I blew out my account

You never want to use margin in a market that swings 400-500 points day to day either up or down. If you do you at least should have tight stop losses.
 
Quote from subban:

You never want to use margin in a market that swings 400-500 points day to day either up or down. If you do you at least should have tight stop losses.
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That was the first mistake. Second was going long this market.
 
I dont get these people that blow their accts taking long positions in this market...how retarded!! Fade any upward trend moves as the overall trend is still DOWN, DOWN, DOWN!!!!!!! Some people never learn.....better they go back to their "I hate my boss" dayjob.

I guess I should ask what was snowhite trading?.... index futures, stocks, ETF's ..........????
 
Quote from snowhite:

Today was it, I went long on margin and lost $20k. Goodbye ET. Trading is a losing game. Many of you know what I am talking about.
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haahaaa dude no offense but this is the stupidest post i have ever read, let me guess you were a bagholder from much higher prices and you though today was the day it ends.... you deserve to lose every penny of your money to more experienced people.
 
you will get over it swhite. then u will either try again or not. that will tell u how bad u want to do it. so come back and trade small to see how it goes. hope u feel better real soon..take care...
 
Quote from snowhite:

Today was it, I went long on margin and lost $20k. Goodbye ET. Trading is a losing game. Many of you know what I am talking about.
More...

So give us the gory details:

How do you go about blowing 20K?

Maybe someone can learn from your misfortune. Doubtful because we have to learn for ourselves but you might save someone else some pain.
 
Quote from Boib:

So give us the gory details:

How do you go about blowing 20K?

Maybe someone can learn from your misfortune. Doubtful because we have to learn for ourselves but you might save someone else some pain.
More...

The easiest way to blowout your account is to trade 'Stock Options.' I have done that twice (more than 3 years ago). :(
 
Quote from snowhite:

Today was it, I went long on margin and lost $20k. Goodbye ET. Trading is a losing game. Many of you know what I am talking about.
More...

Having blown out my account twice 3 years ago, I sympathize and offer my condolences. I have started again a month ago, hopefully wiser for the bitter experience.

When I started driving many years ago, my elder brother gave me two rules which has ensured that I didn't get into a single accident so far (knock on wood :-)

1) Always follow the 4 second rule and maintain distance.

2) Move with the traffic.

No matter what happened, I never violated Rule #1, but have broken the second rule once in a while.

Here are my two rules for trading:

1) Control the position size and/or stop loss on each and every trade. (Account size should be <20-25% of your total assets. Your loss on any trade should not be more than 2% of your account size.)

2) Go with the trend.

Breaking #2 sometimes is okay, but breaking Rule #1 could be disastrous.

You cannot become a Schumacher/Buffet by following these driving/trading rules, but you will definitely go places.
:cool:
 
Quote from stock_trad3r:

too bad

should have bought google instead, without margin
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Right he should have bought GOOG Monday at $320, now its only down $40.00 dolllars since Monday.

GOOG could go to ZERO
 
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