Ever Blow Up Your Account?

Logged Out · Mar 18, 2008

100k to 25k few years ago

th3414 · Mar 18, 2008

$3K to 0 trading ESI in Feburary. Was long and stock tanked. Firm sold my position out and it rallied $4 the next morning.

HolyGrail · Mar 18, 2008

One time I had an account that blew me. Does that count?

Cutten · Mar 18, 2008

Quote from HolyGrail:

One time I had an account that blew me. Does that count?

Not unless your name is Spitzer.

Cutten · Mar 18, 2008

Quote from monee:

Have not heard of any clearing firms going bust and customers with funds in segregated accounts losing their money .
How long ago was it ?

A little over 9 years ago.

Segregated accounts can still vaporize if the loss is bigger than the clearing firm's capital.

SWhiting · Mar 18, 2008

Quote from Cutten:

A little over 9 years ago.

Segregated accounts can still vaporize if the loss is bigger than the clearing firm's capital.

Was this a US regulated firm? Will SIPC protect us?

SWhiting · Mar 18, 2008

I'm not sure of the exact numbers but my tax returns this year show a 110,000 (and some change) 'Loss Carryforward' amount. This has been incurred since I made my first future trade (Silver) in 1994.

My wife is pissed but to me it means I can earn 110K this year in trading profits and not pay taxes on it.

northmen202 · Mar 18, 2008

Blew out 12K the first month I started trading.I thought I could scalp using Scottrade day trading platform with market orders. NOT!

MandelbrotSet · Mar 18, 2008

dajuicer just blew-out his account ... he was holing 10 ES contracts Long when the BSC takeover announcement hit over the weekend ...

smilingsynic · Mar 18, 2008

Never blew up my account.

It's not that I am a great trader, but I focus on avoiding doing stupid mistakes.

The way I see it, the longer you trade, the more experience you gain, and the more chances you have to learn from your mistakes. In this business, few last long anyway, so longevity is itself an edge.