Wednesday, May 28, 2008

Losing for 8 years straight

This guy at EliteTrader has been losing for 8 years and isn't sure whether to quit. I'm seeing some similarities between his problems and mine. I can't imagine losing for 8 years and to still be trading. This guy worries me because he is a futures trader.

I've been trying to make it as a trader for eight years. I have yet to have a profitable year. I have been living off my savings from a previous venture and that is now below $75K.
Everyone I talk to says to quit. My family thinks I am just a gambler. My psychiatrist thinks I am addicted to trading.
I don't know what to do. I'm 51 and alone. My last two girlfriends left because they were worried about my finances and couldn't deal with the down days.
I have no idea where to turn from here. What am I supposed to put on a resume - eight years as a daytrader? I don't even want to work for someone else, anyway and don't know what else I would do.
All I ever wanted was to find a consistent way to pull one point from the market and trade size as my account built up. I only need $200 per day to keep going.


tapeworm on 3:57 PM said...

i remember some guy in market wizards (not sure if it was the 1st or 2nd) who lost for 9 straight years, and became a multi-millionaire

i'm not sure why the only option is full speed ahead or quit...he probably has to get a job soon, but he can still study and go after it

OffTilt on 4:30 PM said...

To me one key thing jumps out...

"My psychiatrist"

In my eyes I don't see why anyone would see a psychiatrist unless they think they are ****ed up. Trading is about not being ****ed up. Look at 90% of people around...they're all sorts of ****ed up. I mean everyone has some shit hanging over their head...bad relationships, drinking problems, some BS mental problem. To me its simple, there are tons of people in this game and life that are ****ed and they openly display there issues so you can avoid them(directly and indirectly). Just don't be like them.

Maybe i'm wrong...but thats just my thoughts.

OffTilt on 5:31 PM said...

Also, being around negative people adds to more problems....

"Everyone I talk to says to quit. My family thinks I am just a gambler."

Dinosaur Trader on 6:06 PM said...

8 years? And he's never been profitable? Now that's fucked up. He wouldn't be "quitting" at this point... he'd be beginning all over again. He obviously gave it his all... he should step away.


Ben Dare-Dundat on 8:36 PM said...

It's insanity, plain and simple. Fear of the unknown (stepping outside the house and getting a job, any job) is far greater than the sick comfort of staying home and continue to lose (and all the lovely self-loathing that goes with it). Some adults are just overgrown scared children who crave the familiar and routine, no matter how lousy and debilitating. Maybe most adults are like that at the core. He's like the guy you hear about every couple years who ate himself crazy so they had to knock down the side of the house to get him out. This guy will only quit when the pain of losing is greater than the pain and fear of getting another job, and as it hasn't sunk in yet, it'll probably be the cold stark reality of completely running out of money. As for the negative people around him not helping matters, how do you expect people to react to an insane person they're close to? Sure, we can empathize with him more than the average working joe off the street, but that doesn't take away from the fact that he's totally delusional, totally irrational, and mired in masochism.

HPT on 1:21 AM said...

You should be a motivational speaker Ben-dare. HAHA!

Anonymous said...

That guy is a future suicide watch. If he had kept his money in CDs he could have lived comfortably for a long time. He obviously sucks at trading. When his last $75k is gone he is up shit creek.

Common Sense on 12:45 PM said...

great points above. it's just soo easy to keep doing what is comfortable, but i bet everyone here has tried trading and at one time said, 'fuck this, this is random bs.' since we don't have seven figure trading accounts, it's really hard. i tried for a year and made 10k on stuff other than trading, made less than 1k on a 25k account in that time. i quit. no, i really won't go back. but i still like the markets.

1. have a passion, love what you do. 2. give it 100%. 3. understand there is no LOSERS if you give it your all. 4. have closure and find another passion if needed. so you train at sports your whole life and make it to the olympic trials only to fail, are you a "loser"? That is a label only you can give yourself. traders have a scorecard, lazy fucks don't, but we know who they are. haha. fuckers. suckers.

it's not losing money i bet that bothers this guy. fuck, millions have lost on their homes and are negative.

i value my freedom to stay both mentally and physically healthy, and i could give a fuck what other people think of my choices, as long as it doesn't fuck me up or others. i wasted a ton on grad school. fuck that. This guy is fucked up, seeing a shrink, so who the fuck knows.

another big point. this post is only for someone not married and has no kids. i just think that's different, responsible for others.

HPT on 1:27 PM said...

Common sense,
I like your view. My mental and physical health are #1 priority in my life. Money can always be made as long as you got your health and mind right. Even after I lost a ton of money on my last blowup I loaned money to family members that were layed off and needed money just for food and rent. To put things in perspective, I have a good life, and the fact that I have a chance to make money from trading is awesome. I feel like I did waste some time in college too,(in trading too) but some say life is like a box of chocolates, you never know what your gonna get, but you might as well sample each chocolate to find what you like best, just try planning your shit out ahead of time so you don't find yourself 10 years down the road at the same point you started at. Which reminds me of the people in there 40's and 50's going back to school to start all over again, I really feel for these people. Life can be tough sometimes, but if it wasn't for these tough times, we wouldn't know what the good times felt like, like yin and yang.

I think success is about mastering 1 thing you love and sticking to it. Better to be a master of ONE then a Jack of all trades. I think most traders need to be in the game for a few years to understand what it takes to make it, which involves losses, gains, and sometimes blowups.

Time to go to the GYM

Anonymous said...

HPT you should put your blowup video back on. It was funny.

Anonymous said...

I can't believe so many people are saying this guy is fucked up or insane or all that shit and you don't even know the guy. you've heard ONE story, does that give you enough info to realistically say this guy is fucked up? To be honest I have been trading for 9 years and this is my first PROFITABLE year! Was I fucked up before then? Hell no! The only fucked up thing this guy could do in this situation, is to give up on something he believes in. Trading is one of the last gateways to freedom and earning your true worth. My message to every passionate trader is NEVER GIVE UP!

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