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How to lose 250K $ in one day...

  • #41
  • Edited 1:09pm Mar 5, 2007 12:59pm | Edited 1:09pm
I's sorry about your loss. Similar things have happened to me more than once. The most common mistake that I used to make was forgetting to cancell limits or stops. Ironically, on my experience, eventually almost all of the forgotten and then executed stops ended up with profits and almost all of the executed limits ended up with losses.
The easiest way to deal with such situation would be to have some simple rules to follow on a regular basis.
My rules are:
1. I almost always (99% of trades) place a stop before an actual position is taken.
2. When I place both a limit and a stop for a new position I always place the stop first and then the limit.
3. If I need to cancell them I always cancell the limit first and then goes the stop.
4. When there is a need to adjust stops I place new ones before cancelling the old ones. (Your case).
5. If those rare cases when I have a position but don't know to where to place the stops yet, I still place some protective stops at the level that would seem out of reach to me at the moment. Usually not more than 100-150 pips away from the current market price. So far it works well just for additional protection.
  • #42
  • Mar 5, 2007 1:12pm Mar 5, 2007 1:12pm
this book is available on Amazon too..
  • #43
  • Mar 5, 2007 1:27pm Mar 5, 2007 1:27pm
Hi guys,
temporary,Im sorry for your loss
where is the link. Can someone PM me it?
thanks a lot
  • #44
  • Mar 5, 2007 1:28pm Mar 5, 2007 1:28pm
i just dont get 2 thing,..very personal....isnt 250k enough?..., how much money do u wona have?....dont need to reply...but u can gain it back...i think that any of us, are dreaming to have 50k, and retire, at least im, i wona have kids etc,...fuck the casino based systems, ... i think that u chek it on monday and see the loss,...so if i were in ur body i would witdraw 250k from ur broker (a little advise so that u wont cry next time ur broker goes broke),...if u still have that kind of ammount and traded with only 50k,...witdraw it !! (a tip, i got here printed to witdraw funds, where the phone is available & so if i loose or need some money, i witdraw it...only in that case he or i wouldnt go to greedy) ....its enough stresfull in any case to trade 50k,...i know its adictive and u wont more and more... ...but relax u live in greece,..buy a yaht or an islands...@ trade for fun...
its just money
  • #45
  • Mar 5, 2007 1:40pm Mar 5, 2007 1:40pm
Quoting amenlo9
no Cyber cafe around your house?
Yes there are at least 3.
You didnt read carefully ...I said no internet for the whole area.
The only nearby city that had internet was 40 Km .

There is only one optical fiber for the whole region!
The GrandMaster of the Forex Market.
  • #46
  • Mar 5, 2007 1:41pm Mar 5, 2007 1:41pm
Quoting denonline
this book is available on Amazon too..
no its not its another edited version by smitten.
The system is not in there.
The GrandMaster of the Forex Market.
  • #47
  • Mar 5, 2007 1:44pm Mar 5, 2007 1:44pm
Quoting de123
i just dont get 2 thing,..very personal....isnt 250k enough?..., how much money do u wona have?....dont need to reply...but u can gain it back...i think that any of us, are dreaming to have 50k, and retire, at least im, i wona have kids etc,...fuck the casino based systems, ... i think that u chek it on monday and see the loss,...so if i were in ur body i would witdraw 250k from ur broker (a little advise so that u wont cry next time ur broker goes broke),...if u still have that kind of ammount and traded with only 50k,...witdraw it !! (a tip, i got here printed to witdraw funds, where the phone is available & so if i loose or need some money, i witdraw it...only in that case he or i wouldnt go to greedy) ....its enough stresfull in any case to trade 50k,...i know its adictive and u wont more and more... ...but relax u live in greece,..buy a yaht or an islands...@ trade for fun...
well I would like to have some billions $.Extremely difficult target though.
Wouldnt you like to have lets say 2billion?You could have an impact in the world.
The GrandMaster of the Forex Market.
  • #48
  • Mar 5, 2007 3:06pm Mar 5, 2007 3:06pm
Quoting temporary
well I would like to have some billions $.Extremely difficult target though.
Wouldnt you like to have lets say 2billion?You could have an impact in the world.
Well I don't believe this story until you explain me your system in detail.


