Video of someone losing $30k real money - You don't want this | Page 2 | Forex Factory

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Video of someone losing $30k real money - You don't want this

  • #21
  • Jul 14, 2011 10:54am Jul 14, 2011 10:54am
If he's trading Futures why doesn't he just close the position? Unless his ego won't let him click the button he must be long Stocks, also since he commented that the f'n market won't even f'n open until f'n Tuesday (must be a Monday holiday). Or he could have sold some Puts.
  • #22
  • Jul 14, 2011 11:26am Jul 14, 2011 11:26am
Quoting Rob Mondave
If he's trading Futures why doesn't he just close the position? Unless his ego won't let him click the button he must be long Stocks, also since he commented that the f'n market won't even f'n open until f'n Tuesday (must be a Monday holiday). Or he could have sold some Puts.
sounded like he woke up to his account being as is, or it jumped fast and he was like well might as well take the full loss its only 5 more g's lol
  • #23
  • Jul 15, 2011 3:17am Jul 15, 2011 3:17am
Quoting mr.marketz
So much for a 1-2% loss per trade... unless he had a $3M balance. Which I doubt, because guys pushing that much cash around rarely find themselves in this type of situation (anymore).

He had no business trading funds that size. A prime example of why being able to slowly grow an account is of the utmost importance.
agree.
If you put yourself in a position in which it is possible to lose xxx amount of money, you have no right to complain when it happens.
si hoc legere scis nimium eruditionis habes
  • #24
  • Jul 15, 2011 5:16am Jul 15, 2011 5:16am
30K?! He didn't use stop loss!
  • #25
  • Edited 6:02am Jul 15, 2011 5:36am | Edited 6:02am
I bet he wishes he was trading Merlin's amazing strategy. A high probability idiot.
  • #26
  • Jul 15, 2011 12:15pm Jul 15, 2011 12:15pm
Quoting Porkpie
high probability
There's a term that I don't hear bandied about as much as I used to around here. God, for a while half of the threads were "Hi-Prob" this or that. Curiously they don't last all that long.

People, including the sap in the vid, don't seem to get that the market tells you what's up - realtime - not in advance. Following it as it churns through orders and positioning yourself accordingly is too much trouble for most as it requires too much effort and has no statistically demonstrable edge.
  • #27
  • Jul 15, 2011 11:28pm Jul 15, 2011 11:28pm
Quoting newyear498
sounded like he woke up to his account being as is, or it jumped fast and he was like well might as well take the full loss its only 5 more g's lol
The market gapped down 300 points on the open and he was instantly 25000 down, It was all over at the first tic
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  • #28
  • Jul 16, 2011 6:14am Jul 16, 2011 6:14am
Quoting M.A.C.Doug
The market gapped down 300 points on the open and he was instantly 25000 down, It was all over at the first tic
talk about a shit storm

I had similar things happen.. get taken out of positions when price appeared to never go their.. broker said "level 2 quotes they did" lol, one of the many reasons I went forex
  • #29
  • Jul 16, 2011 7:00am Jul 16, 2011 7:00am
Pwnd
  • #30
  • Jul 16, 2011 4:43pm Jul 16, 2011 4:43pm
What a LOOOOOSER

Not for the fact that he lost his trade. But for the simple fact that this dip$hit is holding himself accountable for the market's activities. Just another perfect example of how trading is gambling, and how nobody really knows what is going to happen.

These are the same type of people that pat themselves on the back for calling an election correctly, or any type of event outcome where there are too many factors to properly assess the future.
  • #31
  • Jul 16, 2011 8:39pm Jul 16, 2011 8:39pm
I remember seeing this video a while back at the video store. I followed the link and found the guys blog, by the time, he said he would quit trading for good.

I tried to give him some advice, pretty basic stuff like SL, strategy etc but like all losers he has a big ego, bigger than his will to break through. He mocked my posts and looked down at my years of experience. guess he is still losing money!!
  • #32
  • Jul 16, 2011 9:19pm Jul 16, 2011 9:19pm
This is indeed very funny ))
  • #33
  • Jul 17, 2011 5:38pm Jul 17, 2011 5:38pm
Quoting newyear498
talk about a shit storm

I had similar things happen.. get taken out of positions when price appeared to never go their.. broker said "level 2 quotes they did" lol, one of the many reasons I went forex
The same thing has happened to me trading equities. I was long an Aussie gold miner and overleveraged. Trading was halted on that instrument for about two weeks. It opened at half the price I bought it for and I found myself $1500 in debt to my broker. That was the last time I took a tip
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  • #34
  • Jul 17, 2011 6:19pm Jul 17, 2011 6:19pm
is he trading futures?

he should know better in futures that it is forex x9000. and holding positions like that on a sunday? that's what you get for trading the weekends. weekends are in the domains of warren buffet and george soros.
  • #35
  • Jul 17, 2011 6:47pm Jul 17, 2011 6:47pm
Quoting thelws
is he trading futures?

he should know better in futures that it is forex x9000. and holding positions like that on a sunday? that's what you get for trading the weekends. weekends are in the domains of warren buffet and george soros.
I often trade futures and options over weekends. Have traded many large positions in soybeans with futures and options and held for many weeks. Weekends give you nice profits when the commodity gaps in your favor with the trend. Most can not decipher the trend and are so scared or the market they get out at the end of the day.

Weekends are not for Soros and Buffet types, they are for anyone with half a brain who can work out the trend.
  • #36
  • Jul 19, 2011 12:31pm Jul 19, 2011 12:31pm
Quoting Rob Mondave
If he's trading Futures why doesn't he just close the position? Unless his ego won't let him click the button he must be long Stocks, also since he commented that the f'n market won't even f'n open until f'n Tuesday (must be a Monday holiday). Or he could have sold some Puts.
He could have closed the position at any time but choose not to.

If this is from Jan 2008 (which I think it is) the European markets tanked as SocGen were unwinding the position put on by their rouge trader (no one knew this at the time and the market was already weak) and the US market was closed for a holiday. I think the next day Bernanke panicked and announced an emergency rate cut and the market bounced strongly.

If he had the stomach/capital to hold till tuesday he probably could have recovered most of that. Of course that is all hindsight.

If you are over-leveraged eventually the market will take you out. AIG, Lehman, LTCM ... its a long list.
  • #37
  • Jul 19, 2011 12:55pm Jul 19, 2011 12:55pm
I act like this when Im down 30$.... just sayin
  • #38
  • Jul 19, 2011 2:15pm Jul 19, 2011 2:15pm
Quoting Wulfgar
I act like this when Im down 30$.... just sayin
- Look to the left, Trade to the right - I am the system
  • #39
  • Jul 24, 2011 9:35am Jul 24, 2011 9:35am
Wow, can't believe some of you find this humorous. Have you no compassion??? Yeah, he brought it upon himself, but still... Poor dude, lifesavings down the drain Hopefully he managed to turn this experience into a positive influence on his trading. I remember being in a very similar situation many years ago. It was earth shattering at the time, but in retrospect, it was probably the best thing that ever happened to me regarding trading.
  • #40
  • Jul 24, 2011 10:05am Jul 24, 2011 10:05am
Quoting Agro
Have you no compassion???
We do, just not for complete idiots like this one. In this business, if that's how you treat your money, you don't deserve to keep it in the first place.

Guys like this are great for one thing: Pouring easy liquidity into the market. If you think it's sad or immoral to be winning from other people's loss, you've picked the wrong profession. Like the poker saying goes, "It's immoral to let a sucker keep his money."
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