Really need advise on my trading system

[Bad_Badness]

Forget about your losses and walk away. Consider it a tuition fee for the school of hard knocks. If you don't, you'll end up pissing away even more.

This! The fact you loss such a large amount and it was too much of your total net worth indicates two things:

1) You have a LONG way to go on risk management. Risk Management is not just some buzz word, but about 100 things one must and must NOT do. It will take a couple of years to get to a reasonable state because you are starting so far off.
2) Revenge trading is best left to those who know what they are doing, and you do not. The fact you are searching, means again, a LONG way off, and that will take you another 2 years of learning before you should even try again.

And when you try again, if you have learned anything, you will start small and build your way up. That is probably another 2 years.

So by 2030, you might get there. All the people who make money have a lot of experience.
@schizo has 10,000+ hours looking at charts, trading live in the trenches every day and not just during regular hours. I have probably more than 50K hours and getting up to 25 years of experience.

And for the love of God, ANY God, or even your doG, don't go searching for a quick solution.

In the meanwhile you can invest in some good stocks (nothing under $6 a share and with at least 500K daily volume), and hold. Then when you harvest, you can get the first 30K tax free.

Think of it this way, if it helps, You went into a competition and got destroyed, why would you go back when so clearly you are out matched, out gunned, and out witted.

 

[deaddog]

Greetings to all esteemed traders! I am a significant novice in the stock market, and the manipulative forces on Wall Street have led to substantial financial losses for me (35,000 USD), nearly my entire net worth.

Firstly it is not the markets fault.
Make a list of every thing you did or didn't do that caused your losses.
Stop doing that stuff.

 

[maxinger]

Greetings to all esteemed traders! I am a significant novice in the stock market, and the manipulative forces on Wall Street have led to substantial financial losses for me (35,000 USD), nearly my entire net worth.

I am seeking guidance on how you all conduct your trades. Is technical analysis a viable strategy for recouping my losses?

In an effort to recover, I have developed a tool that utilizes technical indicators to predict market fluctuations, compelling myself to make judgments on the rise and fall after discerning the trends from candlestick charts. (https://guessupdown.com)

Is this path truly the right one? I am in need of advice, and insights from those who have been in my shoes.

I just want my money back

How many hours have you spent learning how to trade and doing demo trading?

You should sweat blood, and spend > 50 000 hours.

I suspect you spent < 100 hours.

So my suggestion is for you to give up trading totally,
and look for other jobs that require very little effort.

 

[ironchef]

Greetings to all esteemed traders! I am a significant novice in the stock market, and the manipulative forces on Wall Street have led to substantial financial losses for me (35,000 USD), nearly my entire net worth.

I am seeking guidance on how you all conduct your trades. Is technical analysis a viable strategy for recouping my losses?

In an effort to recover, I have developed a tool that utilizes technical indicators to predict market fluctuations, compelling myself to make judgments on the rise and fall after discerning the trends from candlestick charts. (https://guessupdown.com)

Is this path truly the right one? I am in need of advice, and insights from those who have been in my shoes.

I just want my money back

Don't day trade.

Listen to @padutrader and @SimpleMeLike. The majority of day traders don't make money.

I have been day trading for a year - paper trade that is, and I am not going live any time soon. Why? I don't think I am ready.

@SimpleMeLike told me he paper traded for 4 years before he went live. @padutrader has been at it for over 20 years and you can ask him how profitable he is.

 

[ironchef]

This! The fact you loss such a large amount and it was too much of your total net worth indicates two things:

1) You have a LONG way to go on risk management. Risk Management is not just some buzz word, but about 100 things one must and must NOT do. It will take a couple of years to get to a reasonable state because you are starting so far off.
2) Revenge trading is best left to those who know what they are doing, and you do not. The fact you are searching, means again, a LONG way off, and that will take you another 2 years of learning before you should even try again.

And when you try again, if you have learned anything, you will start small and build your way up. That is probably another 2 years.

So by 2030, you might get there. All the people who make money have a lot of experience.
@schizo has 10,000+ hours looking at charts, trading live in the trenches every day and not just during regular hours. I have probably more than 50K hours and getting up to 25 years of experience.

And for the love of God, ANY God, or even your doG, don't go searching for a quick solution.

