Please note I am talking intra day. I did watch some moron blow a ton of money on ES who claimed to be great guru, but he had 10 point stop, then when he had 5 - 7 contracts go down 10 points, he said in his chat room, he was going to hold it over night, and then the market went down another 10 points. After that this fool whose name I will not mention, stopped showing up in the chat room for weeks at a time.
Quote from oraclewizard77:
If you lose $ 3,500 on a single contract trade, then you don't know what you are doing. Even if you have a $ 100,000 account and lose $ 3,500 trading a single contract on ES, you still don't know what you are doing.
Over time, you can blow a $ 3,500 account, but I don't see any proof this could happen with a single contract trade. If you really believe this, provide some proof like your brokerage statement on how you did this feat of stupidity.