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Time to Give Up
Started:March 27th, 2013 (04:47 PM) by Big Mike Views / Replies:55,863 / 414
Last Reply:October 21st, 2016 (12:21 AM) Attachments:3

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Time to Give Up

Old July 28th, 2013, 04:25 PM   #121 (permalink)
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I recommend watching this: The Captains (film) - Wikipedia, the free encyclopedia

Being a Star Trek enthusiast I thought that would be the focus of Shatner's documentary....but lo and behold it had a lot to do with the sacrifices all of these actors had to make to be a Star Trek Captain and how painful it was and is for many of them.



FXwulf View Post

In my very humble opinion making a career as a trader has much to do with sacrifice. I often sit out on my surfboard in the open ocean and reminisce about my journey to become a successful professional trader. Although I have "made it" , and achieved consistent financial independence over the past 6 years, the cost has proven extremely great.

Wulf


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Old July 29th, 2013, 12:31 PM   #122 (permalink)
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traders, trading and surfing the web trading are all suffering from the gridlock and in-ability to agree and put the mass of millions of willing, able bodied work capable citizens to work, on infrastructure or other significant and substantive (national) projects...

this industry is suffering with artificial and gamed earnings reports with guidance numbers that keep lowering expectations...

there's a low level at which any economy still has life and performs transactions for services and goods but not one where it is robust, and it seems the mighty US is not the only economy in the western world on life support and easy monetary policy support...

its not surprising that things keep coming undone on these low tides,

so dear friends,
once more into breach...

cry havoc and let slip.....

oh, I'm not a poet?

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Old August 1st, 2013, 12:16 PM   #123 (permalink)
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Vica-versa


My situation is a little bit tricky. I have been tagged with trading 1 years ago. I have been started ofc with forex/webinars/bots/signals etc... Long story, if you would like to read my trading journal, you can get the shorter version. Anyway. Right now I have a clear vision about I want to trade. I am pretty confident in my self, but what I have been realized some weeks back my professional life=my work is discracting me from my purpose of trading. Really. I was stressed, I was not able to sleep, I was bad with my family etc...
So yesterday I've said enough, so I resign. Still have some issues, but I hope that I can start trading in a few weeks. I know that this is the biggest mistake in futures.io (formerly BMT) reading, and I dont have unlimited saving, but:
- I have family who support me
- I have good connections in my work, so I have some safty net scenario, if trading is not for me
- I have vision, and trading plan to follow
- I have other plans like: start sporting, loose weight etc...
- I have confident
- And I have a good mentor to learn from

And I dont have to worry about the money for the next 3-4 months, which is not too much I know I KNOW, but still doable

- And last and not for least. I dont want to make 100K in 1 year. I would like to make 30K in 1 year, which could be reasonable, and more than enough for my family. So I believe me expectation management is fine as well

So, we will see. I know that this is not the best start, but speaking frankly, if you are working in a business/management consulting business 10/12 hours a day, and you have a family to take care of, it is almost impossible to make a smooth fading period between trading and professional life.

Comments are welcome:P

Máté
Full time traderLive journal here
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Old August 1st, 2013, 09:25 PM   #124 (permalink)
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matevisky View Post
My situation is a little bit tricky. I have been tagged with trading 1 years ago. I have been started ofc with forex/webinars/bots/signals etc... Long story, if you would like to read my trading journal, you can get the shorter version. Anyway. Right now I have a clear vision about I want to trade. I am pretty confident in my self, but what I have been realized some weeks back my professional life=my work is discracting me from my purpose of trading. Really. I was stressed, I was not able to sleep, I was bad with my family etc...
So yesterday I've said enough, so I resign. Still have some issues, but I hope that I can start trading in a few weeks. I know that this is the biggest mistake in futures.io (formerly BMT) reading, and I dont have unlimited saving, but:
- I have family who support me
- I have good connections in my work, so I have some safty net scenario, if trading is not for me
- I have vision, and trading plan to follow
- I have other plans like: start sporting, loose weight etc...
- I have confident
- And I have a good mentor to learn from

And I dont have to worry about the money for the next 3-4 months, which is not too much I know I KNOW, but still doable

- And last and not for least. I dont want to make 100K in 1 year. I would like to make 30K in 1 year, which could be reasonable, and more than enough for my family. So I believe me expectation management is fine as well

So, we will see. I know that this is not the best start, but speaking frankly, if you are working in a business/management consulting business 10/12 hours a day, and you have a family to take care of, it is almost impossible to make a smooth fading period between trading and professional life.

Comments are welcome:P

I read your post this morning and you popped into my head on my way home for dinner.
I don't think that as a coincidence so please consider what I am about to tell you.

I want you to post your trading results for the past 6 months.

If you can show that you consistently profited $2500 or more NET PROFIT every single month, for the past 6 months, than you have proven you can support your loving family with that $30,000/yr.

If you always do what you have always done you will always get what you have always gotten.
Celebrate because you executed your edge. Not because you won.
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Old August 2nd, 2013, 01:50 AM   #125 (permalink)
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Patrick S View Post
I read your post this morning and you popped into my head on my way home for dinner.
I don't think that as a coincidence so please consider what I am about to tell you.

I want you to post your trading results for the past 6 months.

