A lot has changed since I lost $90k trading UCO in January of this year, and I have been doing very little trading since then. The entire situation really bothered me, and I was (and still am somewhat) angry with myself for getting greedy and falling into the trap of thinking that I knew more than the markets. Losing that much money was a reality check for sure, and the good news is that is has made me come to realize that I was getting to complacent with my trading. I was overconfident, and I my position sizing was out of control. At least now my expectations have been reset and I can put that disaster behind me and look forward to the future.
So where do I go from here? I still have about $75k of trading capital left (I didn’t totally blow up my account), so that’s more than enough to start taking on small positions again as I work to rebuild what I’ve lost. But things are different now:
- I no longer think of trading as a way to become obscenely rich.
- I no longer have illusions about quitting my day job to swing trade for a living (not yet anyway).
- I’ve got 11 years of trading experience under my belt, so I know how easy it would be to make $50-$300/mo without much effort at all. So that’s all I’m going to do from this point forward. I’m no longer swinging for the fences, hoping to make it big on one trade. A consistent couple hundred dollars a month is enough to satisfy me. After all, I’m thrilled to death when I make $2-300/mo from my website empire, so why should trading be any different?
The good news is that I am an experienced trader, having placed thousands of trades since 2004. I know what’s realistic and what’s not, so my goal of hitting consistent singles and doubles (instead of home runs) is more than doable.
Here I go.
Yes! I want to trade my 9-5 job for passive income too!
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