This sucks

Just got back from the gym.

I was pushing the yield and s t r e t c h i n g my risk. I thought I was invincible...the trouble is I am not new to this and I know better.

Last month was the biggest loss I have had in my personal trading and the second margin call of my Forex trading since I began in July 2004.

What I learned...well...I cut my risk in half..then in half again and settle for 20-48% yield. This experience allowed me to "open it up" to learn what I can do.

Michael B.


Quote from Bitstream:

sorry to hear that...how recently this happend and do u mind elaborate on your misfortune?

thx
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He He..I know. I am just trading my system now and the 8k is forgotten...Actually I believe this attitude is essential for a trader to become a pro.

There are certain attributes needed in a traders mentality and 8k is nothing anyways...This is a larger number game...

I know guys that consider 8k just a single trade...shoot if I am ever going to get with the 'big guys" I will need to learn about numbers.

Quote from dandxg:

Hey now don't beat yourself up friend. :) You are a seasoned pro. You will be back in no time.
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but what happened if u dont mind tellin' us...did u blow it with just one trade on 1 pair? did u carry your pos overnite and let it run against u 'till the point of no return? i'm not here to bash u, am just interest in hearin' more about it.
Quote from ElectricSavant:

Just got back from the gym.

I was pushing the yield and s t r e t c h i n g my risk. I thought I was invincible...the trouble is I am not new to this and I know better.

Last month was the biggest loss I have had in my personal trading and the second margin call of my Forex trading since I began in July 2004.

What I learned...well...I cut my risk in half..then in half again and settle for 20-48% yield. This experience allowed me to "open it up" to learn what I can do.

Michael B.
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I scalp...but I also can carry overnight. without revealing my system this trade lasted for 3 weeks! I could not trade my way out of it and the hedge stopped anti correlating...When that happened I knew I was screwed and the funny thing is the trade came back to me a week later after I got the margin call...

You will notice a thread I posted here for some people to make money on..it was "How about that GBP/CHF"...I called the short perfectly...I knew it was way way overheated after the BOE hike, because my system told me it was...

Quote from Bitstream:

but what happened if u dont mind tellin' us...did u blow it with just one trade on 1 pair? did u carry your pos overnite and let it run against u 'till the point of no return? i'm not here to bash u, am just interest in hearin' more about it.
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I think mschey said it best in another thread...

What I find that's silly, is that you can't figure out the cost of being too conservative, you had better spend some more time studying money management and geometric growth functions.
 
I think the prerequisite to be a discretionary, pro trader is:
  • Trade a lot..repetition...repetion...repetition... Maybe we can call it repe-tuition
  • Win
  • Lose
  • Feel
  • Get used to the "Feel" and find the limits..push push push..

 
You might find this helpful

http://www.elitetrader.com/vb/showthread.php?s=&threadid=25425&perpage=6&pagenumber=4

Quote from AMT4SWA:

I was as scared as Bambi during hunting season, trading 1 lots in the ES. This fear really started to piss me off because I could feel how it was FILTERING my judgement. Every damn little tick against me had me trying to re-evaluate the whole reasoning for my trade entry...this went on for MONTHS. Then one morning just after the market open, thinking of all the fear I had from previous trade days, I said F@%& THIS! I then entered a 10 lot ES position (I had never done more then 1 lot before), set my target at 1.5 pts and a stop at 1.5 pts. I said to myself, "are you scared now...you better be!", and I forced myself to sit on my hands and let the trade play out one way or the other...I literally stood back from my PC so I could not mess with the keyboard and I forced myself to overcome the fear. I did this all day and I made +2.75 pts for 10 ES for the day after commissions. I was so amazed at the end of the day, but I was totally mentally wiped out. The PROCESS to manage my fears started that day, and I will always see that day as a major turning point in my trading. FEAR kills in trading, and you will NEVER become profitable without some way of removing your fears from your reasoned thoughts during trading activities. The best way I can describe what happens when FEAR rules your trading, is to think of your "reasoned thoughts" on one side of a long row of constantino wire. A pile of money is sitting on the other side of that constantino wire...FEAR is the constantino wire, and to get to the money your "reasoned thoughts" get ripped to shreds in their attempt. You must remove the FEAR (constantino wire) from your pathway to the MONEY, so that your "reasoned thoughts" have a chance.

Good Fortunes!

Chris

BTW, there are two ways to remove your FEAR in trading. You can do the daily snip-snip and remove small sections of that constantino wire until one day you have a clear path. The other way (the method I prefer), is to slide a "Bangalore" under the constantino wire (FEAR) and blow the $hit out of it.....your choice!
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