DislikedSpeaking of blowing up accts!
Here is a link to video of a trader blowing up his acct.
Apparently this took place over the long Martin Luther King weekend here in the States. He left a position open on Fri. and watches on Sunday nite as it turns to ashes. The market does not open till Tues.
WARNING! The trader in this video is quite upset and
makes frequent use of the F*#k word!
http://www.break.com/index/stock-fut...s-slammed.htmlIgnored
- #22
- Jan 31, 2008 7:39am Jan 31, 2008 7:39am
- Joined Apr 2007 | Status: Trader | 1,842 Posts
I keep my boats in Mystic CT. Hence the name Mysticdiver.
I live upstate NY (not as far upstate as Bill).
:
Nice thread..considering many people always remember of their winning trade but forget to mention (maybe scared/still cant believe) their loses.And again..it really nice u put this thread on the noobs forum..at least to let people know this is a seriuos business..not just some shorcut to a millionare fantasy..Happy pipping to all
Then it occurred to me, When I first found FF, a noob still losing money.
I didn't "waste any time in the noob forum", I spent all my time in the "strategy" forum looking for the holy grail.
Now I know:
There is no Holy Grail.
Experience is the best teacher.
Hindsight is always 20/20
PS I still remember my first big loser. 300 pips on a standard lot.I had been awake for about 36 hours when it finally closed. I was sitting in front of my platform with my mouth open, staring in disbelief. I was nauseous, my hands were shaking, and I wanted to cry.
The next day I realized something had to change.
- #26
- Jan 31, 2008 9:07am Jan 31, 2008 9:07am
Yes!
BTW a week ago I started keeping an audio/video trading log with some freeware software I found. The video shows my chart on the screen, and
for the audio I "talk to myself" while taking or closing a trade.
Example: ME " hmm. . . price is breaking above my upper trend line...
hmm . . . I'll wait foe the candle to close... wait for a 5 pip retracement and enter long. . ." I don't have a CAM . . Thank goodness!
Very enlightening.
Ah I see. How is the scuba diving in the Sound and nearby open waters (Fisher's Island, Block Island, etc)?
Still qualifies as Hillary-land.
A few of my favorite sites are, U-853, a German U-boat sunk off Block. The USS Larchmont, USS Bass, Oh! and The Pinnacle between Block and Montauk. Fischer's Island Sound is a bit tricky. Very strong current.
You can only dive 20 minutes before, during, and 20 minutes after slack tide. One of my favorites there is the Onandaga wreck, in Watch Hill Passage.
We also have a 37 ft sailboat. My wife and I are there every weekend May thru Oct rain or shine. Maybe we could hook up in the summer and go sailing?
- #28
- Jan 31, 2008 12:37pm Jan 31, 2008 12:37pm
- Joined Apr 2007 | Status: Trader | 1,842 Posts
Mysticdiver, sent you a PM
-B
-B
- #31
- Feb 24, 2008 2:54am Feb 24, 2008 2:54am
PS I still remember my first big loser. 300 pips on a standard lot.I had been awake for about 36 hours when it finally closed. I was sitting in front of my platform with my mouth open, staring in disbelief. I was nauseous, my hands were shaking, and I wanted to cry.
The next day I realized something had to change.
Everyone (as you can see) has blown an account at some time. The important thing to try to do is learn from your mistakes. By this, I don't mean, "I've learnt forex trading is for losers." No, that attitude is for losers. What I mean is that you have to ask why you lost for each position you opened. If you can answer this question for each loss then you have in fact gained; you paid a price for a lesson in trading. The fact is, you can only learn from losing in this game.
I've lost money by:
1) listening to tips
2) following systems that don't work (or only worked in backtesting; this is before I discovered the joy of demo accounts
)
3) very poor discipline
4) very poor money management
All the top traders have blown accounts (read Jack Schwager's Market Wizards books); their attitude is that you will blow your account sooner or later and it's best to do it on thousands rather than hundreds of thousands.
Oh, and if you didn't learn a thing, then you might as well have spent the $8k on lap dancers and vodka.