(PS : I won't tell anybody).
  • #49
  • Mar 5, 2007 4:29pm Mar 5, 2007 4:29pm
Sometimes while reading this forum I get a vision of that Gollum creature hunched down muttering "profitable system" over and over again while he plots and schemes a way to get one for zero effort.

The guy just took a 1/4 mil hit. Leave him the hell alone already.
  • #50
  • Mar 5, 2007 4:36pm Mar 5, 2007 4:36pm
Quoting Darkstar
Sometimes while reading this forum I get a vision of that Gollum creature hunched down muttering "profitable system" over and over again while he plots and schemes a way to get one for zero effort.

The guy just took a 1/4 mil hit. Leave him the hell alone already.
Perfectly said....and the moral of this thread is that we all need to think of a back up or two (mine have been in place). This was a good thread and thanks for posting it!
  • #51
  • Mar 5, 2007 4:37pm Mar 5, 2007 4:37pm
Quoting temporary
well I would like to have some billions $.Extremely difficult target though.
Wouldnt you like to have lets say 2billion?You could have an impact in the world.
How are you doing these days JL?
  • #52
  • Mar 5, 2007 9:13pm Mar 5, 2007 9:13pm
Quoting smjones
How are you doing these days JL?
JL = Jesse Livermore ?

Couldn't tell how much of Livermore's story was true either.
  • #53
  • Mar 5, 2007 9:55pm Mar 5, 2007 9:55pm
I am curious to know what is the broker that you use, temp. I want to know a broker that is still honest with that kind of trading size.

Please kindly PM me if you do not want to reveal in the public forum. Thank you.

Sorry for the loss you have. I hope you learn your lesson and recover your losses.
  • #54
  • Mar 6, 2007 6:30am Mar 6, 2007 6:30am
Thanks for the advise and reminder from the painful experience. Glad to see that you are still there. That is the most important point!
凹凸 only
  • #55
  • Mar 11, 2007 6:43am Mar 11, 2007 6:43am
temporary, do you know of any satellite internet providers in Greece ?
I will be moving to Greece and the area has no ADSL.

Thanks
  • #56
  • Mar 11, 2007 8:39am Mar 11, 2007 8:39am
temporary, sorry to hear you lost that much.
This makes my loss of 100k less painful. To be honest, I didn't feel much pain when I lost it. But I felt it when the tax bills came and I had no money to pay them.
When you trading behind your pc, all you see are figures. Compared to the pain you feel when you lose huge amount of money you had in your backpocket, is a world of difference! I can remember clearly when I lost my wallet with over 1000euros in it and I was pissed for days!
Maybe forex makes people crazy?

Even worse, my broker removed all the tp and sl overnight dozens of times awhile ago
  • #57
  • Mar 17, 2007 5:15pm Mar 17, 2007 5:15pm
my dear Temporary,

I sympathise with you. Beeing also in Greece I can say just one word : MAKRIA APO TON OTE!!!! IT sucks. I am more than happy with vivodi dsl.
  • #58
  • Edited 8:16pm Mar 17, 2007 6:03pm | Edited 8:16pm
man, by the time i had a 6 figure account i had tatooed my brokers number on my palm, setup two internet backups and a full trading-ready computer backup. someone must have given you that quarter mil, because you certainly arent caring for it like you earned it! :
Relax and be happy.
  • #59
  • Mar 17, 2007 6:48pm Mar 17, 2007 6:48pm
Amen brother.

Now - Brother can you spare a dime.
  • #60
  • Last Post: Mar 17, 2007 7:45pm Mar 17, 2007 7:45pm
Get a PDA with GPRS. I know it's available in Greece, unless you live in a very remote area that wouldn't have dsl in first place.

Or was that down also?
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