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Lost my account
- Thread starter CollegeTrader
- Start date
Quote from chipmunk:
i do not see why everyone pats him on the back...anyone can blow an account.
Why didn't you trade so mall it hardly mattered until you mastered it? Why do people think it's good to blow accounts?
It's plain and simple gambling.
Yes, but if he came on here telling us how he made a bajillion dollars, we'd all be ranting and raving..
Blowing up accounts is the rite of passage until you get it right...
For most of us mortals anyways..
Sorry I do not agree.
Someone who came hrer and said something like
"OK I've ben tradig three years...
"
Year 1: paper traded
Year 2 trading very small. Lost 10%
Year 3 still trading small made 15%"
I now plan to trade bigger but still respect risk."
Now that to me is outstanding.
Anyone can post and many do here..."I got greedy, no idea how to manage risk, trade etc..Lost my account.."
Everyone "wow..thatr's fantastic. Well done."
Someone who came hrer and said something like
"OK I've ben tradig three years...
"
Year 1: paper traded
Year 2 trading very small. Lost 10%
Year 3 still trading small made 15%"
I now plan to trade bigger but still respect risk."
Now that to me is outstanding.
Anyone can post and many do here..."I got greedy, no idea how to manage risk, trade etc..Lost my account.."
Everyone "wow..thatr's fantastic. Well done."
Where does a college kid get 10k to lost in the first place?
Quote from Tums:
You can take a look and see how other people do it...
Spydertrader's Jack Hershey Equities Journal
http://www.elitetrader.com/vb/showthread.php?s=&threadid=38777
Why do you keep pointing people to the village idiot?
Are you Jack in disguise?
Newbies - stay away from Jack Hershey - he will make your account empty in no time.
Donât be so hard on yourself. The market is the most dynamic social laboratory that ever existed and you paid your admission and learned its lessons for only $10,000. Thatâs pretty cheap considering that most losers pay 4x that per year to study acting and smoke weed.
If you are still captivated by the market and the motivations of its participants, then by all means, keep going. If youâve lost interest, however, then at least you know youâve scratched the itch at a time in your life when nobody else is depending on your earning a living.
You may want to reflect on what you love about the market and consider how much more self-control and self-awareness (hopefully) youâve gained as a result of this. I was in the exact same situation youâre in several years ago only I was living in NYC and had rent to pay. Man, that made me learn fast. It made me learn that I enjoy watching how people react more than I enjoy participating in the action. It taught me a ton about risk and the true prevalence (likelihood) of tail events. Iâve taken those lessons of risk management and applied them to my current role in financial services (risk management), which you can be damn sure is a safe spot going forward.
If youâre the least bit reflective, youâll soon realize that EVERYTHING is an opportunity.
PS - While you sock away your next grubstake, you may want to consider spending a grand or so to get the FRM certification. It would be a good hedge in case trading doesn't work out and you'll still be able to observe the markets each day.
If you are still captivated by the market and the motivations of its participants, then by all means, keep going. If youâve lost interest, however, then at least you know youâve scratched the itch at a time in your life when nobody else is depending on your earning a living.
You may want to reflect on what you love about the market and consider how much more self-control and self-awareness (hopefully) youâve gained as a result of this. I was in the exact same situation youâre in several years ago only I was living in NYC and had rent to pay. Man, that made me learn fast. It made me learn that I enjoy watching how people react more than I enjoy participating in the action. It taught me a ton about risk and the true prevalence (likelihood) of tail events. Iâve taken those lessons of risk management and applied them to my current role in financial services (risk management), which you can be damn sure is a safe spot going forward.
If youâre the least bit reflective, youâll soon realize that EVERYTHING is an opportunity.
PS - While you sock away your next grubstake, you may want to consider spending a grand or so to get the FRM certification. It would be a good hedge in case trading doesn't work out and you'll still be able to observe the markets each day.
I know alot of excellent traders that have blown out accounts several times, well they weren't excellent traders when they blew out accounts but they became excelllent traders through the adversity. It's just like any business it's very hard, you will be fine. Just rebuild your money and like everybody else said respect the risk. Money management is the holy grail. On a side note tell me what you trade?
