Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
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Thank you Mike. Your purpose to start this site was noble indeed.
I work on the project, which is sort of "online rehabilitation" for people who struggle or even decided to quit trading or change their style so that they effectively learn to succeed, regardless of if they decide to keep trading or not.
Big problem with trading is mechanism of random gratification, identical to one in gambling. It leads to the same consequences and can literally ruin one's life if not managed properly. So there are people who may not just need another advice on how to trade, but maybe just how to live (again, with or without it).
That's the idea. Hope you don't mind me fishing for contributions for that purpose on your forum.
I lost control and blew up my trading account 3 times.
On 15 Feb 2007. I lost S$191K trading SGX MSCI Singapore Index futures. After trading for 2 years, I had zero profits and about S$70K of savings left. Lowest point in my life.
Lesson learned - Never average losers.
On 30 Apr 2009, I lost S$224K trading SGX MSCI Taiwan Index futures and another S$116K the next trading day on 04 May 2009. Total S$340K in two consecutive trading days. I surrendered my life insurance policy the next week, and an investment condominium a month later, to raise additional trading capital after the loss.
On 16Nov12 I lost S$570K trading SGX Nikkei 225 Index futures. Although my trading account was not completely wipe out, unlike the previous two major losses, I forced myself to take a temporary break from trading to reassess my situation. As a result of this major loss, my net trading income over the last 6 years, from 2009 to 2014 is next to nothing.
Lesson learned - Never, ever average losers.
There were two other "near miss" trading days where my trading account had floating losses that exceeded my trading capital but the market recovered and I had profits at the end of the trading session.
On Tuesday 15 Mar 2011, after Japanese Prime Minister Naoto Kan said a “substantial amount” of radiation was leaking from a nuclear power plant affected by the Mar 11 massive earthquake and tsunami, I understood what Lou Mannheim in the movie Wall Street meant when he said "Man looks in the abyss, there's nothing staring back at him. At that moment, man finds his character. And that is what keeps him out of the abyss." I was in a deep, dark abyss staring at massive floating losses on my Nikkei 225 long positions that exceeded S$2 million at the peak. At the end of the trading session I had an extra S$120K in my trading account. It was a very lucky escape.
Lesson learned - I can lose all and more in one day.
Below is my post dated Jan 28, 2015 in the "Introduce yourself here" thread:
-------------------------------------------------------------------------------------------------- Hi, I trade Nikkei 225 Futures, From Singapore
I started trading SGX derivatives full time from 2005 with S$200K capital. I made money 7 out of the last 10 years. My total profits to date is around S$1,271,000.
In the last 10 years, I have 59 days where I lost more than S$10K. All those big daily losses add up to S$2,570,000. 1 USD = 1.34 S$ (SGD).
On 16Nov12 I lost S$570K in one day trading the Nikkei 225 futures. I reduced my trading capital from more than a million USD to about S$150K after that fateful day.
2014 Profit: S$17,000
Jan 2015 Trading Capital: Approximately S$110,000.
Thanks for having me in this forum.
Last edited by JacLau; February 8th, 2015 at 01:05 PM.
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