Who has made it back from the bottom?

[jinxu]

4. Get a mentor or coach who knows the business. Much faster than learning by yourself, and more motivating and enjoyable. Also helps with risk control - if you had a 2nd opinion, they would have told you to cut your risk and size way before you lost 90%. Going solo is a lot harder.

just fyi, I'm in need of funds to trade and am considering selling my trading secrets to anyone who is interested.

 

[xxxskier]

watch this webinar on self-confidence for traders, made by Dr. Andrew Menaker, a trading psychologist. http://bit.ly/dw9ALA

 

[JPope]

Quote from jinxu:

just fyi, I'm in need of funds to trade and am considering selling my trading secrets to anyone who is interested.

? Are not you the newbie?

 

[Went Fishing]

Quote from EEUT84:

My confidence is thoroughly shot now, I seem to enter nothing but wrong trades,

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 think we've all either been there or were damn close. If your a trader, you'll find a way. A lot of good stuff in this thread, take what you want. I was given a "Commodities Traders Prayer" many years ago, it's still on my desk.

(use any Higher Power yo choose)
Keep me humble in my prosperity and strong in my adversity

And then there's always this http://www.youtube.com/watch?v=FS2belEBXyM&feature=related

 

[nokomisjeff]

Quote from EEUT84:



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).

Your strategy doesn't work because of the change of cycles and the fact that you're now behind the form. It's just like when people play the horses and the favorites are coming in 50% of the time and suddenly something changes and they only come in 10% of the time and the 6:1 horses are coming in 50% of the time. The publicmisses the cycle change in the horses and the cycle change in the markets. Cycle changes are great if you can catch them, but the general public is always behind the form being part of the general public, you're chasing a cycle that's passed you by. No malice is meant by calling you a member of the general public, but you are. Hell, I've been in the business for 32 years and I'm still in that category and I own 3 exchange memberships

Just don't let the scared money change you.

 

[wrbtrader]

Quote from jinxu:

just fyi, I'm in need of funds to trade and am considering selling my trading secrets to anyone who is interested.

What

On November 22nd you said the following...

Quote from jinxu:

No trades today. I've found a job and won't be able to trade for awhile.

Just keep working and save your money. If you have a low paying job...get another job that doesn't conflict with your other job. Heck, I funded my trading account back in the 80's via working three jobs (1 fulltime and 2 part-time) for two years.

Surely you can find some low level part-time job (cleaning, fast food, grocery store et cetera) for many months or a few years to refund your trading account.

Mark

 

[Eddiefl]

Quote from Redneck:

OP,

Hard to get into another’s head, even harder to determine what another person is, or is not capable of….

Lot of nice folks have responded, offered up several good suggestions too.

So what could I possibly contribute (thinking while I’m typing)

As I sit here I can only come up with one – some plain ole simple truth


Price is always right

Exit losers soon enough – you save your capital and your ass (you didn’t, and haven’t been)

Fundamentally the market has not changed since its inception (buying and selling is all there is)

Every trade’s out come is uncertain

Every trader has losing trades

We never know what price will do next

Ego has no place in trading (most likely at one time you felt you were 10’ tall and bullet proof – you’re not/ none of us are)

There is no glory, no meaning, no honor, no morality, no glamour, no higher purpose to trading than;

Protect capital first…, Make money second

==========================================================================================


And now here you are – you’ve been kicked in the balls because you didn’t follow these fundamental truths – okay…


Furthermore now you must get your head wrapped around the above, (probably for the first time), change your trading.., and get with the program – where before you’ve obviously neglected these small details…


I should also add simply thinking you can/ or have got it – will not cut it….


You must change your behavior – and you must change your actions – and if you do these – then you can rebound…

If you don’t – well like I said; here we are – and the bottom is still miles away (don’t believe me go ask Livermore – oh I forgot he put a bullet through his head)

==========================================================================================
I suppose at this point I should wish you good luck– however I do not believe in luck

On the other hand I do see trading, and life, as a journey – seldom is it a straight traverse – it winds hither and yond… There are times when the path is smooth, other times it is rough… on occasion the path is a dead end or strewn with road blocks….

Obviously you’ve hit a road block/ possibly a dead end – but you’re not dead so you still have an opportunity…

It is time to stop – and either reverse – or move forward – your choice


Should you prefer a more direct tone;

Either get your ass motivated, change your actions, then start at the ground and build back up… or not

============================================================================================

Not a very glamorous picture I paint is it – but then I’m not know for being glamorous – neither is trading for that matter


I wish you a Successful Journey – whichever way you decide…


One other thought – when it’s said and done – you’ll absolutely know what you’re made of – trust me…. (interesting how adversity does that to a person…)

And this will truly be the most precious lesson of all



Just some simple truth from a simple minded redneck
RN

to the guy who started this thread, take the above and print it out, Period, listen to it, read it, do it.

Not much more needs to be said, the guy who wrote this has seen both sides of the coin, as have I, except he can write better then myself.

Rednecktrader= the MArk Twain of Elitetrader
,,


Happy thanksgiving to all.

Ef

 

[tomdavis]

The first thing you need to do is understand WHY you suffered these losses. Is it strictly about loss of discipline? Or is your methodology no longer effective? These are two different problems requiring two different solutions. If you keep a detailed trade-by-trade journal (as all traders must), the solution to the problem is in your journal.

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.

 

[Picaso]

Quote from Eddiefl:

Rednecktrader= the MArk Twain of Elitetrader

Ef

+1

 

[DrEvil]

Quote from Ghost of Cutten:

Here's a plan:

1. Make survival your first priority, not making money. Your aim is to last long enough to learn the markets well enough to become good. You can't do that if you blow up. If you survive 2-3 years, you will begin to learn. So, trade small. Also, remember that scared money never wins. If you can't afford to lose anything, stop trading and save up money until you *can* afford to lose something.

2. Always look at the risk and the worst case scenario first, and choose your size so that you never risk big losses. Never choose size based on how much you want to make, or what will happen if the trade works, always base size on how much you are willing to lose and what will happen if things go wrong.

OP, this is the best advice you will get on these boards. Take note.