Blown up and Devastated

In my 2nd month of trading, I too had a blowup on AMAT. My biggest up day to that point was maybe $150 (mind you this was my 2nd month) and this one day I kept adding and adding to my AMAT position, terrified of taking a loss. All in all, I had 7500 shares and lost .48 cents. It was overwhelming, and I came in the next day and traded small size and kept plugging away day after day. Now, 2 years later, I am consistently profitable, average about 9k a month and growing.
Just pick up the pieces, start from square one. As ozzy said in an ealier post, if trading is your passion, you'll find a way to succeed.

Quote from giannos:

Well today I offically became a statistic....I have joined the 95% of traders who fail ....My story begins like this.

I was a product of Swift trade a while back and moved on to bigger and better things....Rebating just wasnt for me...I joined a prop firm and have been trading with them for the past 4 months....Yesterday AMAT ripped me apart and today it was MSFT.....I was long MSFT and geting wacked, slowly my losses added up...I was scaling my position as I did want to eventually have some size....But it was on the downtrend....At this point I was long 7000 shares at 26.13....It approched 11 a few times and would not break through...I was just hoping to flaten out and re-think my entry..I was gonna scrap it at 11 but to late, now its at 07-08 and im down alot...so I held.....Then I kept holding when it was between 02-05...At this point I was more than ready to bail...But looking at my blotter and praying to the God's, I couldnt pull the trigger....So locked and loaded I bail at 25.97...If it drops below $26.00 I remeber thinking that it could find its way down another 20 cents....Now it rallys some and it is finding resistance all the way up...I look over the chart for the 100th time and tell myself your fighting the trend...Now I decide to go short, 7000 short at 06...Now it starts ripping up and I have no choice but to get out of the way at 16....It goes to 25 and then tanks to 01...WTF?.....Long or short the market took my dumb money and I am left wondering what went wrong....Had I held longer I would have been up over 2k, had I not paniced looking at my blotter I would have bailed along time ago and maby would feel better about myself right now......So many questions as to WHY did this happen or why did I do this ????

I love this business and am wondering how I can recover from 2 days of hell :(

I suppose I expected to blow up sooner or later, but a part of me wanted to think that I could be exempt from the 95%.

How do you pick up the pieces and regroup?

How do you carry on?

:(
More...
 
Quote from giannos:

Well today I offically became a statistic....I have joined the 95% of traders who fail ....My story begins like this.

I was a product of Swift trade a while back and moved on to bigger and better things....Rebating just wasnt for me...I joined a prop firm and have been trading with them for the past 4 months....Yesterday AMAT ripped me apart and today it was MSFT.....I was long MSFT and geting wacked, slowly my losses added up...I was scaling my position as I did want to eventually have some size....But it was on the downtrend....At this point I was long 7000 shares at 26.13....It approched 11 a few times and would not break through...I was just hoping to flaten out and re-think my entry..I was gonna scrap it at 11 but to late, now its at 07-08 and im down alot...so I held.....Then I kept holding when it was between 02-05...At this point I was more than ready to bail...But looking at my blotter and praying to the God's, I couldnt pull the trigger....So locked and loaded I bail at 25.97...If it drops below $26.00 I remeber thinking that it could find its way down another 20 cents....Now it rallys some and it is finding resistance all the way up...I look over the chart for the 100th time and tell myself your fighting the trend...Now I decide to go short, 7000 short at 06...Now it starts ripping up and I have no choice but to get out of the way at 16....It goes to 25 and then tanks to 01...WTF?.....Long or short the market took my dumb money and I am left wondering what went wrong....Had I held longer I would have been up over 2k, had I not paniced looking at my blotter I would have bailed along time ago and maby would feel better about myself right now......So many questions as to WHY did this happen or why did I do this ????

I love this business and am wondering how I can recover from 2 days of hell :(

I suppose I expected to blow up sooner or later, but a part of me wanted to think that I could be exempt from the 95%.

How do you pick up the pieces and regroup?

How do you carry on?

:(
More...

Giannos, I understand your feeling. Well, whats done is done. Now, the only way to come back is to make it back slowly. Do not begin trading huge sizes to cover your loss. It wont happen because the bigger the shares, the more fear you will have and you wont be able to make the money back. Do less shares, follow a system and you will be fine.

good luck
 
Slew of blowups around here lately...

Baron should make another thread category, possibly sponsored by Vic Niederhoffer, called "Devastation Education - how to wipeout in the markets."
 
Quote from Choad:

Baron should make another thread category, possibly sponsored by Vic Niederhoffer, called "Devastation Education - how to wipeout in the markets."
More...

:D LOL

Sympathy to the original poster --- you have completed one of the steps to becoming a consistent trader. Have you read Mark Douglas's "The Disciplined Trader"? You might add that to the advice that you are getting on technique.
 
Quote from giannos:

.....Yesterday AMAT ripped me apart and today it was MSFT.....I was long MSFT and geting wacked, slowly my losses added up...I was scaling my position as I did want to eventually have some size....But it was on the downtrend....At this point I was long 7000 shares at 26.13....It approched 11 a few times and would not break through...
....
:(
More...

Sounds to me like you are trading randomly .... random entries and exits are not the way to make money in my opinion. You need to sharply reduce your share size until you have a basket ot techniques and know when to use them: thus each trade has a reason for the entry and a reason for the exit that was planned before you put the trade on .....
 
