Huge Losses

Quote from BCE:

Not to make your plight more difficult, but saying "I am selling them for real cheap to what I paid for them so I think they are a steal' I'm not sure about. Trader's Library just had a megasale on many of these tapes for $9.99 each about a month or two ago which I'm sure many people here know about. FWIW, I'm a PowerSeller on eBay and resold some of these myself to pay for the ones I wanted to keep. :)
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The real $ lies in how much I wanted to keep them all. I already have an extensive collection of VHSs that is well around 100 right now. Just like people collect stamps, I like to collect trading Videos. I have priced them a bit higher, but it is much lower when compared to how much I would pay to keep them. Try buying it for that now, and you won't be able to and the cheapest you would be able to buy it would be around $64 something. In all honesty, I don't want to sell them. I had a lot of books on Amazon for sale, and I was expecting to make around $200 to cover immediate expenses. Thus, selling three of the 10 items will suffice. I would've kept that Larry Williams tape if I could've. As you could clearly see, so did the buyer, that I bought it for $24, and he bought it for $34, and of course I would'be paid $50 to have kept it. The contemporary Economics tapes, I bought them for $110 (including $15 shipping) and will be happy with $40. So, it is going very cheap.
 
This is not for Ripley but for all the people that wants to help Ripley:

I'm amazed about the responses Ripley get from people who wants to help. I hope you all realize that you can not 'teach' anyone. You can only show them the pad to there own wisdom.

A lot of people have the 'need' to selfdestruct. One smokes and another one takes his credit card and goes 'trading'.

You may give sound advice and give facts why somebody must not smoke. But until that person is willing to change, he/she will not listen. Same situation here. I have stopped along time ago with giving people advice that are not willing to change. I suggest you do the same. You will have more productive time and less 'frustration'.
 
I once caught a fish and it was THISSSSSSSSSSSSS big.

This thread is so funny, I can't tell who's in on it and whose not.

MAJORRRRRRRRRRRRRRR losses

a whole thousand dallors ........................

forgive me while I pick myself up off the floor
 
Quote from Everest:

I once caught a fish and it was THISSSSSSSSSSSSS big.

This thread is so funny, I can't tell who's in on it and whose not.

MAJORRRRRRRRRRRRRRR losses

a whole thousand dallors ........................

forgive me while I pick myself up off the floor
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"Extraordinary Popular Delusions and the Madness of Crowds"
[This book saved me millions. Bernard M. Baruch]
:)
 
Quote from danielc1:

This is not for Ripley but for all the people that wants to help Ripley:

I'm amazed about the responses Ripley get from people who wants to help. I hope you all realize that you can not 'teach' anyone. You can only show them the pad to there own wisdom.

A lot of people have the 'need' to selfdestruct. One smokes and another one takes his credit card and goes 'trading'.

You may give sound advice and give facts why somebody must not smoke. But until that person is willing to change, he/she will not listen. Same situation here. I have stopped along time ago with giving people advice that are not willing to change. I suggest you do the same. You will have more productive time and less 'frustration'.
More...

Perhaps some of the people that have given advice do not know how to trade?
Excepting the obvious, intelligent advice...which will be tossed away.

The majority of postings will be by those slightly ahead in the trading learning curve, marginally ahead as regards to available funds, or
just arrogant/ignorant/naive.

When a sick and wounded animal stumbles on the plains.....there are always other animals around.

Good luck Ripley.
 
I just want to take my time to say that your advices have helped me a lot. I haven't moved my stop in 2 days. Even when I moved them, I only moved them to the Break Even Point. I am slowly but surely shooting for the tree top rather than for the stars or the moon. Thus, a positive day is good.


Today: +$ 70
Account Value: $825

Had a total of 17 trades and five -$50 stop outs.

I am trying to take the risk completely out of my trading, or reduce it in a way that I don't have to get stopped out too often. Even then it is very hard to stick to your own rules at all times. Thus, I finished the day with three consecutive -$50 losses.

Thanks a lot for those who helped and I promise I will update this thread when I have losses that are bigger than what they are supposed to be. Yeah, -$1000 may not be a big loss to some of you all, but when the supposed stop is only -$50, it is big. Thanks again. :)
 
Quote from Ripley:

I just want to say that I don't have a lack of discipline or anything like that.

I am also not afraid to take a -$50 loss.


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Dude, with all respect intended, quit bullshitting yourself.

A) If you had no lack of trading discipline, you would not have taken such a big hit compared to your designated stop loss level - this inability to stick to stops is EXACTLY a lack of discipline.

B) It is obvious that you are afraid to take losses - at least to everyone but you. What do you think is causing the above problem??????? FEAR!

Set your ego aside and FACE THE TRUTH!

Best Wishes,

Paul


PS - this is normal for anything less than 5 years into the learning curve - IMO, it takes at least that long to conquer the above 2 issues, fear & discipline. So don't feel bad.
 
Never over-trade.
Never risk more than 10% of your trading capital in a single trade.
Never trade without protective stops.
Never cancel a stop-loss after placing a trade.
Never average a loss.
Never let a profit run into a loss.
Never buy or sell just because the price is low or high.
Never try to guess tops or bottoms.
Never limit a profiting trade, instead move your stops to guarantee a profit.
Never get out of the market because you have lost patience or get in because you are anxious from waiting.
Never hedge a losing position.
Never change your position or close a trade without a good reason.
Never follow a blind man’s advice.
Never enter a trade if you are unsure of the trend. Never buck a trend.
Avoid scalping for small profits and taking large losses.
Avoid trading after long periods of success or failure.
Avoiding going in and out of the market too often.
Avoid getting in wrong or getting in right and out wrong, making a double mistake.
Always identify strong support/resistance levels.
Always lock in a profit at predetermined increments on profiting trades.
Always use protective stops on open trades.
Always distribute your risk equally among different markets.
Always be willing to make money from both sides of the market.
Always reduce trading after the first loss; never increase.
Always cut your losses short and let your profits run.
When in doubt, get out. Do not get in when in doubt.
Only trade active markets.
Only pyramid trades that have a strong trend and should be accomplished once the price has crossed support/resistance.
Profits from a successful trade should be kept for future trade margins.
Guidelines
 
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