Thursday, November 5, 2009

I gambled and lost

I lost -40% today. Something is really flawed with my attitude regarding trading and money. You can understand that I don't want to talk about it so probably I will not respond to comments. My account dropped little bit below level where it was this summer. This is biggest loss of money with trading I ever had. So all work in last two months is now gone. With first of this month I was at break even for the year and this week I gained 7.5%. It seems that whenever I get back to my starting point I make sure to quickly lose as much as I can. I played that game few times this year. It's like I want to lose. Also it seems to me that I don't value money gained by trading as real value. I guess that deep down I believe this is not work but gambling. I don't know, I'm just thinking out loud.
Funny thing is that I was really on good track last two months. I was thinking that I finally moved away from problems. Well little averaging yesterday was first sign of trouble. You can't run from yourself. If you have problems or issues they will find a way out and materialize themselves. If you are alcoholic it doesn't matter for how long you are sober you are always one drink away from abyss.


daytrader233 said...

That sucks man. Take a few days off. Find the flaws and correct them.

You're a good trader. Don't let this take you down.

Anonymous said...

I admire your sincerity. It has happened to me a few times.
Remember, when you are beginning to accumulate, do not increase your position size unless your are risking less than 2%-5% of your account. Forget it all and do not try to recover quickly. Imagine yourself fresh and prepared for new good trades.


Sorry to hear this man. Of course we are all curious to see charts, but that's always up to you.

If it makes you feel any better, this week I made a terrible mistake I haven made in years. I placed (1) trade with out immediately putting on a stop. Price went 55 pips against me instantly. I was mad at myself.

As my trading partner tells me. "Some lessons are taught, others are bought."

Get back on the horse when you feel better. Just try and approach the next trade, as if your last trade was a huge success. I mean, what if it was? That would certainly make you approach the next trade with the right attitude.

PRD trader said...

Take it as bussiness,you will get rid off some issues that bother you.Take care my man ,you will gain it back.

Anonymous said...

It sucks. But don't feel sorry, just mark this day as a new start and remember the pain of the mistake everyday. Remind yourself the pain it causes and not to repeat it again.

A lot of traders made the same mistakes as you. After a couple profitable months and start gambling, thinking they are invincible and move away what works.

Whatever works for you in the last couple months, repeat that again.

Good Luck!