Quote from giannos:

Well today I offically became a statistic....I have joined the 95% of traders who fail ....My story begins like this.

I was a product of Swift trade a while back and moved on to bigger and better things....Rebating just wasnt for me...I joined a prop firm and have been trading with them for the past 4 months....Yesterday AMAT ripped me apart and today it was MSFT.....I was long MSFT and geting wacked, slowly my losses added up...I was scaling my position as I did want to eventually have some size....But it was on the downtrend....At this point I was long 7000 shares at 26.13....It approched 11 a few times and would not break through...I was just hoping to flaten out and re-think my entry..I was gonna scrap it at 11 but to late, now its at 07-08 and im down alot...so I held.....Then I kept holding when it was between 02-05...At this point I was more than ready to bail...But looking at my blotter and praying to the God's, I couldnt pull the trigger....So locked and loaded I bail at 25.97...If it drops below $26.00 I remeber thinking that it could find its way down another 20 cents....Now it rallys some and it is finding resistance all the way up...I look over the chart for the 100th time and tell myself your fighting the trend...Now I decide to go short, 7000 short at 06...Now it starts ripping up and I have no choice but to get out of the way at 16....It goes to 25 and then tanks to 01...WTF?.....Long or short the market took my dumb money and I am left wondering what went wrong....Had I held longer I would have been up over 2k, had I not paniced looking at my blotter I would have bailed along time ago and maby would feel better about myself right now......So many questions as to WHY did this happen or why did I do this ????

I love this business and am wondering how I can recover from 2 days of hell :(

I suppose I expected to blow up sooner or later, but a part of me wanted to think that I could be exempt from the 95%.

How do you pick up the pieces and regroup?

How do you carry on?

:(
More...

Don't do another trade until you have looked at this:
www.collective2.com
Pick two of the better money making systems (this is real stuff), and trade with them. Trade small at first then, slowly increase size. I'll soon be activating my trading system on C2. It's called No-Losing-Weeks trading strategy.
Good luck.
 
I hear all you guys talk about "blowing up", then trading the next day. I thought "blowing up" meant losing all your money. If I blow up, I'll be combing the classifieds the next day. Who bankrolls you guys?
 
Quote from giannos:

Well today I offically became a statistic....I have joined the 95% of traders who fail ....My story begins like this.

I was a product of Swift trade a while back and moved on to bigger and better things....Rebating just wasnt for me...I joined a prop firm and have been trading with them for the past 4 months....Yesterday AMAT ripped me apart and today it was MSFT.....I was long MSFT and geting wacked, slowly my losses added up...I was scaling my position as I did want to eventually have some size....But it was on the downtrend....At this point I was long 7000 shares at 26.13....It approched 11 a few times and would not break through...I was just hoping to flaten out and re-think my entry..I was gonna scrap it at 11 but to late, now its at 07-08 and im down alot...so I held.....Then I kept holding when it was between 02-05...At this point I was more than ready to bail...But looking at my blotter and praying to the God's, I couldnt pull the trigger....So locked and loaded I bail at 25.97...If it drops below $26.00 I remeber thinking that it could find its way down another 20 cents....Now it rallys some and it is finding resistance all the way up...I look over the chart for the 100th time and tell myself your fighting the trend...Now I decide to go short, 7000 short at 06...Now it starts ripping up and I have no choice but to get out of the way at 16....It goes to 25 and then tanks to 01...WTF?.....Long or short the market took my dumb money and I am left wondering what went wrong....Had I held longer I would have been up over 2k, had I not paniced looking at my blotter I would have bailed along time ago and maby would feel better about myself right now......So many questions as to WHY did this happen or why did I do this ????

I love this business and am wondering how I can recover from 2 days of hell :(

I suppose I expected to blow up sooner or later, but a part of me wanted to think that I could be exempt from the 95%.

How do you pick up the pieces and regroup?

How do you carry on?

:(
More...
===========
Gianos;
My favorite trades over the years are short airlines;
and LONG TEK.

Frankly while it looks like my time frame may be longer for longs/shorts than you;
enter on intraday charts also , you had an excellant long entry MSFT at $26.13-26.15.

And speaking of probabilities ,not predictions;
MSFT & some major airlines are below & CLOSED BELOW 20dma & 50dma. Closed down again ,note patterns

DIA,SPY,QQQQ,LUV are ABOVE 20 & 50 day moving averages;
and closed Above 20 & 50 DMA. Closed UP again , note patterns.

Wisdom is profitable to direct.



:cool:
 
Quote from murray t turtle:

===========
Gianos;
My favorite trades over the years are short airlines;
and LONG TEK.

Frankly while it looks like my time frame may be longer for longs/shorts than you;
enter on intraday charts also , you had an excellant long entry MSFT at $26.13-26.15.

And speaking of probabilities ,not predictions;
MSFT & some major airlines are below & CLOSED BELOW 20dma & 50dma. Closed down again ,note patterns

DIA,SPY,QQQQ,LUV are ABOVE 20 & 50 day moving averages;
and closed Above 20 & 50 DMA. Closed UP again , note patterns.

Wisdom is profitable to direct.



:cool:
More...

CLOSED BELOW 20dma & 50dma. Closed down again ,note patterns
------
DIA,SPY,QQQQ,LUV are ABOVE 20 & 50 day moving averages;
and closed Above 20 & 50 DMA. Closed UP again , note patterns

You're saying follow their lead?

Go with the flow or mirror their moves?
 
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