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you can all laught at me- I BLEW UP
- Thread starter NY_HOOD
- Start date
NY hood, I wish you well, I would also like to commend the posters who have shown you support, I wish evey thread was as respectful and dignified as this one, I am impressed, and it takes a lot to impress this old dog.
NY, cling, grab hold, get close to your family, you will now put your family relationship into perspective with material things. I know a whole lot of successful traders who are growing old and alone because of divorces, alchoholism, adultery etc. Your family is your yardstick of success not your trading or your job. How do I know this, I have been married for 24 years and I never would have lived through the blowups and drawdowns without my wife and our marriage to cling to.
Remember the great Livermore that everybody likes to quote around here? The man was a failure, died old and alone.
Get away from the market for a while, you are not a failure, you just need more time. Then work on a business plan for the future, save the 1-2 years salary needed to sustain you while you work on your trading. Think of it this way, if you were to open an automotive repair shop do you think that clients would be coming to you in droves from day 1? No, you need to build the clientele.
Well in trading the clientele is always there but you need a special set of skills that cannot be taught except by experiance, by putting your money on the line day after day after day, this is why you need the backup money to allow you the time to develop the emotional, intuitive and cognitive skills needed to be a consistant profitable trader.
Again I wish you well and remember family first
The Ever Family Oriented VIPER
NY, cling, grab hold, get close to your family, you will now put your family relationship into perspective with material things. I know a whole lot of successful traders who are growing old and alone because of divorces, alchoholism, adultery etc. Your family is your yardstick of success not your trading or your job. How do I know this, I have been married for 24 years and I never would have lived through the blowups and drawdowns without my wife and our marriage to cling to.
Remember the great Livermore that everybody likes to quote around here? The man was a failure, died old and alone.
Get away from the market for a while, you are not a failure, you just need more time. Then work on a business plan for the future, save the 1-2 years salary needed to sustain you while you work on your trading. Think of it this way, if you were to open an automotive repair shop do you think that clients would be coming to you in droves from day 1? No, you need to build the clientele.
Well in trading the clientele is always there but you need a special set of skills that cannot be taught except by experiance, by putting your money on the line day after day after day, this is why you need the backup money to allow you the time to develop the emotional, intuitive and cognitive skills needed to be a consistant profitable trader.
Again I wish you well and remember family first
The Ever Family Oriented VIPER
Quote from NY_HOOD:
this is what is making my decision so tough;whether to leave trading or not. i am actually pretty good.i make good calls and feel i have a certain ability to tell where a stock will go.these are usually stocks with news or stocks that are moving/breaking out of consolidationj on volume. now to my problem;its discipline. i never hold overnight but last night i bought CAE on an earnings release. they beat the numbers and i bought after hours at 77.68 when i saw the stock moving and i read the report. everything looked good and it went over 78 but i decided to hold and sell pre-mkt on an upgrade. looking at the chart i figured the 80 level would be a shoe in,ignoring the fact that the most important jobs report was due out this morning. anyway,CAE actually gets downgraded and it opens at 76. i actually sold at 75.40 pre-mkt because the job number scared the heck out of me combined with the down grade. luckily i sold because it went down another 5 points anyway,its always the same problem,i will have a good couple days or even weeks and then bamm! i make a dumb decision and hold overnight. i actually made 900 yeaterday and then gave back 400 so what did i do? i wanted to get back that 400 even though i walked away with 500 by making an after hours trade. i had 800 shares and figured i could sell at 78.50. it only went to 78.10 so i decided to hold over night and sell near 79. well,the rest is history. now that i am down so much at the open,i start to over trade to compensate for the big loss i took before the market ever opened and over trade and take a bunmch of small losses that add up on top of the big one i hit. when you have a day like this it takes all the wind from your sails and drians you completely to the point of exhaustion. i was shaken out of CRM, IDCC,and NYX(short) and a few others. bottom line,i was'nt trading with a clear head. had i not held over night,i would have started the morning off fresh with a clear head and made a good trade. its almost as if i keep asking myself; "how many lessons to i need to learn before i go broke,especially when iys the same lessons".
Wow you are making trading way too hard. There are people that trade like you posted above and make money. But not very many.
