I lost money during the huge move | Forex Factory

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I lost money during the huge move

  • #1
  • First Post: May 8, 2010 2:49am May 8, 2010 2:49am
It was a -4.8% day and that was really stupid because my EA would have caught the move if I wasn't busy tinkering with them. Missing the HUGE move frustrated me and I tried to trade manually.
Ha ha ha

I really regret not being ready for that move but the market will be there next week, and the week after. I really hope that politicians and countries will continue to bankrupt themselves so that I can have another shot at making many pips.
Let's hope they don't shutdown the markets or implement a fixed currency regime. That's my biggest fear, seeing how crazy they can be.


How was that day for you ?
  • #2
  • May 8, 2010 2:52am May 8, 2010 2:52am
I don't want to know how many accounts got margin called this week - and not only FX accounts...
  • #3
  • May 8, 2010 2:57am May 8, 2010 2:57am
Quoting Intensity
It was a -4.8% day and that was really stupid because my EA would have caught the move if I wasn't busy tinkering with them....
I wouldn't worry about missing paper profits, until you book them they don't really exist.

it's also damaging to your traders mind to get emotionally attached to could haves or would haves.

Cheers
  • #4
  • May 8, 2010 3:06am May 8, 2010 3:06am
Quoting >Apocalypto<
I wouldn't worry about missing paper profits, until you book them they don't really exist.

it's also damaging to your traders mind to get emotionally attached to could haves or would haves.

Cheers
I booked them the same day. It's easier to sleep.

haha yep it really took a tool emotionally, and that's why I'm an EA trader but watching the EU going down down down down and not riding the trend was too frustrating. The next time I deactivate the EA I'll also deactivate my internet connection.

Quoting Xaron
I don't want to know how many accounts got margin called this week - and not only FX accounts...
Do you really think it happened ? Margin trading is quite risky, do people really hold that kind of trades after the 2008 disaster ? Let's hope you're not right. Losing 5% a day is Armageddon, I'd kill myself after losing 100% so quickly.

That being said, there were no thread about someone losing money that day, just one thread with someone boasting about making money so my guess is that other people's losses weren't that great.
  • #5
  • May 8, 2010 3:43am May 8, 2010 3:43am
Hi
I admire your honesty in saying you lost money during the major move in the market.. that takes courage and I wish you well with your trading... also as xaron said I would say some people lost a lot more than 5% so your still well in the game to fight another day.... I mean even someone on this forum who claimed to have a 100% winning strategy got screwed last week and I think if he was honest a margin call is what he got.

d-k
  • #6
  • Edited 4:54am May 8, 2010 4:02am | Edited 4:54am
Yeah, I was too busy tinkering with my own EA's rather than pay attention to the trend ... that is, until it was about 400 points down. I was only down about 2% at that point, figuring (or, rather hoping) it would soon reverse or stabilize, but no, it had another 400 or so points to go. The funny thing is, I almost closed everything out just an hour or two before it started, when I was a few dollars ahead, thinking it wasn't going anywhere, and it would give me a chance to reset the EA's and add a few updates. But I said, "Nah, nothing's gonna to happen." Guess again! Anyway, I lost about 10% when I finally closed everything out.

Now, if on the other hand I had my EA's setup the way I would like (not there yet), it would have caught this and it wouldn't have been a problem. In fact, I probably would have made about 10%.

Oh well, I decided not to sweat it, figuring the guy whose economy is threatening to go under, is probably in a lot worse shape than I am. So, it's nothing to get pissed about, for if I had been making money, I would have been making it off their demise.
  • #7
  • May 8, 2010 4:38am May 8, 2010 4:38am
Its hard not to let emotions get the better of you when there are moves like last week.

On friday I just got on with other things and stayed away from the market.

There will be a lot of people who lost a lot of money last week, imagine being caught the wrong side of the 1000 pip dow move. There are still plenty of traders who don't use stops or just use mental stops and the market was moving so quickly at times that many people could have lost so much that they thought it can't keep dropping and held a bit longer.
  • #8
  • May 8, 2010 4:57am May 8, 2010 4:57am
Quoting Intensity

I really regret not being ready for that move but the market will be there next week, and the week after. I really hope that politicians and countries will continue to bankrupt themselves so that I can have another shot at making many pips.
what ??

