I blew out my account

Well said Nitro!

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.
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Alright snowhite, you are in good company here. I've never blow up a futures account but I've blown up plenty of stock accounts. When I first got started I'd wire in 5k blow it up, wire in another 5k and blew that up. Each time I did that I felt like I just wanted to grab the 9mm. I gave up on trading plenty of times. On each occasion I learned a lot about myself and a lot about the markets and when enough time passed I vowed I'd be back. I started making money fairly consistently and one day it was like someone flipped a switch and I knew how to trade. I've been going strong ever since. If you're meant to make it in trading you'll be back but you have to come back a better person and a better trader. If you keep doing the same thing another 20k will go poof.

<b>No one makes it in this business without blowing up at least once.</b>

Don't come back until you have read Mark Douglas inside and out. Good luck!
 
hey whitesnow

come back with a new name.

you can be playing in snow these days.

This is War today and your game need's to be
real good...

I have never seen Markets so control.


trade well
perr
 
most traders have done the same...this in any case is not unusual. i had a big draw down...was doing great, and got overconfident. plus overdid it with a job i had and trading.

best thing that could have happened,,, when i do get a drawdown, it forces me to take only the best of the best trades....and i found my limits....only trade small amounts; plus, as my sucess procedes, i trade less, not more.

many sucessful people have run into bankruptcies, etc but as they say...the cream always rises to the top:D
 
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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Just go to the TARP and restart tomorrow! :eek:
 
Quote from ProfitTakgFool:



<b>No one makes it in this business without blowing up at least once.</b>
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With all due respect, that is simply false.

Blowing up has nothing to do with it. Many (if not most) who blow up never come back.

It is all about the persistence, discipline, knowledge, and hard work. Those who come back after losing big have those, or learn how to get those. Even so, one does not need to blow up to get those in the first place.
 
Quote from smilingsynic:

With all due respect, that is simply false.

Blowing up has nothing to do with it. Many (if not most) who blow up never come back.

It is all about the persistence, discipline, knowledge, and hard work. Those who come back after losing big have those, or learn how to get those. Even so, one does not need to blow up to get those in the first place.
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You don't know what you got until it's gone! Hard to know a situation if you didn't go though the situation yourself.



Here is one for you



Good decisions comes from having experience. Getting experience comes from making bad decisions
 
Quote from smilingsynic:

With all due respect, that is simply false.

Blowing up has nothing to do with it. Many (if not most) who blow up never come back.
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I agree, you definitely don't need to blow up to succeed. I don't support taunting but encouraging is definitely not helpful in this case - he may just as well come back upbeat when he really should feel down about it.
Blowing up 5 accounts before getting it right? Some must have a lot of free time and deep pockets.
 
Quote from sharkysmachine:

a LOT more. how dumb must you be to blow out an entire account? that ain't smart is it?

sharkysmachine



Quote from Pita:

see and idiots like this are the best proof that much more you learn when turning your back to ET.:p

LOL. EXACTLY what I was thinking!!! but it doesn't hurt if sharky has blown out a few papertrading accounts...
 
20k no big deal. the market is trending down, you can long those ultra-short ETFs like SKF, QID, SDS, FXP,....

but the bear market is difficult to deal with, even we are trending down, occasinally there are short squeeze, that is why we have 1000points up in dow in one trading session. sharp down, then sharp up,...., swing very wildly. keep your risk under control is the key toward success! dow is forming a double top, will go down to 3000~5000 before christmas! but if you short it at wrong time and you did not handle volatility well, you dead!
 
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