Desperately Seeking for Help

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corei

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Kinda desperate here. I lost a lot of money and a house in mutual fund and stock trading since the beginning of 2008 and my small business is not profitable (it was). I have 3 dependants rely on me (wife and 2 children)

During the last 6 months I have been reading a lot of stock trading books but still no success so far, my biggest mistake was ... I jumped into trading without doing some paper trading excersises plus improper psychological and money management discipline.

I paid for the mistake costly. Sometimes I really really feel guilty for my children.

I still have some money left , only $ 42.000,- in my saving account. Can anyone here point me to a very good trading system/online training, I don't mind paying for it as long as it is proven to be good trading system (no scam please).

Thx..
 
Seriously though...

I don't think you'll find anything too good, I think it would be better to find something else to do with it, sort out your company maybe.

Else learn to trade, lots of good stuff on this site (far more bad stuff though). Will take a while though, I think sorting out your business might be a better idea tbh.
 
I can see this ending in tears. A desperate mentality is not ideal for trading.

Mind you, chasing the market is always good for livening up the day. :D
 
You should not be thinking about trading. Your family will need some stable income, and trading when you are learning (as I am) does not have a nice steady income. Focus on your business, or focus on getting a full time job. You can learn trading in your spare time but I would advise against purchasing a trading system. There is no guarantee that they work, and there is no guarantee that even if they do work, they will work for you. If you have a wife and 2 children, no house and $42K savings, then in my inexpert opinion you don't have much money which you can afford to lose.

my biggest mistake was ... I jumped into trading without doing some paper trading excersises plus improper psychological and money management discipline.
Click to expand...

Don't repeat this mistake by buying a system, and trading it without testing or without money management.

I paid for the mistake costly. Sometimes I really really feel guilty for my children.
Click to expand...

Understandable, but dude, we all mess up. Get rid of that guilt and try to make the best of your situation now. You're going to feel a hell of a lot worse if you chuck away the rest of your money over the next months. Many people here will probably tell you that it could take years before you even start breaking even in trading. Good luck though, whatever you decide to do.
 
I think we need to show a bit more sympathy as I am sure we have all been there in one way or another. When one has large problems and in particular when they made it worst by trying to make it better, they are looking for any advice, constructive advice. I know people don't mean anything bad, but sometimes the "truth" is not the best policy. Depends of the situation, person's ability to take the truth and the right timing...
I am sure some of you guys know this...:)
 
I know what you are saying, Alexa, but if someone isn't mature enough to handle reality and truths, then should they be trading?

My concern is that he'll be approached by someone promising everything he needs for just a one-off payment of £1500 and then he'll be back here a month later asking for more help.
 
I agree with you totally and I hope he will not accept any "offer" of help for a price.
 
corei said:
Kinda desperate here. I lost a lot of money and a house in mutual fund and stock trading since the beginning of 2008 and my small business is not profitable (it was). I have 3 dependants rely on me (wife and 2 children)

During the last 6 months I have been reading a lot of stock trading books but still no success so far, my biggest mistake was ... I jumped into trading without doing some paper trading excersises plus improper psychological and money management discipline.

I paid for the mistake costly. Sometimes I really really feel guilty for my children.

I still have some money left , only $ 42.000,- in my saving account. Can anyone here point me to a very good trading system/online training, I don't mind paying for it as long as it is proven to be good trading system (no scam please).

Thx..
Click to expand...

You are fortunate to have $42k left. Stay away from trading until you can support your family and can live independently of the markets.

Then come back and learn to trade with pretend money. When you've done that, only ever trade with money you can afford to lose.

From what you say, if you carry on you will lose everything. Good luck.
 
I am sorry for your situation but I feel that you should stay away from trading. At least for now. You already lost a lot of money and you fear that you might lose even more. Your psychology is against you right now. The first advice that was given to me when I decided to enter in the stock market was "play with money you can afford to loose". I am sorry if I sound a bit harsh but your post gives me the impression that you approach trading with the mindset of gambling and may I say that I can see a bit of addiction there.

If I were you (I am a bit like you minus the desperation) I would stick on reading and paper trading and I would try to secure financially my family first. Later, when times will be better and the era of the 7 fat cows comes, you can start trading more prepared and more relaxed.


