I am done with trading.

Quote from rcaldwell:

Did you not listen to a word of my advice on your last thread?

The only thing that will cure you is broke and penniless.
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Expecting someone to be immune to blowups because you gave them trading advice is like expecting a fat person to become thin because you give them a diet plan and workout routine. Knowledge is necessary but insufficient - you need emotional control too.

To the OP - you appear to be addicted to gambling, since you've blown up before and sworn off trading. I recommend you see a therapist - if you don't then you will likely be seeing a bankruptcy judge in the next couple of years.
 
Quote from Ghost of Cutten:

Expecting someone to be immune to blowups because you gave them trading advice is like expecting a fat person to become thin because you give them a diet plan and workout routine. Knowledge is necessary but insufficient - you need emotional control too.

To the OP - you appear to be addicted to gambling, since you've blown up before and sworn off trading. I recommend you see a therapist - if you don't then you will likely be seeing a bankruptcy judge in the next couple of years.
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I agree and will go on farther. GA, gamblers anonymous.
 
well after all this turnmoil the op thought probably it is friday and and a long weekend the market has to sell of and since it was neither breaking higher + it was flirting under 1072 on the ES
Well if it brake,s 1072 and lower it would probably have sold off but it did the opposit ( keep in factor it was a fri , 3 day long weekend and a lot of uncetain in the market )
a $-300 loss turned in to $-10950 :( just by averaging down
 
Quote from BPtrader:

I was supposed to be on holiday last Friday, but somehow I logged on the Internet and began to trade. Maybe my brain was not functioning well, I just went crazy after the first trade. Not only did I refuse to take the loss, but also I averaged in with a monstrous 10 lots. When it went against me, I totally lost it and averaged in another 7 lots (that was all my account balance allowed me to trade).

With averaging in, we know what will happen eventually. I guess my fate finally caught up with me. I could have taken a loss of $300 after the first trade, but the 10-lot average-in cost me $4000 within 20 minutes. After the second average-in, my unrealized p/l showed a loss of $9000. When it went over $10000, I couldn't take it anymore and threw in the towel. Total loss: $10,950.

I used to lose a couple of thousand when a disaster hit, but this time it was totally out of control. I didn't seem to be the same person that I was, I became a maniac, or compulsive gambler to be more exact. The kind of gambler that you find in a casino, the kind of gambler who bet everything on one color, the kind of gambler who went all in.

I have finally decided that I am not fit to trade. I shall end my misery once and for all. No more trading.

I finally accept the statistics that 99.9% will fail in trading. I guess those who discourage others from trading are right after all. I am at peace with myself: Trading is not for me and 99.9% of those who tried.
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Your statistics are not correct. I am very very sorry for your extreme experience and how it damaged your account. That is a pity.

However you have discovered how to preserve capital and cut losses and learned valuable information.

You should not trade. It doesn't suit you. Investing might however.

I hope you settle in on some avenue that does well accordingly as you do well in life and truth and benevolence to others ...
 
Quote from BPtrader:

I was supposed to be on holiday last Friday, but somehow I logged on the Internet and began to trade. Maybe my brain was not functioning well, I just went crazy after the first trade. Not only did I refuse to take the loss, but also I averaged in with a monstrous 10 lots. When it went against me, I totally lost it and averaged in another 7 lots (that was all my account balance allowed me to trade).

With averaging in, we know what will happen eventually. I guess my fate finally caught up with me. I could have taken a loss of $300 after the first trade, but the 10-lot average-in cost me $4000 within 20 minutes. After the second average-in, my unrealized p/l showed a loss of $9000. When it went over $10000, I couldn't take it anymore and threw in the towel. Total loss: $10,950.

I used to lose a couple of thousand when a disaster hit, but this time it was totally out of control. I didn't seem to be the same person that I was, I became a maniac, or compulsive gambler to be more exact. The kind of gambler that you find in a casino, the kind of gambler who bet everything on one color, the kind of gambler who went all in.

I have finally decided that I am not fit to trade. I shall end my misery once and for all. No more trading.

I finally accept the statistics that 99.9% will fail in trading. I guess those who discourage others from trading are right after all. I am at peace with myself: Trading is not for me and 99.9% of those who tried.
More...




Trading will bring all of your demons to the surface, that blowup/angry trading may have been a blessing for the long run. Take some time off and rethink this game
 
If you have the acumen and a good enough job to put together a trading account where you can afford to drop $10K on a single day then take a deep breath and focus on that job/profession ... you might find that slaying the dragon in trading is an empty victory and that you'll make more and have less stress in your "real job" I'm not saying I'm right just my opinion ... who needs this ball-ache if you don't have to..
 
I had the same problem just a day before. Averaged in to a huge amount of lots and within 30 seconds watched the floor drop out from under me and the price moved against my positionover two dollars in just a couple of minutes. You couldn't have scripted a worse and incredibly fast outcome.

Anyway, I think the key is not simply being willing to "cut losses", you must have a confidence in your trading method that there is a statistical edge. If you have complete confidence that you have an edge, then I believe it's easier to cut losses.

Without confidence in having an edge, it becomes a lot easier to start operating based on "hope".


Now, developing an edge seems to be the hard part. I've automated a huge variety of day trading strategies against the ES and CL, and so far, even using multiple timeframe based strategies, I'm not finding much that is statistically consistently profitable.
 
I tend to think that BPtrader is better off quitting trading if he is not prepared to face himself/herself. This is about facing yourself and some of the deep underlying issues you have within yourself, someone once wrote: " if you are impatient, vengeful, have deep seated anger, etc, guess what those emotions will be reflected to you in your equity curve". Its about facing yourself and resolving these issues that cause you to add to losing positions eventhough you know better
 
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