You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
Took out a loan to transition to full-time trading. 24 years old.
- Thread starter wabu27
- Start date
Luck is exactly what it was.that is not so fair, he was in luck and made fabulous profits from last tuesday to friday. hope he recover the loss like he did last week, but his confidence is pretty shaky this time
Not entirely. I think he's stumbled onto something but doesn't quite understand what it is yet. Watching his vid it's quite obvious he's using a mean reversion type strategy. It's an initial idea but he's still a ways off from developing it into a full viable strategy. He's at the equivalent of discovering that if he smash two rocks together he can get fire. But has yet to understand why that it so.Luck is exactly what it was.
However, you can kind of get a sense that he doesn't want to listen to other people but himself. Which is dangerous.
Well technically, I still have a few issue I'm trying to resolved. Mainly psychological issue like revenge trading, which I'm still struggling with. It's a tough mental barrier that's hard to defeat. I give up a lot of gains due to it. Today, for example I've kept hesitating at some of my stops only to find them becoming bigger losses then they should have been. If it wasn't for those issue I'll be filthy rich by now as my system is now functional. It just need the operator to learn how to use it.
And yes, risk control is something I'm taking a lot more serious now.
And yes, risk control is something I'm taking a lot more serious now.
I hope you are honest with yourself, these (being tired, sleepwalking....) could be just excuses of why you lost -45.3%.Day 31
-45.3%
I'm at the same point as last monday, after the 40% loss.
Overnight, starting sunday, i put on a small position. I was sleeping/waking up to check on my position and make adjustments. I was trying to get couple hundred bucks but got caught in a huge downfall and just bombed it. I dont know what the hell i was doing because by the time market opened i was down like $3000. Had no idea what's going on all day. Just exhausted right now. Holy crap this was the big drop i was waiting for for like 3 weeks and i totally rode it down, with a wrong position. Just o.m.g... what the hell happened this morning.
Maybe you need to revamp your system, the returns seemed like a set of random numbers to me.
Good luck.
Day 31
-45.3%
I'm at the same point as last monday, after the 40% loss.
....
"Every battle is won or lost before it begins" - Gordon Gekko - o.k. it is really from Sun-Tzu .
At post #484 Simples provided a lengthy list of links to sites that all deal with "Risk of Ruin". Apparently you have not looked at them, or have chosen to ignore them. A grave mistake.
Despite having created my own spreadsheets on risk of ruin years ago, I still looked at every one of those links. One of them has an extremely nice online calculator that works out the Risk of Draw Down in addition to Risk of Ruin. It is superior to my home built version and will use it going forward. So thank-you Simples.
My guess is that had you used these free online calculators, and read the articles, you would have seen that your method of trading was always doomed to fail. It has ZERO chance of success. With swings as wild as you have posted (and I take you at your word, and do not believe you to be a troll, but some may not share that opinion) you never had a chance. Blowing the original loan on liquor, hookers, and a good thick book on trading, would have left you feeling better, with better trading knowledge, and the same debt.
So my unsolicited advice. Stop trading, you're incapable of doing it presently. Use the money you have left for loan repayment. Get a job, and a second job, and pay off your debt. Read and learn about proper trading in the interim. The idea that this losing trading method will allow you to recover your losses and pay off your debt sounds like something straight from Gambler's Anonymous. You would do well to attend a few meetings.
This may have sounded harsh, but I believe your posts are genuine, and I believe your anguish is at an extreme with depression to follow. You have probably told some lies to family and friends to cover your failings, and those add you your sense of guilt and shame.
Stop trading and get some help.
Wabu27
Though you are making progresses in your trading, it seems to me you are quiet far away from potential TRADING profitability. Why don't you just save your real cash, trade on demo and continue updating your journal? After a while, some people here will pick up trading aspects you can improve on.
These are just an internet post, so take it with a pinch of salt, but who knows you might learn to improve your trading in some ways by going demo just now.
Though you are making progresses in your trading, it seems to me you are quiet far away from potential TRADING profitability. Why don't you just save your real cash, trade on demo and continue updating your journal? After a while, some people here will pick up trading aspects you can improve on.
These are just an internet post, so take it with a pinch of salt, but who knows you might learn to improve your trading in some ways by going demo just now.