I blew out my account

I like your rule.

Quote from MONEY4NOTHING:



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:
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I wanted to post on this since I have blown and account. I got lucky in college and made more than I have ever had in my life. Then I got really cocky and lost 80% in LEH, WM and FRE.

I managed to wire money out of the account so I would not go on tilt with what was left. Now that I graduated in may I am using what's left to claw my way back.

So in a way I agree that you don't need to go to zero to blown out.

One more thing can anyone explain what the 4 seconf rule is or should I search that?
 
LMAO - you guys are being duped

snowhite is the smartest guy on ET

He knows that threads like these get the most responses.

He is just phishing for trading tips and emotional support after a big down day - but I bet he hasn't really blown up.

Besides the guy has like 500 other aliases.
 
Quote from Lorenzo91:

I wanted to post on this since I have blown and account. I got lucky in college and made more than I have ever had in my life. Then I got really cocky and lost 80% in LEH, WM and FRE.

I managed to wire money out of the account so I would not go on tilt with what was left. Now that I graduated in may I am using what's left to claw my way back.

So in a way I agree that you don't need to go to zero to blown out.

One more thing can anyone explain what the 4 seconf rule is or should I search that?
More...

Four second driving rule:

http://www.ltsa.govt.nz/roadcode/about-driving/following-distance.html
 
I knew someone who lost 14k in one trade in the matter of, 4 days.

The person went short on a popular oil company (GDP) during the start of the Crude run-up!

I told him to cut his loss at 5$ a share or so...Instead he waited, and waited until he was -14$/share. Imagine how that feels? Pretty crappy, but this guy didn't use a stop-loss, nor did he have a "system" or a "trading plan"!

Don't put your balls on the chopping block, we WILL take them :D

Sorry snow white, I'll always remember your story about going down 20k on 1 trade. It surely makes me feel better when I'm down a grand total of $500 USD for the whole month!
 
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