Losing Money Is The Worst

[themickey]

There's a thing with noobs and shorting on ET, my personal thoughts on the matter, it's an ego thing.
Noobs are basically clueless and they do stupid things without doing research, we've all been there so not ruling myself out.
But a little tip, shorting is a mugs game.
If you know statistics, only a minority of traders are profitable and that's trading long.
For short traders it's even harder again.
I do think penny stocks are usually more profitable to short than big and mid caps, but it's a difficult end of the spectrum to trade penny stocks, big swings, unpredictable, erratic, not supported by fund managers.
One needs to be super alert and focused which is not easy at the best of times, as well as being experienced as a trader.

 

[tonyf]

It's an over-hyped USA TV sitcom spin-off from the show Cheers, which was very popular in the 1990s. Kelcie Gramer is a good actor and all, but the ST Next gen stuff (and their spin-offs) are way more enriching in story and spirit.

What is ST next gen?

 

[maxinger]

whatever it is, don't lose your life.

 

[ph1l]

What is ST next gen?

https://en.wikipedia.org/wiki/Star_Trek:_The_Next_Generation

 

[tonyf]

What would most people prefer to make:

1) 7 per cent net return with 5 per cent capital at risk of loss
2) 13 per cent pa with 15 per cent at risk?

 

[misti]

Here is some loss porn for you all...Had a short position jump 80% over night due to buyout news and of course my SL got triggered waaaaaay beyond what it was set at this morning at the height of the jump. Lost $3,800...just add that to the, i dont know, like $10k i lost last month on retarded options plays. Days like this make me want to throw in the towel, go work a 9-5, slowly start balding with a perma-grimace on my face because i know my wife is banging the neighbor, get divorced and live off of frozen "hungry man" dinners until i die of a heart attack in front of the TV watching Fraiser reruns at the ripe old age of 55.

Usually when i suck at something i want to be good at...i work hard, get better, and eventually do quite well with it. Trading just isnt quite going that well for me...I may actually suck more now than when i started. Going now to play marco polo in the bathtub with my microwave.

Congratulations, you are 1 step closer to be a real trader , no pain no gain,,,,,, I'm telling you this for my real life experience too,,,, it hurts but it will make you a better trader for sure if you want to persist ,,,,,, money management is your only lifesaver at least will keep you more time in this business , this is not a sprint is a marathon,,,,,it took me 8 years to realized this...!!

 

[zghorner]

Please no more PMs begging for capital claiming you can trade for me and take a cut...I’m not interested thanks.

 

[tonyf]

Here is some loss porn for you all...Had a short position jump 80% over night due to buyout news and of course my SL got triggered waaaaaay beyond what it was set at this morning at the height of the jump. Lost $3,800...just add that to the, i dont know, like $10k i lost last month on retarded options plays. Days like this make me want to throw in the towel, go work a 9-5, slowly start balding with a perma-grimace on my face because i know my wife is banging the neighbor, get divorced and live off of frozen "hungry man" dinners until i die of a heart attack in front of the TV watching Fraiser reruns at the ripe old age of 55.

Usually when i suck at something i want to be good at...i work hard, get better, and eventually do quite well with it. Trading just isnt quite going that well for me...I may actually suck more now than when i started. Going now to play marco polo in the bathtub with my microwave.

I was just thinking about your post. How much is your (under) performance YTD?. I.e how much have you lost so far % wise?

 

[zghorner]

I was just thinking about your post. How much is your (under) performance YTD?. I.e how much have you lost so far % wise?

I’m down ~20% since I started day trading June 1st. Yea that’s embarrassing as hell and the reason I stopped myself...was doing great month after month consistently growing my account balance then BOOM F’d in the A. I’m currently not trading at all and spending all of my spare time trying to educate myself and when I feel ready I will work back in slowly.

 

[tonyf]

I’m down ~20% since I started day trading June 1st. Yea that’s embarrassing as hell and the reason I stopped myself...was doing great month after month consistently growing my account balance then BOOM F’d in the A. I’m currently not trading at all and spending all of my spare time trying to educate myself and when I feel ready I will work back in slowly.

Do you know what very long term US equities returns are (from the 1920s to date)? Around 7 per cent p.a. from memory.
That does not mean that you will recover your loss in less than 3 ys if you buy and hold a cheap SP500 ETF. But you are more likely than not to perform in line with market for next 30 ys.
Your alpha will come from your day job doing something else. You will likely live a bit longer too if you save yourself from the stress associated with daytrading as well.

Thats the kind of advice you will unlikely read on this forum.