I've lost money by:
1) listening to tips
2) following systems that don't work (or only worked in backtesting; this is before I discovered the joy of demo accounts
)3) very poor discipline
4) very poor money management
All the top traders have blown accounts (read Jack Schwager's Market Wizards books); their attitude is that you will blow your account sooner or later and it's best to do it on thousands rather than hundreds of thousands.
Oh, and if you didn't learn a thing, then you might as well have spent the $8k on lap dancers and vodka.
The market reveals who we really are...
Everyone (as you can see) has blown an account at some time. The important thing to try to do is learn from your mistakes. By this, I don't mean, "I've learnt forex trading is for losers." No, that attitude is for losers. What I mean is that you have to ask why you lost for each position you opened. If you can answer this question for each loss then you have in fact gained; you paid a price for a lesson in trading. The fact is, you can only learn from losing in this game.
I've lost money by:
1) listening to tips
2) following systems that don't work (or only worked in backtesting; this is before I discovered the joy of demo accounts
3) very poor discipline
4) very poor money management
All the top traders have blown accounts (read Jack Schwager's Market Wizards books); their attitude is that you will blow your account sooner or later and it's best to do it on thousands rather than hundreds of thousands.
Oh, and if you didn't learn a thing, then you might as well have spent the $8k on lap dancers and vodka.
I think you have hit the nail on the head!
My turning point came with a slight, almost imperceptible shift in thinking.
I understood and could implement a couple of decent systems.
But this is only a mechanical reaction. I was still losing.
One day I sat down, instead of looking for something "right" to do, I decided to look at what I was doing wrong. I wrote it down on paper.
Poor Money Mgmt and taking tips from others were high on the list.
Another big mistake I used to make was trying to board the train after it left the station. Now, if I miss the train I wait for the next one. It will be entering the station shortly.
These are not rules I can just "set and forget". I am by nature an implusive person. I have to keep them them in sight and work them everyday.
Thanks for your input.
heh,, well i accidentally ran accross this thread and i had to jump in, i had only been trading a few weeks (about 4.5 years ago,,this is waaaay before i knew anything about fundamentals and the true risk of forex in general,,, i.e. the true meaning of "leverage")
I had made a little money and lost a little but i had made enough to just get to that "cocky" stage,,,,
,,,,,well i started throwing around 10 standards in a fairly small account (waaaaaaay to small for 10 stds).
I was in a trade, i was even up around 2K (+20pips) so i was feeling pretty good,, it was about 8:27 am EST,,,, on friday morning and i had to use the restroom,,, heh. The trade was going my way,,, had nothing to worry about!!
Well i used the restroom and got back down stairs at about 8:31 am EST and discovered that my foolishly unprotected trade was in bad shape,, there was a 60 pip candle on the chart in the opposite direction of my trade,, i immediately closed the trade only to watch the market completely loose momentum and retrace back to where it was previously (when i was up 2K).
I had no idea what had happened until i did some searching on google and found some information on that days Non Farm Payroll report. This was the day i discovered news calendars and started doing research on fundamental news announcements, which eventually led me to FF.
I eventually healed the account but was forever changed by that one event as far as how i approached these markets. So mabey it was a good thing,,
I had made a little money and lost a little but i had made enough to just get to that "cocky" stage,,,,
,,,,,well i started throwing around 10 standards in a fairly small account (waaaaaaay to small for 10 stds). I was in a trade, i was even up around 2K (+20pips) so i was feeling pretty good,, it was about 8:27 am EST,,,, on friday morning and i had to use the restroom,,, heh. The trade was going my way,,, had nothing to worry about!!
Well i used the restroom and got back down stairs at about 8:31 am EST and discovered that my foolishly unprotected trade was in bad shape,, there was a 60 pip candle on the chart in the opposite direction of my trade,, i immediately closed the trade only to watch the market completely loose momentum and retrace back to where it was previously (when i was up 2K).
I had no idea what had happened until i did some searching on google and found some information on that days Non Farm Payroll report. This was the day i discovered news calendars and started doing research on fundamental news announcements, which eventually led me to FF.
I eventually healed the account but was forever changed by that one event as far as how i approached these markets. So mabey it was a good thing,,
- #39
- Mar 10, 2008 11:09pm Mar 10, 2008 11:09pm
- Joined Jan 2006 | Status: Monarch o' the Glen | 5,561 Posts
