How to never get an account wiped out?

I have made a lot trades the last two days with following results on my account:

01/22/07 +12.5%
01/23/07 +32.3%

The bad point is that yesterday I had nearly full exposure of my account into on single trade. I was risking more than 80% of the assets. It turned out that I had a 30% probablility to blow 80% of my account yesterday. Fortunately that didn't happen. But I don't like hope and emotions rollercoaster!
 
Quote from gg12:

I have made a lot trades the last two days with following results on my account:

01/22/07 +12.5%
01/23/07 +32.3%

The bad point is that yesterday I had nearly full exposure of my account into on single trade. I was risking more than 80% of the assets. It turned out that I had a 30% probablility to blow 80% of my account yesterday. Fortunately that didn't happen. But I don't like hope and emotions rollercoaster!
More...

Probably it's "never" too late to have the thread changed to:
"How to get an account wiped out?" :D
 
like I said before, it's only a matter of time before it happens. I've done it myself and I've seen it happen to other people. I'm very good also at predicting who it's going to happen to, 100% hit rate so far. I give you less than 6 months, 3 more likely.
 
Will

I agree with you! This can lead to a disastrous overall result!

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RISK is married with REWARD.
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The most frustating thing is that trading currently eats 14 !!! hours of my daily time.

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Every reward is a transfer from TIME to MONEY.
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But there are other live needs than a big growing account. Therefore I am now taking more emphasis on learning targets - and communication targets.
 
Result today:

01/24/07 -11.8%

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Never go against a TREND. It can be a bulldozer.
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01/25/07 +8.9%
01/26/07 -31.9%

Why that loss? I was trying to spot a reversal in the DOW yesterday? There was a big reversal yesterday, but I have been at the wrong time and too big in the market (wrong timing, no edge, to big postion size).
On my first contract I hat a loss. I didn't accept that an began to open 2 additional contract - pressuring myself to close the day with a financial gain.

All 3 contracts lost big! That's live. I have to read my own posts in the future...

KNOWLEDGE is on side. EXECUTION with the right mind set and in the right emotional state is the hardest part for me at the moment.

BUT, the account has not been wiped out so far. The show goes on!

I am now at 40.26 percent of my original investment.

I want to make an average of 2% every day I trade.

I will ignore absolut $ numbers. I don't care about the amount of the bankroll. I care about growth and persistance.

And I am keen to learn.
Setbacks like yesterday's help me to even accelerate acquiring knowledge and intensifying research. A lot of emotions - mainly EGO related. (How can I be so stupid, etc....)

But also the permanent thinking:
HOW CAN I ACHIEVE MY STATED GOALS?
- That's the more important question - and that's the question which leads to acitivty towards SUCCESS.
 
GG,

Add more capital to the account if you still want the same growth (dollar figure).

Honestly, I don't think many trader have an big enough edge with trading system, risk management or money management if used alone.

Positive expectancy is a product of the above 3 things.





Will




Quote from gg12:

01/25/07 +8.9%
01/26/07 -31.9%

Why that loss? I was trying to spot a reversal in the DOW yesterday? There was a big reversal yesterday, but I have been at the wrong time and too big in the market (wrong timing, no edge, to big postion size).
On my first contract I hat a loss. I didn't accept that an began to open 2 additional contract - pressuring myself to close the day with a financial gain.

All 3 contracts lost big! That's live. I have to read my own posts in the future...

KNOWLEDGE is on side. EXECUTION with the right mind set and in the right emotional state is the hardest part for me at the moment.

BUT, the account has not been wiped out so far. The show goes on!

I am now at 40.26 percent of my original investment.

I want to make an average of 2% every day I trade.

I will ignore absolut $ numbers. I don't care about the amount of the bankroll. I care about growth and persistance.

And I am keen to learn.
Setbacks like yesterday's help me to even accelerate acquiring knowledge and intensifying research. A lot of emotions - mainly EGO related. (How can I be so stupid, etc....)

But also the permanent thinking:
HOW CAN I ACHIEVE MY STATED GOALS?
- That's the more important question - and that's the question which leads to acitivty towards SUCCESS.
More...
 
Will

I am trading % wise. I don't care about amounts.
What I am doing can be done with any amount!

The smallest bet I can make is only a tiny fraction of my account.
The problem is that I am trading with too big % trades which are not justified by an edge.
 
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