I think his name sums himself. And yes karma is a bitch. Hood keep your chin up. Take things trade by trade. If you can pick up a job at night to pay your bills through your struggles to take some pressure off. If overnights are your killer than just stay away from them. Every loss is a lesson, if you feel that you can't do this right now then stop. You can always come back, if you feel you have it then just trade what you are sure of. Take it slow and when you get back stay humble. I wish you the best hood and what doesn't break you will make you stronger. Trade by trade is the only way back.Focus on each trade and everything will work out.
you can all laught at me- I BLEW UP
- Thread starter NY_HOOD
- Start date
I think his name sums himself. And yes karma is a bitch. Hood keep your chin up. Take things trade by trade. If you can pick up a job at night to pay your bills through your struggles to take some pressure off. If overnights are your killer than just stay away from them. Every loss is a lesson, if you feel that you can't do this right now then stop. You can always come back, if you feel you have it then just trade what you are sure of. Take it slow and when you get back stay humble. I wish you the best hood and what doesn't break you will make you stronger. Trade by trade is the only way back.Focus on each trade and everything will work out.
unfortunately this is one of those occupational hazzards. It has happened to me a few times and each time is a learning experience. actually there are only a few rules that a trader needs to follow but paramount is understanding the true implications. for example,do not hold overnight. make a list of things that can go right and things that can go wrong. trust me,more things can go wrong as over night takes away any form of control whereas an intraday position can be sold quickly if it goes the wrong way resulting in a small loss. your story is very similar to situations i have been in over the years as well as many others i'm sure. thats why your post really hits home.
stay stromg and by all means,believe in yourself. look at it this way,a good carpenter can do great work and every now and then do a shoddy job for whatever reason. he does'nt give up being a carpenter because he knows how good his skills really are. same with a trader,if you feel deep down that you are good and have had good streaks then stand tall and fight another day. its so much better to lose by breaking a trading rule than losing money by following your strategy. when that happens,there is a problem. stay strong my friend you will be fine.
stay stromg and by all means,believe in yourself. look at it this way,a good carpenter can do great work and every now and then do a shoddy job for whatever reason. he does'nt give up being a carpenter because he knows how good his skills really are. same with a trader,if you feel deep down that you are good and have had good streaks then stand tall and fight another day. its so much better to lose by breaking a trading rule than losing money by following your strategy. when that happens,there is a problem. stay strong my friend you will be fine.
Anyone who laughs has much too hubris to be in this business.
Good luck to you.
I'm sorry to hear about your troubles NY_HOOD. I have, likewise, blown up my share of accounts. The market is a vicious game. One thing I've learned to hate is to hold anything overnight. I found that I would obsess all night and weekend over anything that I held. The times that I did hold over the weekend, I would usually convince myself to blow it out on the first few ticks of the opening bell on Monday. By obsessing all night and weekend over it, I usually didn't sleep well, and the internal pain tolerance clock doesn't reset, which leads to stupid decisions the next day. It usually works out that if I did the rational thing I may have came out better. But that's the market for you, it screws with your psyche when you need it least.
Yes, yes, and yes. Times like these make you appreciate what's important. My wife has been through quite a bit over the years. Nowadays when I do something really stupid, I try cushion it so she doesn't have to worry with me. It may not be the most healthy thing to suffer in silence, but I figure either 1 person can suffer (me) or 2 can suffer (both). And being a trader, I figure 1 is better than 2. Also spend time with your kids, they just want you to play with them...
You are not a failure until you give up. You have kids so giving up on life is not an option. The only option open to you is to put this event behind you and learn from it and move forward with optimism and without regret. Maybe trading will eventually work for you but you need to find something that will allow you to achieve your goals in life. Maybe if you think about what your goals are you will realize that there are other paths to fulfilling them than by trading success alone.
In life it is not where you start that is important it is where you end up. At one point in my life I had to work as a gas station clerk for a few months to pay bills while I was awaiting a job that would utilize my Big Ten degree (geography had something to do with my limited options at the time). I wasn't just a young kid out of college either but someone who had owned property (fancy condo in DC and Chicago, new 7 series Beemer, thought nothing of dropping a few K taking friends out for dinner at the best restaurants) and enjoyed the good life and whose many white collar professional friends showed their true colors when I told them what I was doing). I could now buy that gas station. I remember that time very well and my choices were essentially BK and divorce or try and build it all up again. I am now married to the same woman 18 years later and have never since been close to that point financially and the friends that stuck by me are almost all still very good friends to this day. It was the biggest and most important lesson of my life, it taught me so many things about myself, life in general, that i would not trade it for anything. My current success and lifestyle also means so much more having been through that time. I hope that years from now you will look back at this dark time the way I do at mine. The Chinese are right when they say that from disaster comes opportunity. Who are you and what are you going to do with this opportunity. A man's character shows through in times of adversity.
As far as the trading goes you need to build some capital so swallow your pride and get a job. Then start paper trading. If you can not paper trade profitably for 3 months forget about starting to trade again. If you can trade profitably for 3 months start a C2 account with the capitol you will have at your disposal when you go live again. When you double your C2 account go live.
Get plenty of sleep as it has been shown the sleep helps the human brain to process emotional turmoil and stress. Take care of your health and maybe take some echineachea (stress lower your immune system and that herb boost it), work out if you don't already even if it is just going for a walk each day. If you have time take a day and go volunteer at a homeless shelter (this will give you a boost that you won't believe and help put things in to perspective).
Good luck, and remember your kids don't care that you lost some money if you are still there for them. Show them by example how to deal with the problems that life can throw at us and you will have achieved far greater success that any available in the treading arena.