Who has made it back from the bottom?

E

EEUT84

Quick background info: I started trading full-time three years ago and quickly became profitable, attributing much of that to a generous market and a great mentor. I enjoyed healthy profits my first year and second year. I began to "push it" this year, and quickly banked six-figures in the first quarter of 2010. Then I hit a big loss...and another...and another. I couldn't handle the losses, 2/3rds of which were caused by my own lack of discipline, lack of experience with large losses, etc. In six months, I have dropped my account to almost 10% of what it was, but I still have more than what I started with.

My confidence is thoroughly shot now, I seem to enter nothing but wrong trades, and I have a number of expenses I've acquired since my success. My strategy does not work near as well as it used to, and I need a complete overhaul of my risk management structure.

I am working on a number of new ideas at the moment, which is daunting. I cannot afford to lose anymore out of my account (due to dumb trading, at least).

The loss was quick and caused a large spike in my anxiety. How can you manage this to get back on the horse? I am seeking the advice of career traders who have been to the edge and back. I am trying to re-invent myself and make it over this hump, but I am afraid I may have dug myself too deep a hole.

If you have been in my shoes before, it is harrowing. I still want to be a lifetime trader, if that makes any difference. All comments are appreciated, thanks in advance.
 
Quote from tickmagnet:

You must be joking , you lost 10% and you are complaining?
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I think "to almost 10%" means the OP lost nearly 90% from the top of his (or her) gains.
 
Quote from EEUT84:

In six months, I have dropped my account to almost 10% of what it was, but I still have more than what I started with.
More...

It's a confusing post. If his account is 10% of what it was, that would mean he lost 90% of his account value. But he still has more than what he started with.
 
I have but it takes time. You need some time off tho and get your head in the game. You have a lot of work ahead of yourself and idk if it's worth it for you esp. with your increased expenses
 
Quote from EEUT84:

Read that sentence again.
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Get back on the horse, follow your rules, trade with smaller size the first month,

Look at it like a book, those losses were the last chapter, label it and move on to the next chapter.

Dont look back,,,,, the best qb in the NFL have a short term memory problem, they dont remember the prior recent plays in a game. They cant, because they know it has nothing to do with the next play. (sounds like trading)

Example of concurrent plays:, 5yrd pass, 10yrd pass, sacked, loss 15 yards, pass 40yards touchdown.

Stop looking in the rearview mirror, the future is ahead of you not behind.

EF
 
Disclaimer: I had a lot of trading experiences over a number of years but I am not a trading guru. So, take it for what it's worth...

I think your problem is you got over-confident. Hence:
1) You enter a trade before you have a confirmed signal. For this reason
2) You have larger than usual number of losing trades
3) You are so confident about yourself that you can't say: "I have had enough losses for this day (or week), I am gonna have a break to recuperate."
4) You don't exist a profitable trade early because you believe you can predict a larger move.
 
It's simple,

* Trade small (stop trying to push it) until your confidence returns.

* Markets are forever changing via volatility. Simply, your entry signal may be OK but your trade management after entry most likely needs to be adapted to the changed market conditions.

* Reduce your personal expenses to better manage your stress level when losses do occur.

* Contact your mentor is things continue the wrong direction.

Mark

Quote from EEUT84:

Quick background info: I started trading full-time three years ago and quickly became profitable, attributing much of that to a generous market and a great mentor. I enjoyed healthy profits my first year and second year. I began to "push it" this year, and quickly banked six-figures in the first quarter of 2010. Then I hit a big loss...and another...and another. I couldn't handle the losses, 2/3rds of which were caused by my own lack of discipline, lack of experience with large losses, etc. In six months, I have dropped my account to almost 10% of what it was, but I still have more than what I started with.

My confidence is thoroughly shot now, I seem to enter nothing but wrong trades, and I have a number of expenses I've acquired since my success. My strategy does not work near as well as it used to, and I need a complete overhaul of my risk management structure.

I am working on a number of new ideas at the moment, which is daunting. I cannot afford to lose anymore out of my account (due to dumb trading, at least).

The loss was quick and caused a large spike in my anxiety. How can you manage this to get back on the horse? I am seeking the advice of career traders who have been to the edge and back. I am trying to re-invent myself and make it over this hump, but I am afraid I may have dug myself too deep a hole.

If you have been in my shoes before, it is harrowing. I still want to be a lifetime trader, if that makes any difference. All comments are appreciated, thanks in advance.
More...
 
I started with a decently funded account but blew it away almost in one year trading everything from stocks, futures and forex. There was no beginners luck for me. I learned a lot in the process but have not been able to find an edge which will allow me to make it back.
 
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