Thanks for the responses. How did i get 10k? it was a combination of having a job and selling a mutual fund. i love trading to the point where 80% of my pay goes into the market and 20% for personal expeditures. i have the luxury to have zero expenses. i love to trade to the point where even though i have lost my account today in class i kept thinking about where the s&p is going.
chipmunk
im not asking for praise. i started the thread for two reasons. First i hardly see threads of traders accepting a loss a and having the guts to admit publicly they were wrong. But they will continue the pursuit. Second this thread will serve as a reminder to me that i want to control my risk, pick better spots, undertrade so i dont have to come back to this point again in my trading career.
Rtrader2525
yes i respect risk. in my case it came later rather than sooner. i feel when i rebuild my capital i might never revisit my current situation. i have learned to play the support and resistance levels and avoid the noise. Watch the price action when these levels are reached. Make a bet and have an idea of where to exit my position. Watching volume. Moving average crossovers and trader intuition. i primarily trade es, mini crude, and equities. i daytrade the futs and position trade the equities. in this situtation i lost a great deal of value in my position trade. I would post my sim gains today but they serve no purpose because i know there is a huge difference in live and sim. However the thought process i use is the same.
Profittakgfool
Great advice. I actually find myself i a great postion as i comes to a career in trading. I have a connection that i might call apon this summer to a very successful hedge fund in SF. My goal this year had been to trade and hopefully then call apon my connection showing results of my past performance. However with your advice i think it would be wise to sit down and talk to him and share my experiece. Being i have no liabilities i could in essence work for free just to gain the knowledge. while at this time i have no guarantees into the fund i feel as if i have a great shot at getting in the door.
However like i said, I will continue to to save capital. And will sim trade. I have no regrets in my loss. I feel i learned a lot of knowledge... Please keep the responses coming i feel as if there are traders on this site who have experienced or going through a tough time. Not only will this thread serve to help myself become a better trader but others as well.... CollegeTrader
chipmunk
im not asking for praise. i started the thread for two reasons. First i hardly see threads of traders accepting a loss a and having the guts to admit publicly they were wrong. But they will continue the pursuit. Second this thread will serve as a reminder to me that i want to control my risk, pick better spots, undertrade so i dont have to come back to this point again in my trading career.
Rtrader2525
yes i respect risk. in my case it came later rather than sooner. i feel when i rebuild my capital i might never revisit my current situation. i have learned to play the support and resistance levels and avoid the noise. Watch the price action when these levels are reached. Make a bet and have an idea of where to exit my position. Watching volume. Moving average crossovers and trader intuition. i primarily trade es, mini crude, and equities. i daytrade the futs and position trade the equities. in this situtation i lost a great deal of value in my position trade. I would post my sim gains today but they serve no purpose because i know there is a huge difference in live and sim. However the thought process i use is the same.
Profittakgfool
Great advice. I actually find myself i a great postion as i comes to a career in trading. I have a connection that i might call apon this summer to a very successful hedge fund in SF. My goal this year had been to trade and hopefully then call apon my connection showing results of my past performance. However with your advice i think it would be wise to sit down and talk to him and share my experiece. Being i have no liabilities i could in essence work for free just to gain the knowledge. while at this time i have no guarantees into the fund i feel as if i have a great shot at getting in the door.
However like i said, I will continue to to save capital. And will sim trade. I have no regrets in my loss. I feel i learned a lot of knowledge... Please keep the responses coming i feel as if there are traders on this site who have experienced or going through a tough time. Not only will this thread serve to help myself become a better trader but others as well.... CollegeTrader
Quote from chipmunk:
i do not see why everyone pats him on the back...anyone can blow an account.
Why didn't you trade so mall it hardly mattered until you mastered it? Why do people think it's good to blow accounts?
It's plain and simple gambling.
Quote from PohPoh:
Blowing up accounts is the rite of passage until you get it right...
For most of us mortals anyways..
Quote from Rtrader2525:
I know alot of excellent traders that have blown out accounts several times,
Blowing up accounts means you'll never make to the pro ranks: the institutional way.
In fact you'll never even be hired as a trade desk -those that submit orders to the exchange but don't make trading strategies- as they would fear you end up being a rogue trader.