Losing Money Is The Worst

[Turveyd]

This delusional retard thinks you can retire permanently in Thailand on 140K. Perhaps if you only eat rice and only rice every day.

Depends on how much you like lady boys and how old you are, likely live 20years less over there to, which is a big saving.

Say budget for 20years that $7000 per year I reckon you could do that easy peasy.

Cheap rented place, cheap car, cheap food, still better than working 40hrs per week and nothing at the end of the month to show for it.

 

[Hari Seldon]

 

[gaussian]

Boy pretty brutal advice here for a guy who made a mistake and admitted it.

Not everyone enters the market a savant.

So what exactly is your point? If you feel you have no chance of success, then you're better off getting a 9-5 job. Otherwise, learn how to trade properly. Throw all egos out the window and really, really, really FOCUS. What to focus? Price. That's all you need to know how to trade. Get to know everything about price behavior, eg. price action between bulls and bears.

Thanks for the chuckle - this has to be the least helpful of the brutal advice here.

 

[schizo]

Boy pretty brutal advice here for a guy who made a mistake and admitted it.

Not everyone enters the market a savant.



Thanks for the chuckle - this has to be the least helpful of the brutal advice here.

Actually, I've taken some time to think before doling out this advice. Come to think of it, this is one of the best advice I've given in a long time. If you took the time to read between the lines, you would I hope understand the gist of my argument. It's all about simplification (based on price). Hope the light goes off on some of you. This is called the Tao of trading.

 

[zdreg]

gist of my argument

It is the gist of your comment.

 

[tomorton]

Bingo. I shorted it and been bad holding forever only to have been green (barely) the last week. Hoping for it to break that $3.50 support and fall towards $3.0 again. My stop was set around $4.0 and I woke today only to see I got filled around $6.30. I should have set a tight stop in the first place and got out as soon as it went against me but oh well. I realize that I made some rookie mistakes here and got burned because of them. It’s just bad when the losses add up like this and the negativity sets in.

I don't know this stock and I now only trade forex. I rarely used to trade small cap stocks, the take-over risk is one of the reasons they were too random for my taste.

However, maybe these trades have consistently worked well for you in the past, in which case either -
1) this is pure bad luck: there's nothing to learn, ignore it and get on to the next trade
2) you have been unknowingly taking more risk than such opportunities are worth: but now you know, so stop trading these things.

Either way you're not out of the game yet.

(Looking at the recent TA it looked pretty bearish. I can understand the short.)

 

[zghorner]

Boy pretty brutal advice here for a guy who made a mistake and admitted it.

Not everyone enters the market a savant.



Thanks for the chuckle - this has to be the least helpful of the brutal advice here.

The hard time im getting from some is expected man im being a cry baby about the whole thing really but thought you all might enjoy seeing the pain i am feeling...something good from such a tragic adventure.

 

[tomorton]

Keep at it mate.

Its a common human reaction that emerges in trading oftentimes that when you have a losing trade its because you did something wrong. This is not trading-thinking, its school-thinking. In trading it has to be expected you can do everything right but still you will have losing trades. Its a game of probabilities so the probability that some trades will be losers is 100%.

In this case, I do suspect you're hiking deep into the jungle and you walked into a pothole. You can't see this stuff ahead so best stay out of that type of terrain.

 

[zdreg]

To zghorner:
What made you choose this specific stock to short?

 

[zghorner]

To zghorner:
What made you choose this specific stock to short?

because i've done pretty well shorting pennies that have pumped on mediocre news...especially like ACHN that generate no money and have medicine in early trials vs late etc...

I shorted it way back in late july when it got pumped after positive phase 1 trial results...then bag held it forever. It did come back just recently, i was barely green for a few days before the buyout news hit and did me in.

I say "i've done pretty well" but to clarify...my win % is high but ROI is low. This is a classic case of 1 loser wiping out the gains of multiple multiple winners.

To add insult to injury i have stepped back from trading the past few weeks to focus on educating myself before getting back in. I lost a lot in options in a short amount of time that caused me to shut everything down. So when this happened it was like getting kicked in the face when your already down lol.

A member PM'd me and recommended i look into Nassim Taleb's Incerto books before proceeded back into trading and after watching some of his speeches i think that would be a good idea.