Huge Losses
- Thread starter Ripley
- Start date
Riply;
Probably the most exciting way to rip your account out is keep trading 3 contracts;
but its strange how ''get rich quick doest work''
I still like to paper trade some; but even when i do, still trade with equity trend.Same principle why lots of us used low or no leverage when we started learning.
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The plans of the diligent tend only to advantage;
.-Solomon,trader king
Probably the most exciting way to rip your account out is keep trading 3 contracts;
but its strange how ''get rich quick doest work''
I still like to paper trade some; but even when i do, still trade with equity trend.Same principle why lots of us used low or no leverage when we started learning.
=======
The plans of the diligent tend only to advantage;
.-Solomon,trader king
Guys,
Sorry for not updating. I guess you all knew the eventual outcome, but just didn't know when. Well, I don't know when either. But, I am -$390 for the last two days. And that should make it around $700&some change in my account. Don't know the exact numbers since the Account Statement is not out yet.
That is because I am so close to the margin requirement for one contract that I am afraid to take a stop and I am getting my ass handed to me out there. Some other key issues are, I don't have the discipline to adhere to my stops and I don't have the patience to wait for high probability trades.
The first goal for me is to raise some more money so that I could have a bit more breathing room. So, I am selling couple of things on eBay, and trust me I am selling them for real cheap to what I paid for them so I think they are a steal. Even if you don't need it, please buy it and support an aspiring futures trader. Because I need some money fast, I have it listed for only 5 days and please add this to your eBay watch list.
Help a fellow trader out!!!
Thanks.
Sorry for not updating. I guess you all knew the eventual outcome, but just didn't know when. Well, I don't know when either. But, I am -$390 for the last two days. And that should make it around $700&some change in my account. Don't know the exact numbers since the Account Statement is not out yet.
That is because I am so close to the margin requirement for one contract that I am afraid to take a stop and I am getting my ass handed to me out there. Some other key issues are, I don't have the discipline to adhere to my stops and I don't have the patience to wait for high probability trades.
The first goal for me is to raise some more money so that I could have a bit more breathing room. So, I am selling couple of things on eBay, and trust me I am selling them for real cheap to what I paid for them so I think they are a steal. Even if you don't need it, please buy it and support an aspiring futures trader. Because I need some money fast, I have it listed for only 5 days and please add this to your eBay watch list.
Help a fellow trader out!!!
Thanks.
Quote from Ripley:
Guys,
Sorry for not updating. I guess you all knew the eventual outcome, but just didn't know when. Well, I don't know when either. But, I am -$390 for the last two days. And that should make it around $700&some change in my account. Don't know the exact numbers since the Account Statement is not out yet.
That is because I am so close to the margin requirement for one contract that I am afraid to take a stop and I am getting my ass handed to me out there. Some other key issues are, I don't have the discipline to adhere to my stops and I don't have the patience to wait for high probability trades.
The first goal for me is to raise some more money so that I could have a bit more breathing room. So, I am selling couple of things on eBay, and trust me I am selling them for real cheap to what I paid for them so I think they are a steal. Even if you don't need it, please buy it and support an aspiring futures trader. Because I need some money fast, I have it listed for only 5 days and please add this to your eBay watch list.
Help a fellow trader out!!!
Thanks.
I guess the 'Becoming a Discipled Trader' video isn't much good...
I always find myself on the opposite end of a huge move. What gives? I don't know.
Maybe it is because I only move my stops, and don't mess with my profit targets.
I think it is because I am doing something wrong when trying to follow trends. And this following excerpt is just what I am doing wrong. I am trying to follow prices when they look abnormal without realizing that they are that for a reason.
I think Mr. Eckhardt said it best: There is what I refer to as "the call of the countertrend." There's a constellation of cognitive and emotional factors that makes people autmatically countertrend in their approach. People want to buy cheap and sell dear; this by itself makes them countertrend. But the notion of cheapness or dearness must be anchored to something. People tend to view the prices they're used to as normal and prices removed from these levels as aberrant. This perspective leads people to trade counter to an emerging trend on the assumption that prices will eventually return to "normal." Therein lies the path to disaster.
Here is one of my typical trades. And thats the first trade I had after the weekend and a lot of soul searching etc and that trade took a lot out of me.
Maybe it is because I only move my stops, and don't mess with my profit targets.
I think it is because I am doing something wrong when trying to follow trends. And this following excerpt is just what I am doing wrong. I am trying to follow prices when they look abnormal without realizing that they are that for a reason.
I think Mr. Eckhardt said it best: There is what I refer to as "the call of the countertrend." There's a constellation of cognitive and emotional factors that makes people autmatically countertrend in their approach. People want to buy cheap and sell dear; this by itself makes them countertrend. But the notion of cheapness or dearness must be anchored to something. People tend to view the prices they're used to as normal and prices removed from these levels as aberrant. This perspective leads people to trade counter to an emerging trend on the assumption that prices will eventually return to "normal." Therein lies the path to disaster.
Here is one of my typical trades. And thats the first trade I had after the weekend and a lot of soul searching etc and that trade took a lot out of me.
Ripley,
Why do you keep posting these dumbass trades. You alreadly know what you do wrong, so stop (pardon the pun) doing it.
My advice: Whenever you have the inclination to do something do the opposite.
Example:
Ripley thinks to himself, "now seems like a goodtime to buy," is exactly when you sell.
Ripley thinks to himself, "man losing money sucks, I will just hold on until I am positive," is when you should get out.
Your a perfect indicator, can you call me right before you place a trade?
Another example, RIpley thinks, "maybe if I sell all the books/videos on trading I have never read/watched, I can have more money to trade." Now is time to get a job.
Why do you keep posting these dumbass trades. You alreadly know what you do wrong, so stop (pardon the pun) doing it.
My advice: Whenever you have the inclination to do something do the opposite.
Example:
Ripley thinks to himself, "now seems like a goodtime to buy," is exactly when you sell.
Ripley thinks to himself, "man losing money sucks, I will just hold on until I am positive," is when you should get out.
Your a perfect indicator, can you call me right before you place a trade?
Another example, RIpley thinks, "maybe if I sell all the books/videos on trading I have never read/watched, I can have more money to trade." Now is time to get a job.
Quote from 5yrtrader:
Ripley,
Why do you keep posting these dumbass trades. You alreadly know what you do wrong, so stop (pardon the pun) doing it.
Where's the pun
(lol)I knew what I was doing wrong, and I didn't think I would do it again. But, just when I thought it wasn't going to happen, it happened in a different way.
It happened because I never have to take a -$50 loss on the first few trades, and also because it just went up against me with so much force that it made me wonder if this this is the time it is going to come back down just as fast. Tough game..