Why can't I make money - when I know what do do?
- Thread starter Vespasian
- Start date
Ive seen this time and time again... former stockbrokers taking cues from their company's analysts on telling their clients on what to buy and sell but have no real perception on knowing how to read the markets by themselves.
If you cant get ahead in the trading business after all the help you've gotten then I would say...trading isnt for you. Move on and invest your money in something else like starting a business of some type...
P.S. Dont feel so bad bcuz you didnt make it in this business.. At least you tried.
Good luck to you, and....may the force be with you
If you cant get ahead in the trading business after all the help you've gotten then I would say...trading isnt for you. Move on and invest your money in something else like starting a business of some type...
P.S. Dont feel so bad bcuz you didnt make it in this business.. At least you tried.
Good luck to you, and....may the force be with you
by now you should know where the problem lies, just look into a mirror.Quote from Vespasian:
..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.
..
Should I quit or should I keep at it ?
If I get your point correctly, your below statement mean that your first instinct was right (going short) but since you are not emotionally stable and stick to your inmost belief then you allow market noise to change your decision, easily!
No mentor in the world could train you if you continue to allow such noise to overwrite your first and initial belief. Because everything he taught to you will be overwritten anyway by daily noise.
No mentor in the world could train you if you continue to allow such noise to overwrite your first and initial belief. Because everything he taught to you will be overwritten anyway by daily noise.
Quote from Vespasian:
Going into today I was looking for shorts and every trade I took was a long.
How you pretend to forecast price movements?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.
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 ?
Tech analysis?
Trading the "news"?
NONE of this approaches gives enough edge to overcome the fact that you have the odds against you (in terms of bid-ask spreads and commissions).
You don't know what to do.
If you open your eyes, you'll realize that brokers promote active trading so you generate lots of commissions.
Brokers don't care if you lose, they just want you to generate commissions.
If you are posting this than clearly YOU are not as savvy as you think (well most fuckers on ET think themselves as geniouses), because if a person is in the know, he/she is AWARE that "knowledge" is useless in trading...you must act and act right, cannot have fear and must have a shitload of money stashed elsewhere....all others are like most on ET, deer with the headlight suck on them at late night in the forest...
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.
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 ?
Vespasian,
My heart goes out to you â Iâve been where you areâ¦
Only you can decide if you want to continue or not
Right now you donât want to change bad enough â If you decide to press on then youâll need to change your internal wiring, or trading will never work for you
Sorry to say you have a lot more hell to go through as your journey has just started
My journey changed me permanently â a lot for the better, and some for the worse â but â it is what it is
No measure is too extreme if you want this (read into this statement what you will)
In past years I would have traded POT long today - today it never crossed my mind (not because of any set ups - but because of the way I've reprogrammed my head)
Redneck
My heart goes out to you â Iâve been where you areâ¦
Only you can decide if you want to continue or not
Right now you donât want to change bad enough â If you decide to press on then youâll need to change your internal wiring, or trading will never work for you
Sorry to say you have a lot more hell to go through as your journey has just started
My journey changed me permanently â a lot for the better, and some for the worse â but â it is what it is
No measure is too extreme if you want this (read into this statement what you will)
In past years I would have traded POT long today - today it never crossed my mind (not because of any set ups - but because of the way I've reprogrammed my head)
Redneck
One thing I noticed is...I know what to do , but I still can't make money.
I just got the IQ feed, and use 144 ticks , I trade mostly high volume ETF, like SRS FAS FAZ DIA DXD ...GS RIMM and POT.
I mostly try to find simple patterns, like, HH/HL , LH/LL / Double bottom, double top, head and shoulders, draw trendlines constantly, mark highs and lows, but I'm not able to make any money.
My entries arent good, and most of the time I lack "confidence" to place a trade. For example I could have bought FAZ 3 weeks ago @ 40/// I had a 200 shares order..but backed out....thing went to 80, then last thursday, I had another order @ 48.06 x 150 shares... I didnt place it, today its @ 75$. This is crazy, I seem to have the right idea/plan ...but I dont know what I'm doing wrong, what my problem is, I know confidence is one of them, maybe I should minimize my shares to like 50 / 100 instead, but the rest I just dont know.
What do you guys think ?
I just got the IQ feed, and use 144 ticks , I trade mostly high volume ETF, like SRS FAS FAZ DIA DXD ...GS RIMM and POT.
I mostly try to find simple patterns, like, HH/HL , LH/LL / Double bottom, double top, head and shoulders, draw trendlines constantly, mark highs and lows, but I'm not able to make any money.
My entries arent good, and most of the time I lack "confidence" to place a trade. For example I could have bought FAZ 3 weeks ago @ 40/// I had a 200 shares order..but backed out....thing went to 80, then last thursday, I had another order @ 48.06 x 150 shares... I didnt place it, today its @ 75$. This is crazy, I seem to have the right idea/plan ...but I dont know what I'm doing wrong, what my problem is, I know confidence is one of them, maybe I should minimize my shares to like 50 / 100 instead, but the rest I just dont know.
What do you guys think ?