In the meanwhile you can invest in some good stocks (nothing under $6 a share and with at least 500K daily volume), and hold. Then when you harvest, you can get the first 30K tax free.

Think of it this way, if it helps, You went into a competition and got destroyed, why would you go back when so clearly you are out matched, out gunned, and out witted.

Great advice.

 

[twokick]

Good Evening twokick,

I feel your pain my friend. I lost about $25,000 last year and total of about $35,000 the past 8 years trying to be the ES futures master.

I wish I had those losses back now more than ever. I could really use the -$35,000 I loss so far.

But I will never get it back. It is my fault and I have take accountability for my losses.

I have a buddy lose nearly $600,000 trading options and another guy I know loss nearly $80K on NQ futures.

I have no answer for you buddy. But everyone on ET forum have taking losses.

Just keep on trying buddy. I have no advice man.

T_T T_T

 

[twokick]

First things first...How do you know you do not have a gambling addiction vs being a trader?? Take a hard look and ask others you trust.

I would walk away from trading for about 5 years. Do not put good money after bad!!

Find a job with a matching 401k...Stay at least 5 years for total/complete vesting (most companies require 5 years).

If you have a self employed job, fund an IRA...With a combo of S&P 500 and money market funds.

This may sound crazy...But I heard it in junior college (about 1974), from my college professor...Personal Finance (he had an MBA from Harvard). Consider working in the family business. Yeah, I know you probably hate it (as I did...And swore I would never go into it), but there can be a living made out of that business.

The last piece of advice for now. Once you have a good down payment, buy a home or townhouse. Find the worst house in the best location. Make sure it is structurally sound and just needs cosmetic work done to it. Look up the words "sweat equity".

Again, walk away from the market and rethink everything...

thanks a lot !

 

[twokick]

First things first...How do you know you do not have a gambling addiction vs being a trader?? Take a hard look and ask others you trust.

I would walk away from trading for about 5 years. Do not put good money after bad!!

Find a job with a matching 401k...Stay at least 5 years for total/complete vesting (most companies require 5 years).

If you have a self employed job, fund an IRA...With a combo of S&P 500 and money market funds.

This may sound crazy...But I heard it in junior college (about 1974), from my college professor...Personal Finance (he had an MBA from Harvard). Consider working in the family business. Yeah, I know you probably hate it (as I did...And swore I would never go into it), but there can be a living made out of that business.

The last piece of advice for now. Once you have a good down payment, buy a home or townhouse. Find the worst house in the best location. Make sure it is structurally sound and just needs cosmetic work done to it. Look up the words "sweat equity".

Again, walk away from the market and rethink everything...

you're right, I can't distinguish "gambling addition or being a trader" at all.
sometime I just loss my mind and keep day trading which make me loss even more money...

 

[twokick]

I most likely have a chunk of your losses, being I have 4.5 decades of investing/trading experience, am surprised you would trade against my brothers and me. Oh, I don't give refunds.

One huge mistake is not knowing about the markets and relying on sites, if these sites were any good, originators would be trading it.

Learn charting, risk little and target large.

thanks sir, So in your point of view， charting can help? are there any rules when I learn charting?

 

[twokick]

This! The fact you loss such a large amount and it was too much of your total net worth indicates two things:

1) You have a LONG way to go on risk management. Risk Management is not just some buzz word, but about 100 things one must and must NOT do. It will take a couple of years to get to a reasonable state because you are starting so far off.
2) Revenge trading is best left to those who know what they are doing, and you do not. The fact you are searching, means again, a LONG way off, and that will take you another 2 years of learning before you should even try again.

And when you try again, if you have learned anything, you will start small and build your way up. That is probably another 2 years.

So by 2030, you might get there. All the people who make money have a lot of experience.
@schizo has 10,000+ hours looking at charts, trading live in the trenches every day and not just during regular hours. I have probably more than 50K hours and getting up to 25 years of experience.

And for the love of God, ANY God, or even your doG, don't go searching for a quick solution.

In the meanwhile you can invest in some good stocks (nothing under $6 a share and with at least 500K daily volume), and hold. Then when you harvest, you can get the first 30K tax free.

Think of it this way, if it helps, You went into a competition and got destroyed, why would you go back when so clearly you are out matched, out gunned, and out witted.

absolutely helpful to me! thanks a lot !