Wiped first account after 6 years...

[JKlatt]

DarkHorse91,

Thanks for sharing your experience with us. I can absolutely tell you that your journey, up until this point, is not uncommon and you are not alone. It's par for the course. It's important to realize that your experience is a success (because it really is!) rather than a failure. Yes, you haven't achieved what you originally set out to do (yet!), but you have learned A LOT and that is invaluable. Trust me. I've been there, done that.

I'd like to do my best to give you some advice, but I need some additional context before commenting.

What are your goals and motivations behind wanting to trade?

Are you looking to trade for a living (as a primary source of income?)

Are you looking to take a longer-term view of things, hold down a day job, trade on the side and beat the major market averages over an extended period of time?

Do you have aspirations of managing other people's money?

 

[Bry]

How are they a cancer to new traders? When I began trading 4 years ago more negativity from real experienced traders would have helped me develop realistic expectations, instead of all the positive trading vendor gimmicks and talk of the income of your dreams, etc.

Friends and family members will say that traders LOSE their money, that it is just GAMBLING,
negative stuff like that (and perhaps with some painful truth?). It is no wonder so much negativity shrouds trading. 91% of traders are losers; the goal is to get into the 9% club. As a newbie the negative talk really bothered me a lot. Now I just keep my mouth shut.

Someone who loves trading will keep doing it regardless of the dream stompers. We should not
need anyone's recognition. Trading is intensely personal.

 

[Redneck]

that it is just GAMBLING,

News flash - trading is gambling - in fact trading is considerably riskier than gambling

Do not delude yourself other wise

Each trade's outcome is uncertain - therefore unknown (Irrefutable Fact)

Now..., one can either choose to trade as a gambler.., or the house

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

Aside;

I posted above in another thread and someone responded back to the affect - the only way to trade as the house is set up a bucket shop

I like that person so I did not / will not bust on him - but he is clueless what trading like the house really entails

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

Stop with the ill informed advice

OP and Q3D have gone through some shit you can't even imagine - I can because I went though the same shit - blowing up is no fun

And I had to experience it twice before extracting my head out of my ass

What you think sounds reasonable - and is in the real world - does not work/ apply in the trading world

To succeed in this business - the real world rules need tossed out the damn window - and the exact opposite embraced

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

Trading is intensely personal

And to ultimately succeed - trading must become intensely impersonal - to the point where results simply do not matter / are not a reflection of one's self


One can do everything exactly perfect - and the trade still loses (breaks down)

One can do every conceivable thing wrong - and the trade makes money

These are additional absolute facts of trading

RN

 

[Redneck]

OP and Q3D have gone through some shit you can't even imagine - I can because I went though the same shit - blowing up is no fun

btw - Q3D this does not mean we will be taking warm showers together to the wee hours of the morning

You remain a (brooks) whiner in my book

RN

 

[dartmus]

How are they a cancer to new traders? When I began trading 4 years ago more negativity from real experienced traders would have helped me develop realistic expectations, instead of all the positive trading vendor gimmicks and talk of the income of your dreams, etc.

oh yeahhhhh, q3d!
folklore is incorrect.

If 1% of those who tried succeeded everyone would trade. 99.99% of those who try fail. My observation ignores the sheep in every house on every street in every town who gamble in the market. A few of them do quite well but they are not traders.

1 OneHundreth of 1 percent who try succeed at becoming traders. Not 1 out of 100.
1 out of 10,000.

Everyone including u q3d should find that encouraging and occupy yourselves with tasks that bring you nearer to your goals of being traders. Or give up if you prefer and believe that's discouraging. Tho it's not meant to discourage you. I encourage everyone of u to become traders.

Spending the rest of your life trying to become a trader while simultaneously maintaining your strong focus on berating Brooks puts you at a distinct disadvantage q3d ...relative to your 9,999 competitors doing everything they can to become traders ...but that doesn't dissuade me from my hope for your success.

 

[dealmaker]

Apologies if this is in the wrong area, it's more a backdrop and then a request for advice (no, I'm not going to ask for your strategies).

I was initially introduced to stock trading back in 09 and suffice to say, I gambled and chased rainbows - I could be up a few thousand to then go and lose it all by buying on a spike and selling out at a loss of 60%.
After burning through what amounted to about 8000-10000 I "quit", I was simply chasing the next thrill and was honest enough to admit it to myself and stop.

Come 2012 I was introduced to a forex trader who wanted to train someone (yep I'm aware of the "those who can..." saying) and I was hooked once again, I honestly believed in this person and initially he'd spend hours on skype teaching me trends, indicators, candles etc, eventually he started running small training seminars. I spent a total between £3000-5000 on his courses and trading strategies - I've now thrown these away as they're ultimately BS and I know nobody making money off them, his shouts generally lose money and he exaggerates his claims and I now see he makes money off his seminars rather than all his trades.

I was very close friends with him but ultimately decided I cannot take money from people as naive/gullible as me and would rather earn an honest 9-5 pay than make money lieing and cheating people out of their hard-earned £'s, so I went my separate way.

It also happened to be late last year that I finally "wiped" my account and all funds designated for trading - so I essentially would have to start from scratch if I were to want to start again.

So, it's 2016 - I've tallied up my total "losses" from the account, to spending on seminars etc to be about £26K, but it WAS/IS money I could afford to lose as I have no debts etc...yet I find myself constantly looking at stock movements and currency pairs - yearning to get back in but doing it properly this time.

My query is simple - I know I need to start from scratch again, but where do I "start"?

I don't know if I should remain within forex, or go into stocks.
Are there any good books I can read, do I start with the basics and then start studying different strategies to see which naturally matches my personality and then tweak it to see if there's an edge?

The internet is awash with so much BS that I am finding it difficult to filter out what is pure cr@p and what is genuine, legit information - I believe it's not quite as complicated as most of us think it is, but it's getting to that stage that is the trial.

I am considering if I should start a journal on here - this is so I (and others) can see whatever becomes of me with regards to trading.

Take time off read a few books, attend a few free seminars/ webinars think and absorb what you have learned, repeat this process till you develop an unshakable belief and only then fund another account.