Why can't I make money - when I know what do do?

V

Vespasian

I have spent the last 3 years trying to learn the craft of trading (had minimum success) I finally broke down and hired an incredible mentor (that was referred by a good friend, who he helped turn his trading around).

I spent 3 months studying with this guy and I've learned how to use some amazing tools for reading the markets.

Going into today I was looking for shorts and every trade I took was a long. :confused:

This is truly becoming UNBEARABLE and I am at my wits end.

I've read all the psychology books and I've even had some counseling with a noted trading therapist but it never F ing changes anything.

I'm beginning to hate myself and I know now hate trading, after being so passionate about it for so long.

This really SUCKS !

Should I quit or should I keep at it ?
 
Quote from Vespasian:

I have spent the last 3 years trying to learn the craft of trading (had minimum success) I finally broke down and hired an incredible mentor (that was referred by a good friend, who he helped turn his trading around).

I spent 3 months studying with this guy and I've learned how to use some amazing tools for reading the markets.

Going into today I was looking for shorts and every trade I took was a long. :confused:

This is truly becoming UNBEARABLE and I am at my wits end.

I've read all the psychology books and I've even had some counseling with a noted trading therapist but it never F ing changes anything.

I'm beginning to hate myself and I know now hate trading, after being so passionate about it for so long.

This really SUCKS !

Should I quit or should I keep at it ?
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NEVER QUIT.
 
Quote from Vespasian:
Should I quit or should I keep at it ?
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The first question you should be asking yourself is whether you are in danger of causing yourself undue financial damage . If you are losing money you can't afford to lose, stop immediately. Even if you aren't, there's am argument for stopping for 6 months, given what you've said about your inability to stick to your plan. However, if you're playing with anything other than money that you could lose without affecting your financial stability, stop right away.

Others on here will tell you to keep trying until you lose it all because 'that's what it takes to be great' or some crap like that. I don't agree. If you are trading with fear of losing important money, you are most likely doomed anyway.

It is very very hard to admit that you can't do this, but in your case, given what you've said, it may be the case.

PS - I just saw the post you made where you say 'the markets are the worst I've seen in 25 years and if you're making money you're just lucky'.

Wrong.
 
I would suggest that you learn to observe price action without placing a bias on going long or short. When an opportunity to enter occurs, take it.

Otherwise just take a little break until you come to terms with why your thought processes and reactions are lacking discipline.

Best of luck.
 
Actually I bet that would hurt you way more, in the sense that your not coming in with a proper blank slate but rather with "experience" and probably a chip on your shoulder because you've been in the biz.

Trading though, is an entirely different beast. Forget ALL that you think you know and just focus.

Quote from Vespasian:

I was previously a Stockbroker, not a trader.


And to think I actually thought that I would actually have some advantage coming from that background.
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Quote from Vespasian:
.....?.....
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1) 3 years?.......If you don't "get it" by now, you never will.
2) You may have "baggage" that you refuse to let go of.
3) Let somebody else manage your money.
4) Let the market be merely a source of "entertainment" for you from the mainstream media. :cool:
 
Quote from cashmoney69:

Wheres your mentor?

what stocks did u buy/ and when?
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I've been in and out of POT all day all longs.

I had 3 other stocks on my watch list for shorts but they never set up and of course POT which I had as Neutral meaning that I could Mean Revision trade it. Did set up ! :mad:


My mentor is a private trader that was a client of another stock broker friend of mine.

I know he makes a fortune in the markets (verified) and he rarely ever takes people unless they are personally referred.

I'm even friggin too embarrassed to tell him what I did today because I feel like a total idiot and I think he would even tell me to stop trading.
 
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