If what I say is total #$@$% please forgive me. I am a noob myself and probably don't know much either. :confused:
 
if youre intelligent and observant you will spend five years of your time and over that time about 50% of your disposable income. you may after this begin to make some money - think about it. now start thinking about your business and your family
 
i can help. but we must meet first before i can teach you, Private Message me for more information.
 
alexa said:
I think we need to show a bit more sympathy as I am sure we have all been there in one way or another. When one has large problems and in particular when they made it worst by trying to make it better, they are looking for any advice, constructive advice. I know people don't mean anything bad, but sometimes the "truth" is not the best policy. Depends of the situation, person's ability to take the truth and the right timing...
I am sure some of you guys know this...:)
Click to expand...

We can give sympathy but will it help? How can anyone take on the responsibility of giving this person trading advice? The best advice to give to a desperate person is to walk away while he still has money left.
 
Here are my thoughts :

Hand $32k over to your wife....never ask for this $32k back from your wife so that you can trade with it..... With the $10k balance trade carefully....risk no more than 1-2 percent of the $10k per trade. Do not move your stop losses in any losing trade....let losing trades stop out. Let your winning trades run until atleast your profit approximately equates to 2 to 3 times your risked stake (pre-define and set your exits with set limits). Start with 2-3 new trades per week.....as and if your account balance increases, you can increase your trading frequency to maybe 3 to 5 new trades per week. Whatever you do, do not sit in front of you computer screen watching your trades all day long....use this time to find work or make your business work....

When you look for possible trades to place....spend some time researching / studying the market instruments, price action....historical data as well as forecasts of where the pricing may go. Chose your entries and exits stubbornly...do not get impatient and rush in...know what you want to buy or sell at...and stick to your guns on price entry and exit. If you miss your entry because the market didn't pick up your order....then thats ok...move on to your next trading opportunity......

Whatever you do....don't give up....just make sure that you risk little sums of money so that you live to fight another day....theres lots of money in this game....thats all it is...a game....you'll find traction and your rhythm if you take it slow...small trades add up....dont try to get rich quick...there is a long journey ahead....requires lots of planning if you want to get to the finishing line in one piece....remember....you can always add to winning trades....you cannot afford to do nothing or fail in your pursuits, your family is depending on you to succeed!....keep it simple and good luck!
 
Stop listening to others first!!!! Then read my posts here in this site!!!!

Thats right I said it and I will say it over and over again! Stop listening to everyone and I mean EVERYONE!!! First!!!

Forex! Forex! Forex!

You can turn that nice 42 k into a million if you want... I can help you do it too! There are no magical formula's or systems! STAY AWAY FROM STOCKS! Forex Forex Forex!!!!

There is no room in trading for wanking and whining about what happened last week because I always look to tomorrow! And thats why I trade forex! It's the best market ever and has the most opportunities out there! Right here in this very site you can follow my posts in my trading journal - Started posting with 5000$ USD trading account started on Dec 31 2008 and today it's at 41k in banked profits and 23k in todays trading profits - Trade smarter not harder! Unfortunately you lost a bunch and is likely because you listened to everyone else! Stop looking for the magic key!!! pick yourself up and quit whining about it! You owe it to yourself and to your family

Don't believe me? Then go back to the investor who helped you lose a bunch!Quit wanking about it and do something about it!

After this reply to your post we shouldn't see anymore whining. I've lost more than your house and entire gross worth and still made my comeback so cry me a river - better yet STOP listening to lost traders who offer mundane advice!

Do something about it and do it for YOU! That's when you will win back what you lost and more!
Here is the link to my posts
http://www.trade2win.com/boards/trading-journals/49112-cc-s-new-broker-account.html

Cheers

Of course if this was posted just to create a bit more content I hope you find this at heart and take my advice for your own benefit! Don't STOP trading ! START TRADING!



corei said:
Kinda desperate here. I lost a lot of money and a house in mutual fund and stock trading since the beginning of 2008 and my small business is not profitable (it was). I have 3 dependants rely on me (wife and 2 children)

During the last 6 months I have been reading a lot of stock trading books but still no success so far, my biggest mistake was ... I jumped into trading without doing some paper trading excersises plus improper psychological and money management discipline.

I paid for the mistake costly. Sometimes I really really feel guilty for my children.

I still have some money left , only $ 42.000,- in my saving account. Can anyone here point me to a very good trading system/online training, I don't mind paying for it as long as it is proven to be good trading system (no scam please).

Thx..
Click to expand...
 
If you want to trade with confidence and direction you need a program like Tradestation or Multicharts with which you can write your own custom mechanical system in Easylanguage and thoroughly test it before putting your money on the line.
Using black box systems or other people’s trades or advice is gambling, whereas a mechanical system is more a calculated risk investment.
 
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