I blew out my account

[lachie74]

Quote from Mr.Consistent:

Trading is a losing game for those who don't control risk, have no contingency plan, and don't understand their own psychological weaknesses.

Those who are humble and take total responsibility for their results and learn from their mistakes are consistently making money. Interesting

Very true, I used to suffer from all those problems. Thankfully a big blowout made me re-assess myself. Best thing that ever happened to my trading. (Though like the OP, it didn't seem so at the time)

 

[mister_doodi]

You gotta love stock trad3r. How about shorting GOOG woulden't that have been a better investment?

 

[Kicking]

Quote from nitro:

If you are a retail trader, this is the typical attitude. I can flatly tell you that of the professionals that I know, every single one has had to reload his account at one time or another, some several times [that is the equivalent of blowing out. The difference is that it does not blow their net worth out, just their account.]

Trading is not a losing game in the short run. Trading forever, if you are not a monk when it comes to risk, is guaranteed to blow you out. Risk is not just stop loss, it is also controlling size - knowing when to get real small, and real big.

The key to trading is to turn something that is not gaussian normal [markets], into positions with gaussian profiles, for edge. Then watch the wings [tails.] Alternatively, know when to bet the wings. You want to be a Jekyll and Hyde between Neiderhoffer most of the time, and know when to turn into Taleb, all the while understanding Soros.

good post. I have found that for me, making many small uncorrelated bets without having too strong an opinion works best. Leverage kills in this market.

 

[snowhite]

Quote from nitro:

If you are a retail trader, this is the typical attitude. I can flatly tell you that of the professionals that I know, every single one has had to reload his account at one time or another, some several times [that is the equivalent of blowing out. The difference is that it does not blow their net worth out, just their account.]

Trading is not a losing game in the short run. Trading forever, if you are not a monk when it comes to risk, is guaranteed to blow you out. Risk is not just stop loss, it is also controlling size - knowing when to get real small, and real big.

The key to trading is to turn something that is not gaussian normal [markets], into positions with gaussian profiles, for edge. Then watch the wings [tails.] Alternatively, know when to bet the wings. You want to be a Jekyll and Hyde between Neiderhoffer most of the time, and know when to turn into Taleb, all the while understanding Soros.

Thank you for the post. I understand that I am not the only one it happens too.

 

[RAY]

Quote from nitro:

Trading forever, if you are not a monk when it comes to risk, is guaranteed to blow you out. Risk is not just stop loss, it is also controlling size - knowing when to get real small, and real big.

Could be the best thing you have ever posted.

A long way from arguing about routers and motherboards.

The above is a profound piece of the puzzle.

 

[Pita]

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.

I know only 2 traders (personal friends) who did never blow out. They are about 10 years in the game now but guess what, they also didnt make any money during such a long time. Ups and downs and the whole again. They are not traders but the real gamblers wasting such an ammount of time and finally there is nothing what they could build up or bring them any kind of prosperity. Trading is about money making and the essential discipline put behind your actions to get paid for taking a risk. If you dont have the appropriate exectations and I am not talking about income levels here but trade selection, strategies, methods or simple patterns which make you confident to place a trade when they occur there is no chance that you will not blow out or worse bleed out by time. No pain no gain thats the way I have experienced it and I have successfully traded 5 accounts to zero before I started to ignore everything around me to look out where to pick the fruits in the markets.
Take a break from trading as long as you need and dont listen to people who tell you when it is already too late that you were stupid to go long in such a market or whatever similar. A good trader will not encourage you nor discourage you simply because he faced it all and I do believe there is no way around than suffering while you learn.
Your results proof you as a loser at the moment, wounded and disgruntled I agree. I also agree that you should say good bye to ET but that doesnt mean there is no place in the markets for you.

 

[limitdown]

Quote from ksonsinc:

Where you trading the e- mini or stocks
Were you day trading or long position you had - ?

wonder if he's even around to hear his fan mail?

 

[377OHMS]

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.

Ouch.

Now, get gloriously drunk tonight, eat red meat and covort with questionable women if possible.

When you wake up in the morning you will see that indeed the world did not end overnight. You are still alive and kicking.

Then start planning for your comeback and eventual world domination. I think P.T. Barnum made and lost a huge fortune 7 times.

It ain't over till you are on a stainless steel gurney with a toe tag. Just make sure you honestly evaluate what happened so that you may alter your method(s).

 

[learn&earn]

sorry to hear that snowhite. Most if not all the great ones blew at least one account. Its rough out there for sure. Just let the market take you where it wants you to go (short) and don't try to swim upstream (long).

 

[1flyfisher]

There are a lot of people who want to be traders for a variety of reasons. They just aren't capable and do not possesses the skills and abilities to be traders.
Not everyone can play in the NFL, not everyone can be a Doctor, not everyone can achieve an MBA or a PHD, not everyone can be a successful trader or investor.
The world needs bartenders.

Trading attracts many that have failed elsewhere or can not succeed in business school or other disciplines. The barriers to entry are minimal and the lure is great.

They are the fodder for the cannons.