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Crazy day and lost it all

  • #1
  • First Post: Jan 29, 2013 4:19am Jan 29, 2013 4:19am
Hi

Today i just lost control and lost it all. Didn't follow a plan, over traded, large position sizing, not letting go of losing trade, no risk management I turned 1K account to 5K recently and went overconfident and thought the 121.60 in EUR JPY would break today in Asia and shorted everything. Support held and rebounded and it blew up my account.

I just dont know why i blew up on a day like this. Anyone of you have days like this?

I just don't know what triggered me, my emotions or i just lost discipline because i was forcing myself so hard to be disciplined.. I just seemed to let loose of myself and this crap happens.

So angry.

How do you guys go forward from this?
  • #2
  • Jan 29, 2013 4:24am Jan 29, 2013 4:24am
It's only money.

The biggest risk a trader faces is them self. You know this now. The lesson will be worth every cent in the long run. Take a break, ghet your head around what you did and how it eventuated. Then come back and take the next step forward.



Quoting numbnuts
Find another hobby. Less than 1% of traders have what it takes to make it, clearly you are not going to be in that group.
Sounds like his day was not so hot either... Don't listen to fk tards like this either if trading is what you really want to do.

G/L
Time hides Nothing
  • #3
  • Jan 29, 2013 4:25am Jan 29, 2013 4:25am
Find another hobby. Less than 1% of traders have what it takes to make it, clearly you are not going to be in that group.
si hoc legere scis nimium eruditionis habes
  • #4
  • Jan 29, 2013 4:30am Jan 29, 2013 4:30am
It could be the best lesson you ever learn, or the beginning of the most painful groundhog day ever....
tradewith60
  • #5
  • Jan 29, 2013 4:30am Jan 29, 2013 4:30am
Quoting winlots
Hi

Today i just lost control and lost it all. Didn't follow a plan, over traded, large position sizing, not letting go of losing trade, no risk management I turned 1K account to 5K recently and went overconfident and thought the 121.60 in EUR JPY would break today in Asia and shorted everything. Support held and rebounded and it blew up my account.

I just dont know why i blew up on a day like this. Anyone of you have days like this?

I just don't know what triggered me, my emotions or i just lost discipline because i was forcing myself so...
hahahahahaha. I have done it too. Many times. And still do it. But now a bit smarter as I detect i am in a rookie mode and decrease bet size 5x.

dont fight. accept and adjust.
  • #6
  • Jan 29, 2013 4:31am Jan 29, 2013 4:31am
  •  Jamz
  • | Joined May 2012 | Status: Tops and bottoms are for bikinis | 798 Posts
sounds like you already worked out what went wrong. "Knowing" where price is going is a big mistake IMHO Setting that bias in your mind was the mistake. I tend to try and battle the market I'm sure plenty have tried that. Get on horse again......
  • #7
  • Jan 29, 2013 4:39am Jan 29, 2013 4:39am
it has happened to all of us, some many, many times

learn from your mistake and get back on the fuc*ing horse
  • #8
  • Jan 29, 2013 5:25am Jan 29, 2013 5:25am
Quoting winlots
Hi

Today i just lost control . Didn't follow a plan, over traded, large position sizing, not letting go of losing trade, no risk management
EMOTIONS AND FEAR Shit happens, you know what went wrong, take some days off, fund your account and start again
  • #9
  • Jan 29, 2013 5:42am Jan 29, 2013 5:42am
Quoting winlots
Hi

Today i just lost control and lost it all. Didn't follow a plan, over traded, large position sizing, not letting go of losing trade, no risk management I turned 1K account to 5K recently and went overconfident and thought the 121.60 in EUR JPY would break today in Asia and shorted everything. Support held and rebounded and it blew up my account.

I just dont know why i blew up on a day like this. Anyone of you have days like this?

