Tuesday, January 20, 2009

Guess what?

I had another of my famous blow up days. Last one was three months ago, before that in August. This is still learning that trading as a business is consisted of profitable and losing trades. On the other hand trading as a gambling is consisted of winning trades and denying of taking a loss. I could see it last couple of days and I shrug it off. For me obviously big losses are only thing when I say stop and try to learn something.

This time I'm emotionally absolutely fine. I'm little out of balance, but I don't have suicidal thoughts regarding my trading career. I really don't want to dwell on details of it. Because I know myself I don't keep so much money in account, now about three monthly checks from my day job. Yesterday shaved quarter of that. Let's say that I was on trading seminar yesterday, so I hope that I learned something and that money spent will do me good in the future.

Now I have to concentrate on taking losses. I got to learn that. It's not important how will my trading go, how unprofitable it will be. I need to integrate part of taking of a loss as my second nature. Maybe I'm trying to match up with my blogosphere friends (I don't mean only you who comment here, but everyone) too hard. Maybe I need to take my learning and progress more slowly and not expect so much from me. I'm simply trying to jump steps and that can't be done.
So now I'm pretty much positive about it all because I got direction. I can't face problems until something radical hit me. Now it is and I find calm in it.



Sorry to hear of this FX, I had a losing day today as well. Down 3.67% as you'll see on the charts...

Never give up man, just never give up. Even though I run a YouTube channel and help others and stuff, its no easier for me some days. If and when you feel like it, could you send me the charts?

If there is anyone who has been where you have been bro its me. I am glad you are in a state of peace about it. I understand that state, its some sort of enlightening mood for me. I guess its homework time eh? ;)

StockHunter said...

Glad to hear your level headed with what happend. I too lost money today so maybe it was just an overall crappy day for everyone? lol :)

4x For Life said...

Sorry you guys had a bad day.


Well, don't get me wrong, I had a losing day, but it wasn't necessarily a bad day. I made some progress in leaving the market before killing my self ;)

Jules said...

You might want to take a look at Ray Barros' postings on Hero Quest. This is part 3 which I find most interesting: http://tradingsuccess.com/blog/the-heros-quest-iii-the-journey-begins-progresses-673.html

He sold his law firm to raise trading capital and lost everything in less than a year. It took him many years after that to finally "get it". Other veterans like Dr Brett had also had their accounts wiped out earlier in their trading careers.

Trading is a journey - very overused phrase but very true. It's also like a business venture. Success takes a lot of work. It usually takes a lot of TIME (so one can make all the mistakes that tell him/her what DON'T work :-))

Listen to Orion and don't give up. Even Einstein said "It's not that I'm so smart , it's just that I stay with problems longer ."

Mike said...

Well, tough lesson. And expensive one. If it makes you feel any better, about five years ago, when I already was trading for a living, I managed to ruin an account in one day. By that time I had number of accounts, so it didn't put me out of business, but still... Take a break, think it over amd I'm sure things will get better.

FX said...

Thanks guys and gal on your support, I appreciate it.

Jules I read about Ray Barros, when you mentioned it on your blog before. I never heard about him until than. It's very inspiring and I like it also. I bet he also looked foolish to himself and thinking "what am I doing?" :D

It makes me feel better Mike :D because only when you done something like that you can understand other.