This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
I have decided to quit trading.
I have given this my best shot, but as Richard said earlier, “Trading is simple. YOU are complicated”. And I am indeed complicated.
I have gone from being up 25% in my prop account after two months to now down -80% after 6 months. There have been a variety of circumstances and mistakes, but I am responsible for my trading results. Period. I blame no one but myself. This is a hole I cannot trade my way out of. I have instructed my prop firm to trade the remains of my account for me. Better that they make 50% on my tiny amount of money than letting me lose it all. There’s something to be said for trying again and again when you fail, but there’s also something to be said for knowing when to pack it in.
Many have tried to help me over the years, and I am grateful. There has been more than enough good advice and help given to me to allow any less complicated person to be successful. Unfortunately, I was unwilling or unable to really follow it.
I realize that I have been pursuing my daytrading “dream” with all manner of emotional baggage, and for the wrong reasons. This has led me to disaster. I wanted an escape from my day job, and I wanted trading success to bail me out of these and other problems in my life. These feelings have pushed me to forced desperation trading so that I could escape from them. Instead of a bottle or a needle, I turned to charts and a mouse. An expensive “cure” to say the least.
So is daytrading impossible? Far from it! There are very many who are doing it right and making a good living from it. I am just not one of them. Maybe the answer for me would be automated system trading where emotion and discretion is left completely out of the equation. That’s one thing I have to consider. I was applying for a new job in the finance realm, which would force me to quit watching the markets and trading during the day, but it’s looking like that is not going to pan out as they have offered it to someone else. I may get a shot as a second choice should they turn it down, but I don’t think it’s likely. Either way, I’ve hit my personal stop loss point as a trader and I’m pulling the plug.
I don’t exactly know where I go from here. My every waking moment has been trading, markets and everything in between for the last few years. Podcasts, websites, books, talk-radio… Suddenly, my world seems to have gone silent. I’m a very driven person, and I don’t take much down time. Every spare second was spent doing something related to my goals. Now my driving purpose has faded away, and my life seems empty. That purpose and clear direction is destroyed. I plan on focusing now on those close to me who need that energy and attention that I’ve been spending elsewhere. Maybe this is the answer that I’ve been seeking all along, trying to find it in a few R’s when it was right in the walls of my own home.
I feel like I don’t have anything to contribute here anymore, so I don’t see myself posting much. This is a site for professional and developing traders, not washed-out ones. Should that change, I’ll be back. But if not, I wanted to thank everyone out there again for help and support over the last couple of years. I wish you success in trading and in your life.
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
January 3rd, 2008 at 3:43 pm
i’m really sorry to hear that prospectus, because i know how much it means to u…whether u decide to trade or post again, i do appreciate the enthusiasm and honest emotion that were evident in your articles and comments
i wish u the best of luck
-John
January 3rd, 2008 at 4:52 pm
It should have been Mr. White Folks…
Anyway, listen, as one who recently “blew up” himself, I can say that change is good. Sometimes, you need forced downtime in order to really figure shit out.
Like, had I not been unemployed these last few weeks I may have never tried drinking in the middle of the day. Really, being drunk by 10:30 was a revelation.
Joking aside, don’t try to force your life in any one direction. Embrace this “confusion” and see where it takes you.
-DT
January 3rd, 2008 at 5:31 pm
*queues the Amazing Grace Bagpipe Music*
SALUTE!
We’ll see you again Spock.. Im sure.
E.
January 3rd, 2008 at 6:33 pm
DT: lol…yes, it should have been MWF, but he has arrived…it won’t be long b4 i buy the property on the other side of u, and both of your neighbors blow leaves into your yard…that after all, is my ultimate dream…until then, i’ll keep picking up your trash, and doing your yard work, being the common laborer that i am
January 3rd, 2008 at 7:18 pm
Sooo… let’s see… On December 1st, if someone told me that ANY ONE of these things would happen by the first week of 2008, I’d have laughed in their face and slapped them to the ground for wasting my time (and yeah, probably have sex with their mom) (it’s a thing):
(1) Trading Goddess will get engaged and move to NY. (2) Prospectus will post about quitting and actually mean it. (3) John will make enough money to give himself a pimp name (4) DT will lose enough money to get dismissed from his firm
… and then all four of those things happened. This is some crazy world we live in.
You’ve learned a lot along the way, Pro, and if you’re ever in a position to trade with a clear head, I bet you’ll clean up. You can have one hell of a life either way, though. Good luck!
