Pros that Blew out several times before success

thanks fs,

that has been the real problem here. making $500-1k early on is not hard, the problem is when i start giving some back and the compulsion to keep making it back makes me take stupid risks and before i know it, i am down 5k

making it is easy, keeping it is the hard part

then the days where i start off red are the worst as i will get back up in profits eventually but want more and then get even worse

i guess you have to get burned enough times to realize this

thanks for your insight
 
Quote from Futuresscalper:

I have been scrolling through these posts for sometime now and have never registered until about a month or so ago. The reason I use to browse was to look at software reviews, broker reviews etc. And I would eventually look for other info on specific news sites etc. But let me tell you, it seems this site is the most negative thing I have seen. I trade futures full time with a 75k account and make 500-1000 dollars a day bar none that is my average when stopped or not for the last three years now. I have been averaging about 150k a year. And I do it quite easily so I laugh at all this analysis and the bullshit posted on this site. Because I think it is quite easy to make this amount if you are disciplined. I wake up at 5 am and begin, as soon as Im up 500 or so I turn the computer off and do whatever else I want to do that day that is it!! Its that easy, but you know what? Most guys cant shut it off thats why they lose. The market gives you a chance to make that "little" money that I make as long your willing to accept that and do other things in life. I come from a place that knows to get a job somewhere making a 100k with a masters youll work your ass off so when Im up 500- even 400 sometimes I shut it off and smile because I know no one will pay me this amount in the work force with this freedom. Many of you will think Im small change, because we seem to have many big players here LOL! But its all discipline and all the charting and books and posting in the world cant teach that. It comes down to just accepting a certain level of profit and shutting off and being content. That is why there is a 95 percent failure rate.

Adios
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There's some truth in this, but also some naivety. What about the days when you start down 500, 1000, etc.. and maybe fail to keep going and take the trade that makes you net profitable?

My point is that with a good system even that question should be moot -- P&L does not matter if you take every trade and stick to a plan (unless of course your system is designed around P&L and not evaluating probability of success of all net possible entrances and exits which conform to your trade triggers).

In other words, most trade without a system (or good enough system) or don't trade it purely. Not even factoring in other possible discretionary aspects and emotional weaknesses, probability of success becomes more and more of a statistical crapshoot.

And without a firm system, you can still make a ton of money; just as easily you can lose a ton for any host of reasons. Thats all there is to it.
 
i don't think there is a guy on here who hasn,t foolishly gambled away his morning profit,i think up until 930 ten oclock is the easiest trade and if this guy quits after that ,then thats his system,i think its BRILLIANT!
 
IMO those who blow up accounts, are people who previously had profits, but couldn't manage their success, and ended up using too much leverage.

Losing some 10-20% of accounts, may happen from time to time, but isn't "blowing up" to me.
 
"can you guys post links or share stories of traders who blew out their accounts many times before they eventually became top traders?

this should be inspirational to a lot of traders. people aren't born traders but are forged through pain and experience."

No, that's not inspirational? That just make you more addictive
 
blowing up is losing 75% or more of your account.

hand in hand with this is how fast your trading system recovers from this drawdown (which is a marker of how good the system is, recovery from drawdowns).

I read that in some trading book somewhere, and it makes sense to me.
 
This thread is like asking a lottery winner if they ever bought any losing tickets before winning the big one with the premise being that if you just keep buying more tickets, eventually you too will hit the jackpot.

Yeah, keep dreaming.
 
I wake up at 5 am and am done by 10 am I dont care if I could have made 10k that day, I also could have lost that if I stayed.
And another thing I would like to point out is that I didnt say it was easy, you might laugh at me when I tell you this but I actually have a 100 dollar bill taped on my monitor to remind me that its real money Im trading with, and to remind of friends that I have who work construction for 200.00 a day. I take this very seriously because I know how it feels to be down and out I have been there. Im not naive Im very careful and very appreciative of what I get.
 
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