I'm writing impulsively (it's 4pm and I'm winding down work for the day) as the idea of posting an update suddenly appealed to me so unfortunately for you here I am :)
I'm really happy to report I've moved on very quickly. There's no point torturing myself about the loss, I tried something, it didn't work and I've moved on. I've immersed myself in my day job and am seeing positive results.
Writing anonymously allows me to be liberal with figures I wouldn't otherwise share with you, my purpose in doing so is to illuminate the context on my losses. Last month I made just a shade under £7000 which is double what I need to pass go. This is the perfect antidote to my trading losses and just the required response. I need to repeat that over the rest of this year and I'll be in a very good place.
I've been amazed at the figures for this blog, yesterday for example there were over 60 page views and given the fact I haven't posted for near on 6 weeks that's quite something. Now, I wouldn't want my experiences to put anyone off if they see trading as an opportunity, it may well work for you so if it does please post a comment and let everyone who visits here know. At the every least if you're thinking of trading or are a new trader then please read through my entire story, it cost me a lot of money to write and someone should benefit from it!
For two weeks after my loss I didn't even look at a newspaper and having deleted every trading reference from my iPhone I was in the dark. I can see now the index has recovered and is heading upwards again but for me it makes no difference. If I had 10 times the balance in my account I'd probably have been playing at £500 point so my character disqualifies me from ever playing this game again.
If there's one thing I'm sure of it's that you have to know what makes you tick and be brutally honest with yourself. I'm now really enjoying life, I don't have to watch Bloomberg or any trading newsfeeds, twitter accounts and I'm loving the freedom of not finishing at 9pm which was the case when trading the into the close.
Catch you later.......
Hey,
ReplyDeleteI responded to your last post wishing you well and how you have been an inspiration. This was really nice to read, seeing that you're in a good place mentally and getting on with life. Kudos. Does this mean you are trading again or is ghe £7k profit in reference to your earnings from your business? I hope the good fortune continues my friend...
Thanks for taking the time to once again post your comment, much appreciated. Comments such as yours have helped lift my spirits so I genuinely want to take the time to thank you.
DeleteThe money was from my day job, I'm never going to trade again
I have been learning to trade for sometime now but have concluded the short time frames are too volatile for starting out. So I now look at the daily charts only and have stared to divert more focus into other areas of my life, so I can understand your reasoning in terms of less stress and enjoying life. All the best.
ReplyDeleteThank you.
DeleteDaily charts sound sensible. In any event I'm really back in love with life without trading and my day job loves my renewed focus too!
You seem to be really quitting, a? It must have been a torture for you to anticipate where the market will go to catch those 10 points for such an enormous stake you set for yourself. If you treated trading as hobby and just gave it a go not as the business but as something exciting with little stakes, learning new strategies, listening, developing your strategy, analysing your emotions, learning to control your emotions over time so maybe, I say, maybe after 3-4 years you would develop a set of skills which would allow you not just control your emotions but at least understand your behaviour and recognize it when it occurs time to time and tell yourself off for doing something against your strategy. You would be using small stakes, say £1 per point and learn to control yourself reading books like Trading in the Zone Mark Douglas, others. And don't give up. Maybe your loss after that experience would be just 1-2 grand but if you learn important skills they would bring your money back by slow compound.
ReplyDeleteWhat you've been doing was pure greed and desire to get rich quick, but it seems doesn't work like this in life.
Hindsight of yesterday's trades should have been an important part of your strategy.
I also don't look Bloomberg and I still trade OK, I wouldn't say well but I am not losing and winning slowly. But I had a period of time when I was losing but not big amounts like you did but small ones trading small stake.
You need to say yourself: I DO NOT DESERVE HIGH STAKE AT THE MOMENT.
What is your strategy by the way? Just guess that it will be a bounce? Do you have any knowledge about trading at all? What is your strategy?
R.
Thanks for taking the time to comment. If you read back through the almost two years worth of posts you'll see my story and the thinking behind my trades.
ReplyDeleteBest of luck with your trading.
Good luck to you in your life too.
Delete