The benefit of a system is that the system makes all the decisions, and you just execute. If you set up the orders when the market is closed, you can almost eliminate any execution stress as well. If you can master your ego and keep it out of the way, you will make money with a system.
Find yourself a system.
Quote from NY_HOOD:
this is what is making my decision so tough;whether to leave trading or not. i am actually pretty good.i make good calls and feel i have a certain ability to tell where a stock will go.these are usually stocks with news or stocks that are moving/breaking out of consolidationj on volume. now to my problem;its discipline. i never hold overnight but last night i bought CAE on an earnings release. they beat the numbers and i bought after hours at 77.68 when i saw the stock moving and i read the report. everything looked good and it went over 78 but i decided to hold and sell pre-mkt on an upgrade. looking at the chart i figured the 80 level would be a shoe in,ignoring the fact that the most important jobs report was due out this morning. anyway,CAE actually gets downgraded and it opens at 76. i actually sold at 75.40 pre-mkt because the job number scared the heck out of me combined with the down grade. luckily i sold because it went down another 5 points anyway,its always the same problem,i will have a good couple days or even weeks and then bamm! i make a dumb decision and hold overnight. i actually made 900 yeaterday and then gave back 400 so what did i do? i wanted to get back that 400 even though i walked away with 500 by making an after hours trade. i had 800 shares and figured i could sell at 78.50. it only went to 78.10 so i decided to hold over night and sell near 79. well,the rest is history. now that i am down so much at the open,i start to over trade to compensate for the big loss i took before the market ever opened and over trade and take a bunmch of small losses that add up on top of the big one i hit. when you have a day like this it takes all the wind from your sails and drians you completely to the point of exhaustion. i was shaken out of CRM, IDCC,and NYX(short) and a few others. bottom line,i was'nt trading with a clear head. had i not held over night,i would have started the morning off fresh with a clear head and made a good trade. its almost as if i keep asking myself; "how many lessons to i need to learn before i go broke,especially when iys the same lessons".
Theres not many lessons you need to learn anymore other then:
Your trading method (daytrading 1 or 2 stocks randomly) you have, is always 50/50 random.
Any wins you had before, any losses, were all 50/50, thats what made you think you were making progress.
But in reality, it was just random luck some of them went your way.
Stop trading, Look at the P&L
What does the P&L tell you about profitable traders?
150,000 shares traded?
50,000 shares traded?
75,000 shares traded?
Find one who's trading 500 shares of something and holding all day and is still profitable day in and day out.
It is unlikely any of them trade in regard of market direction, Most of them are providing liquidity / market making/ arbing, of some nature. None of this depends on market direction.
<b>
Reality: Market direction is also 50/50 random.
</b>
Realize how you are trading will never be profitable no matter how much effort you put in, It was just 50/50 random.
I don't know why profitable traders don't tell traders whenever they see someone trading this style (95% of all retail traders , trade like this) from the getgo , All of them will lose money sooner or later.
Quote from NY_HOOD:
this is what is making my decision so tough;whether to leave trading or not. i am actually pretty good.
its almost as if i keep asking myself; "how many lessons to i need to learn before i go broke,especially when iys the same lessons".
You need to sit down and take a realistic assessment of your 'career'. Hanging out on ET will not help you accomplish this. I'm not saying this just to be a prick - you're going to filter out the things that you don't want to hear & and embrace the things that you do. Forget that crap. Make your OWN decision using 'what's REALLY best for you and your family' as your guide. Good luck.
Sometimes when you have a bad trade going it is very easy to start trading like a 16 year old trying to get laid for the first time. This is kind of what it sounds like you were doing. This is a problem that can be fixed by writing down not just your goals but have a solid escape plan and stick to it.
the one poster said that family is so important. thats so true and days such as this really put things in perspective. i know i should'nt feel this way but i look at my wife and my children and think of how much of a failure i have become. of course being negative is not productive but days like this leave you feeling lonely and depredded to a certain degree. hopefully a good nights sleep will clear things up. i really am shocked as to how many of you replied to my post with support and perspective. its really amazing and there are some real good guys on this board.
ny hood, failure and success have nothing to do with money.
The Ever Centered VIPER
Now go get some sleep
The Ever Centered VIPER
Now go get some sleep