you can all laught at me- I BLEW UP

i think failure is something every one faces
even in business or trading or love affair
Every failure is a next step to success as long as u dont make the same mistakes and errors
I have blow my accout 2 times
1 ) trading Stocks
2) trading Futures
But i have gained a lot of knowledge and experience and i am working right now 7 days cont 2 jobs so that i can save enough funds so that by next year when i start trading i should atleast start with $50K and have enought money to pay my bills for 6 months
Hopefully 2009 i should be ready
Trading is such a beautiful thing no boss no politics no timing no complain so nagging no bitching no abusing no yelling no bullshit
Jan 2009
 
Quote from NY_HOOD:

this is what is making my decision so tough;whether to leave trading or not. i am actually pretty good.i make good calls and feel i have a certain ability to tell where a stock will go.these are usually stocks with news or stocks that are moving/breaking out of consolidationj on volume. now to my problem;its discipline. i never hold overnight but last night i bought CAE on an earnings release. they beat the numbers and i bought after hours at 77.68 when i saw the stock moving and i read the report. everything looked good and it went over 78 but i decided to hold and sell pre-mkt on an upgrade. looking at the chart i figured the 80 level would be a shoe in,ignoring the fact that the most important jobs report was due out this morning. anyway,CAE actually gets downgraded and it opens at 76. i actually sold at 75.40 pre-mkt because the job number scared the heck out of me combined with the down grade. luckily i sold because it went down another 5 points anyway,its always the same problem,i will have a good couple days or even weeks and then bamm! i make a dumb decision and hold overnight. i actually made 900 yeaterday and then gave back 400 so what did i do? i wanted to get back that 400 even though i walked away with 500 by making an after hours trade. i had 800 shares and figured i could sell at 78.50. it only went to 78.10 so i decided to hold over night and sell near 79. well,the rest is history. now that i am down so much at the open,i start to over trade to compensate for the big loss i took before the market ever opened and over trade and take a bunmch of small losses that add up on top of the big one i hit. when you have a day like this it takes all the wind from your sails and drians you completely to the point of exhaustion. i was shaken out of CRM, IDCC,and NYX(short) and a few others. bottom line,i was'nt trading with a clear head. had i not held over night,i would have started the morning off fresh with a clear head and made a good trade. its almost as if i keep asking myself; "how many lessons to i need to learn before i go broke,especially when iys the same lessons".
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Sad to hear your story. I think it is something everyone of us can relate to. Separating the emotion from the logic is tough when you are losing. Buying at 77.68 and selling at 75.40 does not look so bad. It must have been the additional blunders :averaging in on losers, chasing trades and getting whipsawed with heavy leverage, may have added. I suffered something similar in May when a stock called ICFI released earnings and guidance. I bought after hours at above 25, saw it the following day pre-market slightly lower, and loaded up even more (not knowing it had just been downgraded). Closed the trade eventually at about $20 for whopping loss. It is pretty hard to think rationally when you hit something like that (my thread Taking 76K to 500K by Year End describes the others).

It is important to take a deep breath like some have suggested, and see whether there are things you could automate. In my case, I know I might not win the fight against revenge trading and averaging in any time soon, so what I have set out to do is have a program that runs, takes orders from me and routes to my broker. The system will do everything to ensure the trade is proper (sizing, stops, no chasing etc.).

I am also considering only short-term swing trades (1-5 days), so there is not the pressure to make decisions every minute: the longer the horizon, the less clouded the judgement.
 
Quote from mde2004:

Viper you are a disgrace to us humans.
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Piss off.

NY, we've all been there. Take heed to what Viper has to say along with all of the other constructive replies.
 
NY_HOOD

"know i should'nt feel this way but i look at my wife and my children and think of how much of a failure i have become."



No sir, I don't belive it.

This is not magic or wizardry, it's technique. Take your time, work it out, and do it. If it takes ten years, that's fine.

You can do it! Just don't think you have to do it now.

Old musician joke:

The tourist- "I beg your pardon, how do you get to Carnegie Hall"

The musician-"Practice man, practice."

Do you think it's any different for us?
 
