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How Many Accounts Did You Blow Before You Got It Right?

  • #101
  • Jun 20, 2012 3:20am Jun 20, 2012 3:20am
Quoting XTrade
Everyone has blown an account!!! AND if they have not THEY WILL at some point... . . .





I think my tally is about 3 or 4
That is just not true. With proper risk management there is no reason to blow an account. good luck with your 4th, or 5th
  • #102
  • Jun 20, 2012 3:44am Jun 20, 2012 3:44am
Quoting w.penn
That is just not true. With proper risk management there is no reason to blow an account. good luck with your 4th, or 5th

Yeah but then your profit potential Is so small for most of us it's just not worth our time, you got to go hard to get rich and accept there are risks!

Better to blow a few accounts and learn something rather than waste time, time is a very limited resource for all of us.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #103
  • Jun 20, 2012 4:14am Jun 20, 2012 4:14am
Well, after blowing 75% of my 24K acct, I'm at least beginning to see that the solution NOT to employ is just to vow to do it differently next time. !

If I could just do it differently, I already would have. So... the only choice is to really understand the source of the problem and deal with that. I think that's deeply buried in my thick noggen. So, I'm now paper trading and absolutely sticking to my money management rules and trading plan. That's been a constant problem, but I found when I do, I don't lose my shirt every day. Accknowledging that my fear of loosing the next big home run is bigger than my fear of blowing out my account (and that's not good!) has been my first step. Practice internallizing that point every day...
  • #104
  • Jun 20, 2012 4:34am Jun 20, 2012 4:34am
Quoting Turveyd
Yeah but then your profit potential Is so small for most of us it's just not worth our time, you got to go hard to get rich and accept there are risks!

Better to blow a few accounts and learn something rather than waste time, time is a very limited resource for all of us.
agree to disagree i suppose..
To each their own!!!!
  • #105
  • Jun 20, 2012 5:50am Jun 20, 2012 5:50am
Quoting PoundTrader
my bad, i assume in this business your at least blown one account.
Wrong assumption.

I would say the best traders never got close to blowing an account because they were the ones who understood risk very early on.

Not trying to big myself up here in any way as I did experience drawdown in my early days but maybe 15% at the absolute worst. I have risked between .3 and 1% risk at all stages during my learning years as I don't really like burning my hard earned money. It's also for this reason that I quickly understood that trading indicator based systems was way too much of a shot in the dark so I painstakingly spent months and years grappling with understanding market structure and price action. I wanted to see what was going on for myself and not rely on third party tools to try and see for me.

I've no doubt that people have become good traders following periods of total capitulation early on but struggle to understand any reason why people think this is a normal part of the learning curve.
  • #106
  • Jun 21, 2012 4:50pm Jun 21, 2012 4:50pm
blown two accounts until I stopped using leverage and SL
  • #107
  • Jun 26, 2012 5:45am Jun 26, 2012 5:45am
Quoting Nacho
blown two accounts until I stopped using leverage and SL
Yep, not using a stop loss is definitely the best way to not blow an account
  • #108
  • Jun 26, 2012 5:58am Jun 26, 2012 5:58am
Quoting Trotty
Yep, not using a stop loss is definitely the best way to not blow an account
  • #109
  • Jun 26, 2012 5:59am Jun 26, 2012 5:59am
Quoting Nacho
blown two accounts until I stopped using leverage and SL
are you working on your 3rd
  • #110
  • Jun 26, 2012 6:04am Jun 26, 2012 6:04am
if you notice that your getting stop out to quick why not use bigger s/l, always have a s/l
  • #111
  • Jun 26, 2012 6:43am Jun 26, 2012 6:43am
Quoting PoundTrader
if you notice that your getting stop out to quick why not use bigger s/l, always have a s/l

If your against the current direction, then a bigger SL will likely still get knocked out just at a bigger cost, work on the reason why your trades are going straight to the SL.

Keep your SL's tight, larger SL's just give you hope that it'll turn in time, hope is generally always false hope.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #112
  • Jun 26, 2012 7:34am Jun 26, 2012 7:34am
Quoting Turveyd
If your against the current direction, then a bigger SL will likely still get knocked out just at a bigger cost, work on the reason why your trades are going straight to the SL.

Keep your SL's tight, larger SL's just give you hope that it'll turn in time, hope is generally always false hope.
not always true but i see your point, i use to have a s/l of 35 pips and it awalys hit my s/l and turn after about 40 pips, so i start using 45 pip s/l and it only got hit 25% of the time, so the system i was using at that time had a 75% winning ratio
  • #113
  • Jun 26, 2012 8:15am Jun 26, 2012 8:15am
Quoting PoundTrader
not always true but i see your point, i use to have a s/l of 35 pips and it awalys hit my s/l and turn after about 40 pips, so i start using 45 pip s/l and it only got hit 25% of the time, so the system i was using at that time had a 75% winning ratio

Well there will be exceptions, but you could still argue your entry needed improving and you could of made 30pips on the short side, then 35pips more on the long side for instance,


Although I'll also accept, the randomness of the market and no way to predict where the market will turn and get back on trend so at times a long leash will work.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #114
  • Jun 26, 2012 8:40am Jun 26, 2012 8:40am
Quoting Nacho
blown two accounts until I stopped using leverage and SL
  • #115
  • Jun 26, 2012 11:35am Jun 26, 2012 11:35am
There's a certain degree of "glutton for punishment" going on with many of us, I think, simply because the desire to get it right is greater than the pain of blowing an account or three. I'll never admit that I got it right though because if I let myself feel that way, that's when stuff usually goes south. When it comes to trading, I am in a constant state of dissatisfaction.
  • #116
  • Jun 26, 2012 11:50am Jun 26, 2012 11:50am
Quoting Trotty
Yep, not using a stop loss is definitely the best way to not blow an account
well, for me it works though

this has to be combined with no leverage also.
  • #117
  • Jun 26, 2012 11:58am Jun 26, 2012 11:58am
lost $1.2m
practising coitus interruptus
  • #118
  • Jun 26, 2012 11:58am Jun 26, 2012 11:58am
Quoting Nacho
well, for me it works though

this has to be combined with no leverage also.
oh, no leverage..
  • #119
  • Jun 26, 2012 11:59am Jun 26, 2012 11:59am
Quoting duyk20
oh, no leverage..
right
  • #120
  • Jun 26, 2012 12:44pm Jun 26, 2012 12:44pm
none. when it was'nt working out i went back 2 demo. only lost 20% of account that has been my largest loss. That was in 2010.

Double your demo account at least twice using same method b4 going live.
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