what to do when you're screwed

Originally posted by TriPack
All the advice I quoted is classic. I've definitely learned something new from reading this thread. As for my thought for you I hope you understand that I'm saying this from the perspective of one who wishes to help and not hurt. Facing the music is good for the soul.

You need to do what was mentioned earlier and stop beating yourself up. You need to drop the Gordon Gekko fairy tale persona, and just be normal joe trader. Every time you read your signature you are reinforcing the fact that you were lucky to make money in the first place. Just start over and fill your mind with positive ideas about yourself the successful trader.

You need to stop saying things like "I suck". Even if you don't really believe it, your subconscious catches that phrase and believes it and thus eventually it becomes your reality and ends up sabotaging your success. You don't suck. You aren't a bad trader either. You are a good trader. Good traders are willing to do what it takes to turn losses into profits. Just because you have lost a bumch of money doesn't mean you aren't a good trader. Think of yourself as a winning trader. Really believe it is true. If you don't believe you are a winning trader then why trade? You have to do this in order to really start achieving success. And focus not on making money as your main goal. Focus on taking "your" trades and managing those trades well.

Redefine success as how well you follow / execute your trading plan and not as making money. You need to spend some time and get rid of the mental roadblocks that you have built up to success.
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Even though many traders make fun of the book, this is exactly what Oliver Velez says in Tools and Tactics for the Master Day Trader. Read at the wrong time, it's practically useless. Read at the right time, it can be very helpful. Though the same can be said of just about any book I can think of.

--Db
 
GORDO:

Excuse me but I have thought often that you SEEM TO WASTE TOO MUCH TIME. If I go on this site in the evenings or the odd time during the day , there's always some posting of yours . I've enjoyed reading them but my statement above still applies.

Maybe take a week off . Don't look at the markets. Get an evening job. In the day or half a day PAPER TRADE. And be honest. Write down every reason for taking positions and exiting . But you have to APPLY yourself with No distractions. Forget about mental games just paper trade all the time. Slowly but surely you will open your eyes and realize a lot . Even when you think you've got it continue paper trading and figuring . Best of luck. It will come.
 
Gordon,

Given your financial circumstances, do you think your trades are influenced by the desire to make a certain $ amount each day / week / month?

If so, a job (PT or FT) will help. When you become profitable, going to a pro firm will help increase your $ profits through the use of margin.
 
Two years ago I started to trading options on the AEX in Holland, I turned 5k into 150k in two months, everything I touched turned into gold, I thought I would hit a million in 6 months. Then 9-11 happened and I kept shorting the rally after that. Blew away about 300k in that period. Since april this year I'm trading e-mini's, for about a month I'm profitable. What turned it around for me was getting rid of the idea, that you have to catch every move in the market. Instead of that I focussed on trading one particular setup. Keepng it simple, that is really the key. Good luck.
 
Originally posted by Gordon Gekko
it's 3 (almost 4) years later, and i still suck.

now i'm down to only a few thousand dollars.
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Are you kidding me!?!?!?

You have a mental disease known as addiction. Stop trading, and get some help NOW!
 
True. But you know what sucks even more? Working from 9:30-4 PM, wearing jeans and a T-shirt, getting mentally drained by the chaotic market, and taking home NEGATIVE income and being unable to pay your bills! Now THAT sucks big time! At least in the corporate world, you have POSITIVE cash flow...
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That's fine -- but what about those days you wake up and make $2k before your hard-on goes limp? Meanwhile I am still half asleep next to the copy machine trying to act like I'm doing real work before one of my bosses comes by to give me more shit.

If you're trading full-time, you are probably net positive over a longer time period. If not, what is the point?
 
Go find a prop deal and learn how the hell to trade properly. You don't know what you're doing. It will take alot of pressure off of you, and you'll learn something in the process. If you keep it between the ditches, you'll be able to leverage the firm's capital alot faster than your own. If you're wildly successful, then you'll be peaking and will be ready to jump ship or re-negotiate your split and commissions just about when your contract is up. Speaking from experience here.

HOW, WHEN, AND WHERE WE CHOOSE TO TAKE ON RISK DETERMINES OUR RELATIVE SUCCESS IN TRADING. MONEY TALKS AND BULLSHIT WALKS. ALWAYS, AND I MEAN ALWAYS, TRADE TO MINIMIZE YOUR RISK.
 
A simple Recipe for winning:

1) Admit you are clueless

2) Do nothing until you find a(nother) small edge

3) Take the edge

4) Goto 1
 
Originally posted by stock777
A simple Recipe for winning:

1) Admit you are clueless

2) Do nothing until you find a(nother) small edge

3) Take the edge

4) Goto 1
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bingo

we have a winner..............
 
Originally posted by nitro
Post your trades please, and explain why you took the trades, why you got out, etc...

nitro
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GG, since you haven't done this, I take it you're not looking for specific entry/exit advice. If you already know when to buy and sell, then what's the problem?
 
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