Quoting Intensity
Let's hope they don't shutdown the markets or implement a fixed currency regime. That's my biggest fear, seeing how crazy they can be.
hmm, you know what that reminds me ? That advertisement of Charlie Rose show on bloomberg -

Buffet: "...you wanna be greedy when other are fearful and you wanna be fearful when others are greedy..."



take care.
  • #9
  • May 8, 2010 5:18am May 8, 2010 5:18am
Thanks for the compliment Lumesh !

Even though I'm not sure that it's how you meant it ?!?
  • #10
  • May 8, 2010 5:20am May 8, 2010 5:20am
Quoting Intensity

It was a -4.8% day
Don't feel too bad about it, I watched Ashraf Laidi and Craig Inglis trade NFP live on Friday and they lost 6.5% in less than a minute.....and they called themselves 'experts'!!

-
  • #11
  • May 8, 2010 5:21am May 8, 2010 5:21am
If you ask me I wouldn't mind if this crisis goes on forever.
I have the feeling that it got alot easier to make money in the markets
since 08.
  • #12
  • May 8, 2010 5:47am May 8, 2010 5:47am
At the rate things are going, we should expect to see it get even more volatile, possibly until everything collapses.

I'm still going to continue to trade, however, just not focus so much attention on it, and try to find some other things to do.
  • #13
  • May 8, 2010 6:04am May 8, 2010 6:04am
i do NOT understand why people are getting scared by volatility. with increased volatility you can almost take blind pot-shots and profit!
Congratulations ScalaFX for coming out of the closet!
  • #14
  • May 8, 2010 6:30am May 8, 2010 6:30am
What happened last week was so outside the norm....very few people probably got the whole move. I figured I had plenty of time to trade the EURO down to 1.25......but it did it in a matter of days vs weeks. I cannot even comprehend that!!! The key though is to trade your methodology consistently and the profits will come.
  • #15
  • May 8, 2010 6:32am May 8, 2010 6:32am
Quoting nubcake
i do NOT understand why people are getting scared by volatility. with increased volatility you can almost take blind pot-shots and profit!
Well we need volatility to make any decent money, although I think many people were caught off guard and that is what scared them. Its been a while coming and more is definitely on the way. I don't think the party is over just yet lol
  • #16
  • May 8, 2010 7:06am May 8, 2010 7:06am
Quoting nubcake
i do NOT understand why people are getting scared by volatility. with increased volatility you can almost take blind pot-shots and profit!
tell me about it, couple of people i know went on m1 and pretended it was m15 and made a KILLING.. literally 500+ point PRs each of the two days
  • #17
  • May 8, 2010 7:23am May 8, 2010 7:23am
Quoting Sim
tell me about it, couple of people i know went on m1 and pretended it was m15 and made a KILLING.. literally 500+ point PRs each of the two days
add me to that list.
Congratulations ScalaFX for coming out of the closet!
  • #18
  • May 8, 2010 7:25am May 8, 2010 7:25am
hahah good, twas that environment where m1 5ema and 10ema crosses were blinkin unbelievable
  • #19
  • May 8, 2010 7:34am May 8, 2010 7:34am
Quoting nubcake
i do NOT understand why people are getting scared by volatility. with increased volatility you can almost take blind pot-shots and profit!
Ooooops, was i taking blind pot shots? I was starting to think that I was getting the hang of it(well experienced trader of 7 months standing!). Thanx 4 this, I've suffered from over confidence in the past.Am sooo looking forward to next week but will now proceed with more caution.
All systems of divination, like music itself,work through patterns.
  • #20
  • May 8, 2010 8:38am May 8, 2010 8:38am
Quoting Troikaone1
What happened last week was so outside the norm....very few people probably got the whole move. I figured I had plenty of time to trade the EURO down to 1.25......but it did it in a matter of days vs weeks. I cannot even comprehend that!!! The key though is to trade your methodology consistently and the profits will come.
What happened last week was the norm back in the day ('06-'08). Ahhh, I miss those days. If it weren't for those days I wouldn't be where I'm at today. If I could get 3 more years of that type of volatility, I'd start planning for my retirement after the 3 years. Back during "Volatility-palooza 06-08" traders had to grow up and learn the market quickly or they'd be another market static (95% losers).
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