Eh, like everyone else says, we've all had something like this happen.
In my case, I get nailed every time I forget my allocations and buy or short some stock for larger than my standard percentage allocation. It's like the market knows when I make a stupid mistake like that, and proceeds to hit me square on the head with a big hammer. After the pain, I remember for a while, then I do it again, get nailed, etc.
Of course I've gotten better and do it much less frequently now than before, and for far less than used to happen. Which might be the answer: whatever the weakness, just make sure that when it hits, the amount risked relative to the account size is not so large as to cause more than minor pain. It should sting, but not break a bone, or be a first degree instead of second degree burn. Something like that.
 
Quote from TradeViper:

ny hood, failure and success have nothing to do with money.

The Ever Centered VIPER

Now go get some sleep
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I like that quote. One of my favorites is; If you have a problem and money can solve it, then it is not a problem.

Ny hood, I agree with Timmay, gotta do what you have to do to stay in the game.
 
NY_HOOD, I haven't had a chance to read through this thread, but I am certain the posts are very supportive.

Don't think of it as the end and don't give up. Blowing up an account is just a step in life. With time and patience, you will get back up and keep climbing!
 
Quote from NY_HOOD:

this is what is making my decision so tough;whether to leave trading or not. i am actually pretty good.i make good calls and feel i have a certain ability to tell where a stock will go.these are usually stocks with news or stocks that are moving/breaking out of consolidationj on volume. now to my problem;its discipline. i never hold overnight but last night i bought CAE on an earnings release. they beat the numbers and i bought after hours at 77.68 when i saw the stock moving and i read the report. everything looked good and it went over 78 but i decided to hold and sell pre-mkt on an upgrade. looking at the chart i figured the 80 level would be a shoe in,ignoring the fact that the most important jobs report was due out this morning. anyway,CAE actually gets downgraded and it opens at 76. i actually sold at 75.40 pre-mkt because the job number scared the heck out of me combined with the down grade. luckily i sold because it went down another 5 points anyway,its always the same problem,i will have a good couple days or even weeks and then bamm! i make a dumb decision and hold overnight. i actually made 900 yeaterday and then gave back 400 so what did i do? i wanted to get back that 400 even though i walked away with 500 by making an after hours trade. i had 800 shares and figured i could sell at 78.50. it only went to 78.10 so i decided to hold over night and sell near 79. well,the rest is history. now that i am down so much at the open,i start to over trade to compensate for the big loss i took before the market ever opened and over trade and take a bunmch of small losses that add up on top of the big one i hit. when you have a day like this it takes all the wind from your sails and drians you completely to the point of exhaustion. i was shaken out of CRM, IDCC,and NYX(short) and a few others. bottom line,i was'nt trading with a clear head. had i not held over night,i would have started the morning off fresh with a clear head and made a good trade. its almost as if i keep asking myself; "how many lessons to i need to learn before i go broke,especially when iys the same lessons".
More...

After reading this post, the most important lesson I think you need to learn is the old "Bulls, bears, pigs" adage. To me, it is the most important lesson that anyone needs to learn to trade profitably, more so than "the trend is my friend". Pls take this constructively. When following this, I have yet to blowup. If I deviate from it, I regret it. I would much rather make 20 dollars than lose 200.
 
Quote from stupididiot:

Sorry for you guys blow ups. You probably don't want to hear it, but I'm up big time the last several years. I thought I ought to let you know that I think maybe I got your money, you know, with all that zero sum game and shit. I felt that I should get this off my chest; a confession of sorts. Not that I don't want you to keep blowing up. I like the money. I really do. I just felt kind of bad about taking y'alls green. Well, not too bad...You know what I mean. Peace. :)
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Do you believe in Karma? Understand the term compassion?
Blowing up only happens to two kinds of people, those that have and those that will. Peace to you as well...
 
I think we can all relate to this. Anyone that have truly ever done real trading has blown up at some point. I blew out 1/3 of my account in 4 hours a couple weeks ago. I actually think i learned my lesson this time but i still feel like I am bleeding to death right now.

We all know how you feel, a break is probably good for now.
 
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