I just don't know what triggered me, my emotions or i just lost discipline...
Hi mate:

I marked in red the two keys to understand why you blew your account.
The words "thought" and "would" are two enormous mistakes.
Dont think when you are trading. You must think before enter market.
Only "execute"..... How a machine.
Regards.
That which you give to others, life will return it in spades
  • #10
  • Jan 29, 2013 5:44am Jan 29, 2013 5:44am
It must be something though....just seem I cannot keep profits. Some mental block that I cannot diagnose. I have taken days off, rebuilt and account and then self sabotage again....why? I need some advice.
  • #11
  • Edited 6:20am Jan 29, 2013 6:04am | Edited 6:20am
Quoting winlots
It must be something though....just seem I cannot keep profits. Some mental block that I cannot diagnose. I have taken days off, rebuilt and account and then self sabotage again....why? I need some advice.
You are saying some interesting.
You cannot keep profits.
My advice. May be you must withdraw a fixed gains amount and only mantein initial deposit at account. This is your trading capital and your total risk.
when you lost -30% of this capital you stop trading and reevaluate what are you doing bad. Write it and trading at demo for a time with the same size account that you are trading in live.
When you have profit at demo then will continue trading at live depositing at your account the lost amount -30% and do this process again and again untill you mecanize in your mind.
I hope help you.
Regards.
That which you give to others, life will return it in spades
  • #12
  • Jan 29, 2013 6:23am Jan 29, 2013 6:23am
Hi Winlots,

So the thing about trading is its about 98+++% mental. This happened to me. I was doing so well, I took my student loan money and poured it in and lost it all in a day well more like a couple hours. No actually exactly 2 hours. Then I gave up, cried, felt like a failure etc. Now about 3 years later I started trading again. I am not doing as well in terms of building accounts but I am losing the right way. Honestly its so much better. I also joined a group of successful traders, I got a trading psychologist and I started to write down my emotions, what I was feeling why did I do certain things. My psychologist says that trading is a journey in self discovery and it is so true I've understood myself now more than ever.

The beauty about being in a group is that you hear stories like yours over and over and they tell you what they would do to combat it. For example if you were in a trading room and you had all these gains, they will send you home for the week or the weekend. Then you write a journal, and see how often your strategy worked, try and figure out why it worked. Your untouchable "Superman" came out! Ya! You were right no matter what and maybe you actually dont know why you were gaining and how often your strategy works. If it works 98% of the time then 2% you could still loose so why risk it all? If you took a step back after the gains then I think you would write these things down and look at them and this should help. It helped me. I have a detailed log and emotional journal.

Sometimes when I get trigger happy, I find that I get nervous just like before a big race or something there is fired up anxiety. So instead of walking away or just trading, I start writing in my journal about the pair and how I am feeling. I made spread sheets etc. I start to analyze he psychology of the market. I have been able to hold on to most of my money that way and develop strategies to decrease my risk on the market so that I can up my position size.

I hope this helps, people are telling you to quit and honestly I dont think you should. You clearly have the ability to make money on the market, what you need is to balance your skill and tools with your emotion state. Understand why you did what you did and find tools to train yourself when you get this way again. Prepare for a marathon rather than a quick race.
  • #13
  • Jan 29, 2013 6:32am Jan 29, 2013 6:32am
Quoting winlots
It must be something though....just seem I cannot keep profits. Some mental block that I cannot diagnose. I have taken days off, rebuilt and account and then self sabotage again....why? I need some advice.
Again: Fear and emotion Think and be really honest with you, Why do you overtrade if you know that would blow your acc? may be you are not a fearful guy, but you let your emotions/exitement took control
  • #14
  • Jan 29, 2013 6:39am Jan 29, 2013 6:39am
Quoting winlots
It must be something though....just seem I cannot keep profits. Some mental block that I cannot diagnose. I have taken days off, rebuilt and account and then self sabotage again....why? I need some advice.
So in terms of self sabotage, I will tell you what my psychologist observed about me. He said to me that I dont think I am deserving of keeping my money. He said that some people who didnt grow up with wealth cant really fathom the wealth. So when I am getting what I work hard for, I sabotage it because my subconscious somehow doesnt get that this is possible.

I pull 30% returns consistently per day?!?! I started to make spreadsheets of the trillions of dollars I would have and then loss after loss . Who knows if he is right and maybe thats not you. I started then to focus on the money and not the strategy. So boom! loss! I have a rule now, if I have 3 consistent losses then I stop and reassess before entering. I also have another rule that I enter only 2 times on the same trade, if I still loose then mathematically going in a 3rd time (win or loose) I dont really make the money back over time unless I am doing a position trade and I lost like 10-15 pips 2 times. Daily risks are like 80 pips so it makes sense in that respect.

I am still working on this, and its working. What I have done is I started to reward myself in small stages. I made a vision board (and I should look at it everyday but I dont) I also wrote down why I am trading. Why did I choose the single most hardest profession on the planet! Why did I choose to torture myself like this. Then in my group I talk to the traders. Most of them spend about 30 min a day trading the market. The rest of the time they are playing golf (jokes, they do other things too).

