to trade so i thought forex will
be easy ERUO was nere all time high so it must come down ,doller cant go down
for ever ,so i shorted EC using Js sysle and keep adding to it as it
went higher after 3 month and margen call i coverd,biggest single losing
trade i did was to short ES emini @1200 my target was 1198 and at 1202 i
added more i had a chance to cover at b/e few days later,as it was going
higher i keep adding to my short till i could ,i cover it @1324 -124pts
from my entry,
seems like i was fighting the market for my losses duiring 2000-2003 when
i was long,
i have learned many lessons from my mistakes but there is more work needed
and i have to unlearn bad habbets,
i am using hard stops
now and entry signles from my strategy that is profatble if i wait for
right entry,