What Will You Do When You Go Bust?

feel really pissed until the frustration fades. then you get yourself back up again if you still really want to do it. hopefully this time you'll be a little smarter.

it's really the same as any other type of learning experience. you make mistakes and (hopefully) learn from them. in the short term, you don't want to make mistakes, but in the long term, they are ultimately what allows you to succeed.

the thing with trading is, the stakes can be very high. if you make really bad decisions, you can lose everything. on the other hand, if you make it, the rewards can be so great.
 
Have reasonable expactations.

It's better to make just a $3,000-$4,000 a month instead of chasing $20,000 a month only to end up broke. Make $150-$200 a day and you will do fine. Making that much is not necessarilly that tough with an appropriate plan and self-discipline, but I agree that it can take some time to get there.
 
Traderprofits said"


"So, if my expectation is $100k / month, what would be reasonable to make?"


Might I suggest the lottery instead , you chances will be better :p
 
My advice: go to a prop firm, start trading pairs, double up if it goes against you. It has a very high probability of making a reasonable profit, and a very small probability of making a huge loss. Just by luck and randomness you'll have a good chance of making a fortune!!! If you blow up (which you eventually will sooner or later), go to another prop shop and start all over again. But put aside some money on the way for your pension. Just by sheer luck you'll have several 20K months!!!
 
Trading is boring work...and should be treated as such.

There is no pat answer..you either make it ir you don't!


As far as I can see, you always have to be on the lookout for a fail-safe: ex. you never know how much of your equity you will have to blow thru: In 2001 had 40K worth of household expenses!

This is the big variable....that 40K almost put me out of biz;

My advice to you is to come back to trading when you can do it w/o issue!

Good Luck...David
 
You have been given some very sound advice in previous replies. Take all the positives from these replies and also take the time to step back from the market and organize yourself both financially and personally. Decide exactly what you wish to trade ie shares, currencies or indices etc, do not try to trade too many markets. I only trade indices therefore my workload is minimized in terms of analysis. The next step is to learn to trade, if you have missed the move do not chase it wait for the next opportunity, any decent market move (intraday or otherwise) will as we all know have more than one phase. This helps me to keep emotion out of the equation.

Fight the war not the immediate battle.

good luck for the future, it will come right for you if you yourself become clear headed about your trading strategy and objectives.
 
EQUIPMENT

Figure it out for yourself, my lad,
You've all that the greatest of men have had,
Two arms, two hands, two legs, two eyes
And a brain to use if you would be wise.
With this equipment they all began,
So start for the top and say, "I can."

Look them over, the wise and great
They take their food from a common plate,
And similar knives and forks they use,
With similar laces they tie their shoes.
The world considers them brave and smart,
But you've all they had when they made their start.

You can triumph and come to skill,
You can be great if you only will.
You're well equipped for what fight you choose,
You have legs and arms and a brain to use,
And the man who has risen great deeds to do
Began his life with no more than you.

You are the handicap you must face,
You are the one who must choose your place,
You must say where you want to go,
How much you will study the truth to know.
God has equipped you for life, but He
Lets you decide what you want to be.

Courage must come from the soul within,
The man must furnish the will to win.
So figure it out for yourself, my lad.
You were born with all that the great have had,
With your equipment they all began,
Get hold of yourself and say: "I can."

--Edgar A. Guest
 
i'm not a big poems guy, but i've always liked this one:

when things go wrong as they sometimes will,
when the road you're trudging seems all up hill,
when the funds are low and the debts are high,
and you want to smile, but you have to sigh,
when care is pressing you down a bit,
rest, if you must-but don't you quit.

life is queer with its twists and turns,
as every one of us sometimes learns,
and many a failure turns about
when he might have won had he stuck it out;
don't give up, though the pace seems slow-
you might succeed with another blow.

often the goal is nearer than
it seems to a faint and faltering man,
often the struggler has given up
when he might have captured the victor's cup.
and he learned too late, when the night slipped down,
how close he was to the golden crown.

success is failure turned inside out-
the silver tint of the clouds of doubt-
and you never can tell how close you are,
it may be near when it seems afar;
so stick to the fight when you're hardest hit-
it's when things seem worst that you mustn't quit.
 
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