What am I supposed to do now?

Quote from traderguy02:

I have been trading for about 5 yrs. First 2-3 yrs were part time just some simple buy-hold stock positions and learning about the market in general. For the last 2-3 yrs I switched over to position trading with options and eventually futures options. With stock options I actually made a decent amount of money.

I wish I could make the whole trading thing work, mostly b/c I love the environment the ability to be your own boss etc etc.. but I just don't know how in over my head I'm getting. Can't keep losing forever. Would love any suggestions from anybody who may have traveled this road before.
More...

================
Like the way FuturesTrader71 usually has some helpful business comments/organic health food insights;
even though his favorite time frame differs fcrom mine.

Traderguy2;
1]Dont give financial advice but sounds like you just would rather work own business, like many of us , than with a great company with IBM.
Never did consider ''sick days'' to be such a great idea anyway.

2]Until you find your calling, while shorter time frames are fine for some & diversification;
you said you made money swing /position trading.
=====================================

3]Wisdom is profitable to direct.

4]Would rather trade/make money on a larger time frame i can;
than keep losing , by focus only on bid/ask.

5]Shorter time frame trading could be a longer term goal.
Like to read Bright Trading Co, but simply have a candlechart
plan with bid/ask;
rather than the Bright Trading Company plan focus
on bid/ask, which is fine since thats thier plan.

In all labor there is profit.-Solomon,trader king


:cool:
 
Fusionz

"I take it you don't enjoy trading much?"

Well according to Dr.Elder, we as traders are not susposed to "enjoy" trading!. Here, let me quote a passage from 'come into my trading room':

pg 123
"beginners become emotional when they trade, but if you want to survive and succeed, you must develop discipline. the moment you feel fear or <b>JOY</b>, use this as a signal to tighten your discipline"

I dont know about you but wether i make money or lose money, I'm having the time of my life. I feel alive.
 
Ok so I have a question for all those that have extensive experience in this field then. I am 20 years old trading equities through my retail account and am going to UNLV. Im planning on majoring in Economics and would like to eventually get into a top firm as an investment banker. I have a 3.6 GPA so far and have great quantative skills as well. Unfortunately I do have a G.E.D. due to bad decisions made when I was younger so would I even have a chance of getting into a decent school let alone a big firm? Should i just get my degree and try and go the prop route? All opinions would be extremely appreciated.
 
Quote from jonathanv:

Ok so I have a question for all those that have extensive experience in this field then. I am 20 years old trading equities through my retail account and am going to UNLV. Im planning on majoring in Economics and would like to eventually get into a top firm as an investment banker. I have a 3.6 GPA so far and have great quantative skills as well. Unfortunately I do have a G.E.D. due to bad decisions made when I was younger so would I even have a chance of getting into a decent school let alone a big firm? Should i just get my degree and try and go the prop route? All opinions would be extremely appreciated.
More...

I remember many years ago when I was in college, quite a few people transfer from and to my U after two years (repositioning). If you keep your grade up, that could be an option to look into??

P.S. Sorry, I didn't see the "extensive experience..."
 
Quote from murray t turtle:

================
Traderguy2;
1]Dont give financial advice but sounds like you just would rather work own business, like many of us , than with a great company with IBM.
Never did consider ''sick days'' to be such a great idea anyway.

2]Until you find your calling, while shorter time frames are fine for some & diversification;
you said you made money swing /position trading.
=====================================
More...

So far it's good to have a job for the food and health insurance.
Trading (short term intraday) in the morning works out too without the added pressure.
I am quite happy with the arrangement (although very tired). New equity high today! :)
 
For those who are trying to figure out (short-term trading), someone (older and wiser) has recommended www.wattstrading.com to me ($25? for his manual). I don't trade his method but I know he is for real. I have visited his chat room a few times when I have general questions about trading. He was very helpful every time. He is a real nice insightful guy... like a FT71 incarnated. I don't visit his chat room much because his style is completely opposite of mine. If you see a neophyte going by the name "cookding"... that's me. :cool:
 
What am I supposed to do now?

[the drop-ship crashes]
Hudson: "Well that's great, that's just fuckin' great man. Now what the fuck are we supposed to do? We're in some real pretty shit now man... That's it man, game over man, game over! What the fuck are we gonna do now? What are we gonna do?"
Aliens.
:cool:
 
Traderguy,

Try to keep your focus which to trade! You can either see this bad time in two ways:

Financial

or

Emotional

If you see it as financial then you must keep trading. Markets will force you to have large drawdowns. Trading 101 is to protect your trading capital. Try retooling your strategy. Adapt to the market. Rethink your trades. Preserve your capital in tough times.

As far as I am concerned this should be a trading decision: Take into account market factors not "traderguy" factors in why you are losing money. This is really a test for you to seperate your emotions from trading.

Now if you are making a decision with the emotional perspective then yes, end trading at least for now b/c maybe the losses are taking a toll on you and you need to step back.

My concern would be your capital. Knowing that your strategy is not profitable I would work on not losing it. Try to find a decent job so you can build work experience. Trade longer term rather than intraday. Do this b/c you are now working a fulltime job. Fix your strategy before you spend your valuable capital. Who knows? you may actually like your new job.
 
You must log in or register to reply here.
Back
Top