2012: The Battle for Survival

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1.Have your broker set an automatic daily stop loss on account. I recommend 2% and a use your discretionary stop at 1%. Your mileage may vary. The ego might be saying saying "Oh I don't need that, I'm better than that" . Admit at some point anyone could go on TILT and we are human.

2. Only keep enough funds in account to cover margins so you can't size yourself up 3 X your liquid net worth if you go on tilt.

Get the needle out of your arm for a while and go enjoy your family , friends, nature, and the FREE things in life that don't involve the man made "stuff" like money/materials, give thanks for what you DO have. This can apply to everyone after a shitty event like that.

Life is full of lessons.
 
Quote from Zr1Trader:

1.Have your broker set an automatic daily stop loss on account. I recommend 2% and a use your discretionary stop at 1%. Your mileage may vary. The ego might be saying saying "Oh I don't need that, I'm better than that" . Admit at some point anyone could go on TILT and we are human.

2. Only keep enough funds in account to cover margins so you can't size yourself up 3 X your liquid net worth if you go on tilt.

Get the needle out of your arm for a while and go enjoy your family , friends, nature, and the FREE things in life that don't involve the man made "stuff" like money/materials, give thanks for what you DO have. This can apply to everyone after a shitty event like that.

Life is full of lessons.
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+1
 
Quote from Zr1Trader:

1.Have your broker set an automatic daily stop loss on account. I recommend 2% and a use your discretionary stop at 1%.
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This is all good but does any broker actually offer this?
 
Quote from Businessman:

This is all good but does any broker actually offer this?
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Most Brokers offer NO tools to save the trader.. that would take the emotion out of trading and level the playing field too much.
 
Quote from Rashid_G.:

Most Brokers offer NO tools to save the trader.. that would take the emotion out of trading and level the playing field too much.
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Pretty much every broker out their has a dialy "failsafe limit" for their own risk measures. Mine was like 80% of account value and you may have to do some good negotiating to get them to set it at 2% for you. Just straight up say, "Do you want my business or not" If they say no, then go elsewhere.

I don't know which stock brokers offer this, I trade futures. I agree MOST probably don't offer it.
 
Quote from Zr1Trader:

1.Have your broker set an automatic daily stop loss on account. I recommend 2% and a use your discretionary stop at 1%.
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That is actually a TERRIBLE advice. First, you clearly still encourage him to trade, when 3 consecutive years (let's repeat, that is 36 months!!!) has proven that he clearly doesn't have an edge anymore. He should stop trading right now.

Second, it doesn't even work. He could just loose 2-2-2% per week. Even if he just loses 2% once a week, that still can be -8% a month, and eventually he will get down to zero...

No trick by his broker will substitute any profitable strategy!!!!

And by the way Neke miscalculated his annual return/loss, he is down -40%, not -30 as he stated in the weekly statement. He lost 61K on 153K (after withdrawals). If I average his account with the continuous withdrawals, that is still -35%. So his last 3 years are:

2010: -11% (max. DD -48%)
2011: -36% (max. DD -48%)
2012: -35%

And this guy will be saved by the broker's automatic stop loss???
 
I'm guessing neke's problems are caused by having a short bias in a rising market. If he had a long bias these last few years, he would be profitable.
 
Ok, I've been reading this for a long time.

I will change my idea about Neke today. He has no place in trading. He needs to close his account and move on with his live.

But I have much respect for Neke's honesty. Not many people have the balls to post their errors like Neke does. I wish him the best, I hope this thread is a lesson for many.
 
He doesn't have zero edge, his edge is negative. This guy is in a death spiral. He'll be down to 5K account within 6 months. Then his wife will find out and leave with the kids. Then he'll put the last of the 5K on a single trade and blow himself up.
 
Quote from badvestor:

He doesn't have zero edge, his edge is negative. This guy is in a death spiral. He'll be down to 5K account within 6 months. Then his wife will find out and leave with the kids. Then he'll put the last of the 5K on a single trade and blow himself up.
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literally or metaphorically?
 
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