P.S I remember some of my spreadsheets had so many zeros calculated I didnt even know what to call it, a catrillion dollars?!?!?!
  • #15
  • Jan 29, 2013 6:46am Jan 29, 2013 6:46am
Thanks to every reply here, every piece of information is insightful. I must pay more effort to practise but I know during a trade I will just forget it all.

Deep inside it must be greed. I know I don't have to trade but I'm just chasing the market, wanting all the movement which is so bad when I think back.

I must think I am gambling which is even more awful.
  • #16
  • Jan 29, 2013 6:48am Jan 29, 2013 6:48am
Quoting winlots
Thanks to every reply here, every piece of information is insightful. I must pay more effort to practise but I know during a trade I will just forget it all.

Deep inside it must be greed. I know I don't have to trade but I'm just chasing the market, wanting all the movement which is so bad when I think back.

I must think I am gambling which is even more awful.
You sound like your are torturing yourself and you failed. It doesnt matter that you are greedy its a natural emotion. Who doesn't want the whole move? What you should focus on is how to use this greed in a productive and positive way to help your trading.

With that I am off to enter a log about my USDCAD trade. Good luck Winlots!
  • #17
  • Edited 7:03am Jan 29, 2013 7:02am | Edited 7:03am
Quoting winlots
Didn't follow a plan, over traded, large position sizing, not letting go of losing trade, no risk management
Hi, first off well done for getting on here and sharing your situation others may learn a lot from this thread.

A lot of great advice already on trader psychology - but I don't see this as a mindset thing.

You essentially got yourself in a one-off terrible position which turned against you and you lost everything all because of no Money Management.

Yes you did get overconfident and sound like you were trading without full focus which is a mind thing but if you had MM in place and a 2% max drawdown this would have been just another minor loosing trade instead of a total wipeout. Forget about self-sabotage for the rest of the day and think instead about the very simple steps you can take that would mean this one off event could NEVER happen again to your account. It's actually very easy. Position sizing - no more than 2% exposed at any one time and after 3 failed trades take the day off. You need only a bit of discipline to follow that but it's so so simple just write it down and post it next to your screen. The pain you feel right now should mean you naturally do that from now on and everyone will learn that the hard way. Every successful trader has been where you are right now.

In conclusion you could beat yourself up for months over this trying to figure out why you did it but the simple and most effective solution is to take MM seriously. Yes you need to read up on trader psychology everyone should but don't mistake simple elemental strategy mistakes for anything else. I would highly recommend reading Trading in the Zone. In the meantime open a token live account and start trading as you were but with MM inplace.
  • #18
  • Jan 29, 2013 7:07am Jan 29, 2013 7:07am
Thanks Stevy, that's why it's my greed. At 2 percent I feel a small account will take years to build up, but then it's simple, I shouldn't be trading....

I spent so much time building the account at large risks but when it get serious I am so use to taking the large risk, mentally it's damaged me.

help
  • #19
  • Jan 29, 2013 7:23am Jan 29, 2013 7:23am
I'm with you bro. Part of the problem I face is that when you load up and win you forget the risk you took because you raked it in and it goes right to your head. When you load up and lose you're getting back to reality. A little self-control as in max trades per day max $ down are needed. I think hitting your profit target for the day is another good reason to quit.

Unfortunately there is no restrictions on us over trading so we need to do it ourselves.

Also I don't know how many times I've deviated from my plan and lost then realized if I stuck to the plan I'd be up.

Don
Enter Signature
  • #20
  • Jan 29, 2013 7:29am Jan 29, 2013 7:29am
Quoting winlots
Thanks Stevy, that's why it's my greed. At 2 percent I feel a small account will take years to build up, but then it's simple, I shouldn't be trading....

I spent so much time building the account at large risks but when it get serious I am so use to taking the large risk, mentally it's damaged me.

help
OK you are saying it's 'greed' when in fact it's about patience. You want to be successful quickly but crucially you need to see it as a medium term game. Sit down with a piece of paper and look into how compounding will grow a 1k account with 5% gains per week. You do not need to take big risks to get to where you want to be. And one thing is sure, if you take big risks you will not get to where you want to be you will get back to where you are now.

So you need to choose if you want to give up - and if you do don't look back, enjoy your life - or if you want to be a disciplined trader. We don't like discipline for a reason. w#w.amazon.co.uk/Trading-Zone-Mark-Douglas/dp/0735201447
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