Alright, let's cut right to the title of this post...
I wrote several times last year about what my goal for the end of the year (2008) was; to take $4,863 and turn it into $10,000. Well, I didn't achieve that goal... The highest my account saw was $9,100ish... (don't recall the exact $$ figure). However, looking at my total commissions, I actually (at one point) had around $7,000 in profits... but commissions reduced this drastically. Tuition is high.
The last month and a half of '08 ended up nearly disastrous for me though. I some how (overnight) forgot how to trade, or got scared, or drank to much bottled water... (not that I'm that good as it is, but I do know a little bit!). I ended up losing almost $4,000 in two weeks... WTF!?!? How did this happen? The only thing I can think of is I bought a house, perhaps got distracted by the holidays... who the f*ck knows... what I do know is that the little bit of confidence I had was shattered into a million pieces and I went into a depression.
Life has a funny way of teaching us humility (I've got to much of it at 30). Kind of like when you're favorite baseball player goes into a slump after the All-Star break, when he was on pace to break Hack Wilson's RBI record before the All-Star break... yeah, that was me.
Fast-forwarding to today, I've pulled myself out of that depression/mental slump, had an awesome holidays with family and friends (mom and sis came from the East Coast), and I'm finally getting settled into my new abode. AND I don't give two shits about New Years resolutions... as I've written before, I don't like setting myself up to fail. (just my opinion on the subject).
For 2009, now that I've got 6 months trading experience and a clean slate, I will wipe my tears, dust myself off and try again to hit my goal of $10,000. This time though I'm starting with only $4,267 (this is how low my account got during my "losing" streak). Once I've hit this goal and I will hit it (I need to see $10,000 as my "Net Liquidating" amount), my next milestone will be the ever infamous $25,000 mark. One step at a time though.
Newbs... I've written this numerous times... trading isn't that difficult once you've got a few tools that work for you and they are out there... check out Darkside and GreenOnTheScreen... READ IT AND READ IT AGAIN! The psychological stuff is what makes trading hard, at least this is the case for me.
And if you set a goal for yourself (in anything) and you don't hit, don't give up. Be honest with yourself, believe in yourself and remember that even though you may want something "right now" sometimes life isn't ready to give it to you "right now". Trust the process though and you will achieve it.
My first and only trade today netted me $45 and it felt great to start the year with a green trade.
Good luck to all in whatever you do in 2009!
BottomFeederMillionaire (can someone tell me how to center this??? THANKS!)
10 comments:
Is there a particular reason you called out $25,000 as an "infamous" goal? Since you're not bound by the PDT rules in Canada, I'm curious what significance this number may have for you.
I'm pulling for you in '09!!! I Enjoy your honest posts!
Nice post, noob! I started the year off with a small green trade too. Let's make 2009 the year of good risk management!
Glad to see you back. Congrats on the house. Personally, it's helpful and inspiring to hear about traders that keep pressing on despite a set back like this. To a posperous 2009 to you!
Dar, the significance of the $25K goal is psychological, that's it.
Yng, thanks. I read that post on your green trade... and yes, here's to risk management!
Island, thank you.
Charlie, thank you.
Nice Noob! Keep on trucking.
I was watching the National Geographic Channel a few days ago and came across a show about the Canadian-born geologist, Chuck Fipke, and his discovery of the Ekati diamond mine. A great show generally but as it applies to us, an inspirational tale about never quitting. He hunted for 15 years with little reward for his work and was literally down to his last few dollars when he saw something that made him take notice. It was the beginning of the reward he had sought for so long...he is now worth hundreds of millions of daollars and is reaping the benefit of 15 years of grit and determination. It was awe-inspiring, watching the committment to realizing his dream. If you can see the show, you'll love it! If you can draw the same message as I did, it can only help in your path to success.
Pay for Chat is only one more obstacle to overcome on our way.
Way to go, Noob. Hang in there! Congrats on the home and family life. Best of luck trading. Your attitude is inspiring.
Schwing! Noob is de retour. Happy New Year.
How did you lose $4000 in two weeks? Overtrading? No predefined risk?
Anon, forcing trades... which relates to overtrading and not having any predefined risk.
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