I blew up this morning. But I feel fine.

[vectors101]

instead of taking small profits and big losses.

take BIG PROFITS and take small losses.

Quote from sunggong:

Alright, so I lost about $6k this morning right after the open. (This is about 10% of my account!!!)

I made about $1k back so far.

Funny thing is that I don't feel too bad.

I remember losing about $5k last year in a single day when I first began trading, and I was devastated after that loss. But today, I just kept chugging along after this loss.

I guess having a 58-day winning streak (which will get snapped today unless some miracle happens) has something to do with it.

I think my head got too big and went for the big home run this morning and got my ass beat pretty badly!

Market can humble you at any moment....

 

[sunggong]

Quote from aeliodon:

Nice, good work. Your style is really the only way to survive in the long run. What do you trade, stocks or futures?

Stocks only.

 

[sunggong]

Quote from atticus:

I'd bet your profit factor is negative.

I don't know how to calculate profit factor, but all I know is that I'm averaging about $1k every trading day and have been doing that over 95% of the days this year.

I traded with 25k account (withdrawing profit every week), averaging about $750 per day and now I'm doing about $1300-1400 per day with my $60k account.

I don't really care for all these crazy analytical tools. All I know is that my system works and I make money over 95% of the days I trade.

Until today, my average loss has been $570.

 

[TheSorcerer]

Quote from quantsteve:

Sorcerer/TS:

hhmm, sounds like sunggong should tell his wife..."Honey, Our account is off its highs..."

what the hell is TS?? please use terminology that newbie traders can understand since most us here are new.

 

[ElCubano]

Quote from vectors101:

10% is a lot for ONE DAY..

5 days and its 50% if you are in losing streak.

5 days would be more like 41%

 

[sunggong]

Quote from vectors101:

10% is a lot for ONE DAY..

5 days and its 50% if you are in losing streak.

Yes, it is A LOT!!! That's why it's a blowup in my book.


Luckily though, my longest losing streak has been ONE day this year, so I don't know about five day losing streak.

I suppose I can lose five consecutive days, but the chance of me losing 10% of my account for five consecutive days is NONE.

 

[TheSorcerer]

how can anyone lose 10% in a day? What kind of risk control is there in existence?? and what is to say that it won't happen again.

 

[stock_trad3r]

With a lot of leverage losing 10% is very easy

 

[telozo]

Quote from sunggong:

I don't know how to calculate profit factor, but all I know is that I'm averaging about $1k every trading day and have been doing that over 95% of the days this year.

I traded with 25k account (withdrawing profit every week), averaging about $750 per day and now I'm doing about $1300-1400 per day with my $60k account.

I don't really care for all these crazy analytical tools. All I know is that my system works and I make money over 95% of the days I trade.

Until today, my average loss has been $570.

That is rather impressive. Care to share more about the method you are using?

 

[sunggong]

Quote from TheSorcerer:

how can anyone lose 10% in a day? What kind of risk control is there in existence?? and what is to say that it won't happen again.

I've been on a hot streak and my earnings have been well above my expectations.

So took a gamble and went for a big one, which I don't normally do.

I failed.

So now I go back to my normal trading system.