If you can show that you consistently profited $2500 or more NET PROFIT every single month, for the past 6 months, than you have proven you can support your loving family with that $30,000/yr.

Thank you and I agree with you fully! In the ideal world you can collect as many safty check point as you can before you start trading. I am not saying that i will be successful. I hope I will and my original plan was to start trading in december. But it is not an ideal situation, and i know that I could fail and I also know that if I fail that will be because of lack of pratice and proven record history on papertrade.
Thus my plan is still the same. The trades what i will take morr like will be around news releases and post news trading methodes. I used to do it in the past but I didnt like it cause it was like cheating I have proven record for this for the last 6 months and my calculation was based on this history. But still it is risky i know and my family also knows that!

Máté
Full time traderLive journal here
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Old August 2nd, 2013, 07:59 AM   #126 (permalink)
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matevisky View Post
Thank you and I agree with you fully! In the ideal world you can collect as many safty check point as you can before you start trading. I am not saying that i will be successful. I hope I will and my original plan was to start trading in december. But it is not an ideal situation, and i know that I could fail and I also know that if I fail that will be because of lack of pratice and proven record history on papertrade.
Thus my plan is still the same. The trades what i will take morr like will be around news releases and post news trading methodes. I used to do it in the past but I didnt like it cause it was like cheating I have proven record for this for the last 6 months and my calculation was based on this history. But still it is risky i know and my family also knows that!

6 months of results might not be enough in order to draw any conclusions. Or at least, you should provide for some leeway in your estimates regarding trading income. Maybe you just had a good run in those 6 months.

I do not know how many trades you have done in those 6 months. If it was several hundred trades, then you can feel safer regarding your results as compared to it being, for instance, only 20 trades.

Also, how much percent of your initial trading capital is $30,000? I mean what percentage increase in your account equity do you expect to have per year? That can provide also some guideline about how realistic your expectations are. If you only have $10,000 it's something totally different than having $200,000 as starting capital.

You mention also a news event based strategy and paper trading. If your 6 months results were on paper and you traded news events, you should consider slippage in your calculation. In live trading you might not get the fills you had in paper trading.

All the best!

k

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Old August 2nd, 2013, 08:22 AM   #127 (permalink)
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karoshiman View Post
6 months of results might not be enough in order to draw any conclusions. Or at least, you should provide for some leeway in your estimates regarding trading income. Maybe you just had a good run in those 6 months.

I do not know how many trades you have done in those 6 months. If it was several hundred trades, then you can feel safer regarding your results as compared to it being, for instance, only 20 trades.

Also, how much percent of your initial trading capital is $30,000? I mean what percentage increase in your account equity do you expect to have per year? That can provide also some guideline about how realistic your expectations are. If you only have $10,000 it's something totally different than having $200,000 as starting capital.

You mention also a news event based strategy and paper trading. If your 6 months results were on paper and you traded news events, you should consider slippage in your calculation. In live trading you might not get the fills you had in paper trading.

All the best!

k

I do agree every point of your saying.
The initial capital is doesnt matter. The question is that what I am ready to loose, and it is different. Also very important the statistic, about the trades. If it is over 70-80% than you can risk more.
Slipage can also play, but it is not really happening postnews trade. That is the issue around spike trading. I am not spiketrading. I take 2-3 trades per a week, based on analysis, and based on fundamental overview as well. So it is different.
I am mesuring the gain in tick/pips, which is between 100-200 consinstansly in the last 6 month.

But once again this is not a justification, and every challanging comments are welcome, because I would like to analyse every trap before and not after. So thank you for your comment(s)

Máté
Full time traderLive journal here
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Old August 2nd, 2013, 09:23 AM   #128 (permalink)
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matevisky View Post
Thank you and I agree with you fully! In the ideal world you can collect as many safty check point as you can before you start trading. I am not saying that i will be successful. I hope I will and my original plan was to start trading in december. But it is not an ideal situation, and i know that I could fail and I also know that if I fail that will be because of lack of pratice and proven record history on papertrade.
Thus my plan is still the same. The trades what i will take morr like will be around news releases and post news trading methodes. I used to do it in the past but I didnt like it cause it was like cheating I have proven record for this for the last 6 months and my calculation was based on this history. But still it is risky i know and my family also knows that!

We need to see 7 screen shots.
One for each month of the 6 and the 7th should be the grand finale

If you always do what you have always done you will always get what you have always gotten.
Celebrate because you executed your edge. Not because you won.
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Old August 2nd, 2013, 10:54 AM   #129 (permalink)
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Patrick S View Post
We need to see 7 screen shots.
One for each month of the 6 and the 7th should be the grand finale

LoL, you sound like his mother Patrick. You've given him some pretty substantive counterpoints to what he is attempting, but no need to push.... he is an adult and responsible for his own decisions.

Cheers!

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Old August 2nd, 2013, 10:56 AM   #130 (permalink)
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lifeguardsteve88 View Post
LoL, you sound like his mother Patrick. You've given him some pretty substantive counterpoints to what he is attempting, but no need to push.... he is an adult and responsible for his own decisions.

Cheers!

I know I know!!
but Hey, He Asked

If you always do what you have always done you will always get what you have always gotten.
Celebrate because you executed your edge. Not because you won.
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