January 3rd, 2008 at 7:46 pm
Kinda creepy for those of us just getting started. I’ve had a couple of good days of paper trading but that’s all.
I wish you the best, even though I haven’t been around to see too many of your posts yet.
Going back to a J.O.B. has always been a part of my backup plan (computer network administration in my case). I hope that your account was only risk capital and not your retirement fund.
Good Luck! :)
January 3rd, 2008 at 8:15 pm
Don’t worry, Michael, most beginning traders lose more $ in their first week than prospectus put in his entire learning account. He was very smart, that way. I think prospectus’ roller-coaster experience is worth reading through, if you haven’t. There are plenty of examples of both good and bad habits to learn from. Most important take-away lesson, from my perspective: don’t trade because you hope it will make the rest of your life suck less.
January 3rd, 2008 at 10:32 pm
richard: wait a minute! wadda ya mean that john would make enough money to give himself a pimp name…that’s not the kind of confidence u want from your boss…oh well
who is the trading goddess getting married too?
January 3rd, 2008 at 10:33 pm
the TASC subscription should be coming soon, and i guarantee that will reignite PRO’s fire
January 3rd, 2008 at 10:40 pm
good luck Prospectus.
There’s no success like failure, and failure is no success at all.
January 3rd, 2008 at 10:46 pm
Hey, it takes time to confirm a trend reversal. On December 1st I knew you were having a good run, but I wasn’t sure you were about to become the pimptastic Mr White Folks.
TG is hitching up to some guy named Tim. That’s all I know about him. (I hope she knows more about him) (And for her sake hope he’s not a “tiny” tim) She made a post about it:
http://tradinggoddess.blogspot.com/2007/12/how-exciting-wall-street-wedding.html
January 3rd, 2008 at 10:48 pm
LOL…i just hope its not tim knight…i could just imagine the wars between an eternal optimist and tim - the ultimate bear…actually, he’s from CA too, so it can’t be him
i’ll check the link out
January 4th, 2008 at 3:53 am
good luck Pro. Sounds like this is the best decision all around. Trading can always wait.
January 4th, 2008 at 9:20 am
[...] This is The End :: Move the Markets :: Entries :: Prospectus throwing the towel. Pity. But maybe he’s better off doing other things in life. Who knows. All the best to him.. (tags: Trading Life Learning) [...]
January 5th, 2008 at 1:07 am
Prospectus. Get into Forex trading. 24 hour market and low investment needed.
January 5th, 2008 at 9:47 am
Good luck Pro! Enjoy your time away from the market.
January 5th, 2008 at 9:52 am
after an 80% drawdown in your account (even if its small) anyone would have second thoughts…however, prospectus is still reading and commenting on this blog - after he quit…right or wrong, PRO will be back
i give him less than three months b4 he comes back with another plan…hopefully, it will be one that works for him…either way, u can be happy with or without trading, and i think the extra time with his family will only do him good
my prediction: PRO COMES BACK BEFORE MARCH 31st of 2008
January 5th, 2008 at 11:08 pm
….a ‘cure’ from trading that I took was a long trip to safari in Africa with no access to a computer or newspapers….I remembered that my life included other things like campfires, nature, scenery, skies, relaxation, you get the idea….a break from trading was a good idea for many reasons. Happy New Year!!
January 10th, 2008 at 9:22 pm
we were all wondering, (over on wallstreak) where the heck you were.. now someone posted a link to this and
we found out!! i for one will miss your honest observation and painful attention to details… i thank you for
taking the time for putting the street smack piece together.. i can honestly say it has made me a good chunk of
change. i started reading and posting on wallstreak right one the SS short “theory” was being revealed and
i’ve been there ever since.. anyway.. i wish you well and hope you come back to trading..i for one can
say i’ve blown up my account.. twice!!
January 11th, 2008 at 4:06 pm
we hate to see yo go PRO, but wish you all the best and hope for your speedy return.
January 18th, 2008 at 1:48 pm
here I was thinking you were shorting out the market from your new trading job and getting paid for it to boot, reading this it was thus not to be…..NO WORRIES Pro, and besides, this market/portfolio lesson you learned is far less expensive then a bottle or needle. Great shakes for realising why you were in it and your trying too hard for all the wrong reasons, or something like that [don't really think you went into trading for a wrong reason necessarily] Guess going on to an African safari is out of reach for you ATM [far too awe-inspiring too anyways] - just chilling out on a beach/forest/lake for a while seems right to me; relax, chill out, do some physical and clear your head,, go with the flow and we see you back as a re-born trader yet, perhaps :-) Go well!