remind me of the guy who said if he can't make a certain number after 30 days he will quit for good.
His first day + 300, second day +200, third day (after 2 weeks) +200. He is currently still on his fourth day. Apparently his 30 days are not 30 consecutive calendar days. :0
The following user says Thank You to cory for this post:
Master Reza told me that like MANY OTHERS on this forum, I am EXPECTING TOO MUCH, TO SOON.
Hey, Of all the methods, approaches, systems, indicators I have used, only M.P. gave me the depth to actually score multiple weeks of winning intra-day trades in the last 5 years!
Its just that you really need to have the utmost respect for the markets all the time, cause if you decieve yourself and let your guard down just because your having the "best two weeks of trading" you have ever had in your entire trading career, you run the risk of GIVING IT ALL BACK!!
Yes, I WAS TRADING IN REVENGE MODE THIS PAST WEEK, UPPING MY CONTRACT SIZE TO THE LIMIT JUST TO RE-COUP MY HARD WON EARNINGS, AND REZA OBSERVED THIS, BUT I DID NOT LISTEN, I JUST WANTED REVENGE
I hear you brother. Revenge trading is my biggest demon as well. I wish I had some wise words for you, but I am still dealing with it as well. You might want to get a broker like DeepDiscountTrading where they can set a daily loss limit for you, and once you have reached that limit, the broker will reject all additional trades for that day.
What I do is run another chart in sim mode, and when I feel the need to click the button and show the market who is boss, I will do it on the sim chart. I am a scalper, so my trades generally last only a few seconds, so I can get that frustration out very quickly on my sim chart. If you are a longer time frame trader, not sure if that will work for you. I'd love to hear any ideas anyone else has on dealing with revenge trading.
The following 2 users say Thank You to monpere for this post:
For me it was!! Since because of the ridicules-I REVERTED BACK TO POOR SPELLING,... amounts of time I was spending in front of my ninjatrader, my girlfriend left me a while back. Then after blowing my first account, I borrowed money against my 401k plan, and finally went back to drinking(and not ice tea either) because I'm feeling like a total loser!!!!!!
I think there are people who don't know when its time to throw in the towel on something, and looks like I'm one of those people....
Last edited by bobbyacim; April 27th, 2011 at 11:09 PM.
The following user says Thank You to bobbyacim for this post:
Please don't think I am feeling sorry for myself for what I am about to say;
I started " ten thousand in education and still not profitable" with a quote of a famous trader who has been banned on BIG Mikes Forum (perhaps for good reasons) This trader goes by the handle "TRO" and he once said
"Market movements are random, prove it to yourself; place a line anywhere and eventually price will touch it"
Then I started this thread and changed my quote to reflect my optimism. Recently I have had a MAJOR failure, And coincidently saw BIG MIKES POST called "Are all lines on your chart random?"
Maybe TRO was RIGHT AFTER ALL, and ironically the person who banned him, just proved him right with this experiment......
The following 2 users say Thank You to bobbyacim for this post:
Don't feel bad Bobby, many of us are in the same boat still trying to get consistent with our trading, and we probably never will.
Bottom line is that most traders lose money. They say only 5% make money, and I believe that is true.
I also believe this 5% has a lot of money to start with as well. It's easy to make money when you have a lot already.
There are a lot of traders on here with accounts of less than $50,000 and I just don't see how any of them will make money in the long run.
Even the best traders on this forum are probably not making a full time income from trading. The guys making a full time income are keeping their secrets to themselves.
And all these guys (except for a few) who are selling courses out there are making money from selling their courses - not from trading.
Unfortunately, this is the reality of the situation.
It's like being a sports gambler. It sounds like a great life, but it's very hard to do, and the guys that can do it, have a lot of money to start with, and keep their mouths shut about it.
Many new traders are misinformed and they think they can double their $10,000 account each month once they learn a system. That is not the case. The guys making money have at least $100k to $200k (many have more than this) and they just try to make 5% - 10% per month (which is difficult enough). This doesn't sound like a lot, but when you do the math, it is a lot. This is how it is done.
Unfortunately for most of here, trading is always just going to be a hobby.
I feel your pain.
The following 2 users say Thank You to JS12 for this post:
That pretty much sums it up. Its something your broker won't tell you when you fund an account with 5k. I kept saying that, but nobody believes me. You can't make 1000% a year ( turn 5k into 50k a year). Its just not gonna happen, at least not consistently.
Futures are leveraged instruments already. If you need 25k to day trade stocks( which are nowhere near as volatile as futures), what makes you think anything less is ok in commodities.
Im not scaring you guys away, but if you don't have the money, then you should accept that this is not your calling. Half your problems( over leveraging, getting out too early because your scared... etc etc) will go away when your properly funded.
You CAN be profitable day trading, and i've even posted a track record to prove it. But you need to be realistic.
The following 3 users say Thank You to Michael.H for this post: