Ever Blow Up Your Account?

Quote from Vienna:

Not myself, but the famous (famous on ET that is) master Trading Wizerd, Guru and world class financier John Carter traded money for me once and went from a 200k account to a 120k account in a little over a week, nonchalantly ignoring clearly agreed upon risk guidelines ("2% of account max risk per position") and evaporating this huge sum before I could even blink. I finally believed my eyes, understood that the man had no effing idea what he was doing and yanked the plug....

I myself have never managed to even come close to this abysmal performance by a "pro", not even in my worst times.
:)
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Sh...

Did you tried to invoke his liability for the excessive risks? I can't believe you gave that much money to this asshole... Just watching his face makes me puke...
 
Lenny Dykstra....lol.. I was just reading about his latest scam. He's looking to get Professional atheletes to toss $3 million his way and then he will guarantee them $400,000 /year for life when they retire. His firm will take $500,000 off the top of that $3 mill. and then there will be yearly fees also. What a guy, what stroker.
 
I let $75000 go to $10000 or so. Before I started trading for myself I bought 2 commodity systems, R&W Technical( Possibly the 1st to get nailed big by the CFTC), and Trend Reflection. Broker had me convinced that they would come back after going into an immediate drawdown, and only once seeing the light of day. They actually got back to within $5000 of breakeven, with a large open profit in the Swiss currency. R&W had a $5000 stop in the Swiss, well you can guess the ending to that trade. Broker was telling me he was hiring a Phd from Univ. of Chicago to see if he could figure out how to improve the systems. I had hit my breaking point and closed out to go lick my wounds and learn for myself. I finally got it in my head I could just as easily lose $60,000 on my own without paying for a program to do it. On the bright side it gave me a wonderful(kidding and crying) carryforward loss for a few years.
I still have the disks for both systems and my Supercharts that I ran them on. I used TS 2000i when I got it to look at the code for both and was amazed at all the variables in the Trend Reflection. I'm surprised computers back then could even run it.
 
Quote from tango29:

Lenny Dykstra....lol.. I was just reading about his latest scam. He's looking to get Professional atheletes to toss $3 million his way and then he will guarantee them $400,000 /year for life when they retire. His firm will take $500,000 off the top of that $3 mill. and then there will be yearly fees also. What a guy, what stroker.
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He does deep in the money calls, and averages down until he makes a small profit. Breaks just about every time-tested rule of trading.

In the long run, practically a guaranteed loser.
 
Quote from TraDaToR:

Sh...

Did you tried to invoke his liability for the excessive risks? I can't believe you gave that much money to this asshole... Just watching his face makes me puke...
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Yes, spoke to a good NYC Lawyer that specializes in this kind of stuff. Basically, the agreement I had did not protect me properly, so a lawsuit would have probably meant throwing good money after bad.
I plain did not expect the huge drawdown because he used to blather on a lot about position sizing etc. ...it happened so incredibly fast that when I realized what was going on it was already too late. If I remember correctly, the account equity went down 35 k from the morning to the afternoon on the day before I pulled the plug... Expensive lesson, I know.... but several years in the past now, in the meantime I am consistently profitable while this clown still has to peddle his sh*t to the unsuspecting :)
 
Nice way to think at it...He is the loser in the end

I have been intrigued by the number of supporters he has on the John Carter thread... Whatever....teachers, speakers...
 
Quote from trader_david:

oops, should be: I can not transfer funds immeadiately to recoup my loss.

when I read BSC was bought $2 a peiece by JPM, feel better. but the loss is horrible, I never blew away so much money in a single day (60% of my account value)! I normally focus on day trading, love to buy panic sell. I did very successfully on WM. this time it makes me nervous to do this kind of trades!
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try options next time, more leverage ,less risk ran 60k up to 325 k in 6 months and then lost 3o k, next day 30k, then 190k in 1 day, left the biz after that,1990-1, just came back and its a lot harder now, spus had 3 point average daily range back then tarding around 250, and the mrkt profile chart was almost like cheating it worked so well
 
Quote from pneuma:

85% drawdown over 6 months, and traded out of it again without additional capital.
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That's a pretty amazing come back.

Did you change your trading style or system in order to make it back?
 
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