Friday, September 07, 2007

Message to My Fellow Traders


Thanks for all the comments from the readers of this blog. I think I'm only going to trade from now on with the max size of 2 contracts while I work on taking only my trade signals. I'm also going to do my best to stop trading once I've hit a $1,000 loss. I'm also only going to trade when I don't have to leave early for work so I don't fill rushed.

These last 2 weeks have been stressful. I work a fulltime 40hr/week job, and I've also started back to college. I've already got a BS degree, but I've decided to go back to school to become a nurse because the degree I got isn't working for me/or I haven't put it to use, I guess. So, I've essentially got 2 fulltime jobs, because I'm taking 12 units at college. The last 2 weeks I've also been trading in the morning before work/school, so I've been busy to say the least. I believe trading less size during these next few months will help me enormously, both emotionally, and because I won't have to worry about managing a huge trade when I have to leave for work or school. (You people out there probably think I'm crazy now, either from going back to school to become a nurse, or because of my busy schedule). I would've liked to have been a business major in college and turned out to go the route Yaser Anwar has gone (I wonder how he's doing by the way), but instead during this time period I wanted to become a Doctor. Unfortunately I didn't make good enough grades, partly do to my action of getting into trading (You see, Trading has ruined my life already, Yeppee!) So now I've lowered my standards to become a nurse. It'll be a middle income hard working steady job that I can rely on while I continue my endless pursuit of becoming rich from trading stocks,,,,,,,,sheeesshh,,,,pity the fool..........
IF you people out there got any bright ideas, pass them my way. I'm not sure why I've turned this blog into a more personal one, but I guess I don't have many friends (who has time for friends with my schedule), so some of you out there are supporters of this blog, and I want to thank you all for checking up on me. The trading community really is a small community, and you start to get to know the regulars after while.
So Thanks once again everybody.

5 comments:

F-Trader on 9:55 AM said...

Your blog inspired me to start my own. Keep up the good work. I can identify with the isolation.

mOOm on 6:17 PM said...

I don't know if any of this will help now and maybe I am way off base and I'm not a very good trader at all, just beginning to make profits and struggling. But based on reading your blog here:

1. Looks like you are short and then go long and then back to short etc. a lot. I think that makes it very easy to get cut up. You need to decide what direction the trend is and take trades in that direction and just sit back when the market is going the other way.

2. I don't know how big your account is but seems you were trading an awful lot of contracts for the profits generated. Have you looked at the Kelly Criterion to decide on position size? At the moment the Kelly criterion would only let me trade 1 ES contract on any trade or about 2 NQ given the size of my futures account and the bad trading I've been doing. Some of my worst losses are when I took a position that was too big to handle emotionally for me at that point in time.

leon t on 1:27 PM said...

your decision to become a nurse cna be a very profitable one. there is a shotage of nurses in the us, and if demographics prove correc, no shortage of clients. indeed you could create a corp, hire "assistants", become a medicaid provider and render assisted living services. thus, multiplying your income. and still watch the mkts.
having said that, i went to a $3,500 seminar, plus airfare and lodging. given by a master wizzard, featured in "stock master wizzards"/ the one who wanted to help people to trade. and who owns a farm etc. the one thing he stressed was to dedicate yourslf to trading and nothing else. if you don't he sid the end result would not be good.
having said that, this fellow lost his and his mother's money in the markets. almost filed bankruptcy, but didn't and held two jobs. trading and farming.(oops i may have given too much). when the gulf war hit. he took options in the s&p and after the initial fear subsided, he made $$$ beaucoup.
the point being he did not follow his own advise.
i have not been able to use much of what i learned from him. but those two things stuck. if it helps you any use it. much luck
ps. last i heard, when in college. nursing is a five year degree. not for the faint of heart and brain.

High Probability Trader on 4:53 PM said...

Thanks for the comments everyone.

Moom, I'm working on a strategy to keep my size down.

Leon,
Becoming a nurse will provide a little bit better income than what I'm making right now. It will take me 2 years to complete the RN program because I already have most the classes complete from my BS degree.The nursing programs in CA pick applicants by a lottery, so as long as I get picked, it should take 2 years, but if I don't get picked it could take much longer. What I want is a business. Your idea of a SNIF/assisted living center, is a good one considering the increasing elderly pop. in the US, however it would require a long journey from where I stand right now. The idea is make a business, preferably one that I like. I use to think maybe I could create a website and become a trading guru like John Carter, but I'm not so sure about that. Anyway, thanks for the comment. Do you trade futures Leon?

Phileo on 1:06 AM said...

HPT,

Is the motivation for becoming a nurse strictly based on income criteria? If so, why not spend some time thinking about and practicing up on how to eliminate those occasional 6K loss days? Or are you implying that your current futures trading is just an expensive hobby on the side?

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