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Crazy day and lost it all

  • #21
  • Jan 29, 2013 7:32am Jan 29, 2013 7:32am
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
With poor MM it's only a matter of time before you wipe out your account. It could have happened at 3k or it could have happened at 55k. That is the reality, and how would you have felt if it was 55k you just lost?
  • #22
  • Jan 29, 2013 7:41am Jan 29, 2013 7:41am
Take advise from winners.Ignore all advise from anyone who is NOT profitable.
Read "market Wizards" books from pros.
This may sound rude but advising someone to be profitable and yet you yourself not is like blind leading the blind.
In trading, you have to be defensive and aggressive at the same time
  • #23
  • Jan 29, 2013 7:45am Jan 29, 2013 7:45am
Quoting Davit
Take advise from winners.Ignore all advise from anyone who is NOT profitable.
Read "market Wizards" books from pros.
This may sound rude but advising someone to be profitable and yet you yourself not is like blind leading the blind.
Hey I wish there was a part where I could just like this comment.
  • #24
  • Jan 29, 2013 8:02am Jan 29, 2013 8:02am
Quoting kymbelle
Hey I wish there was a part where I could just like this comment.
reality is winners are minority and very small minority and one must do everything possible to understand their mindset.
Its not about "systems"
Its how they see the markets and their reactions to them.Its not about 1% 2% 5% risk all that garbage.Lot of great traders took enormous risks and made fortunes and they didn't trade 2% of accounts.
Risk is relative to one's ability to manage it.
One must know what one does not know.Its the 1st step.
In trading, you have to be defensive and aggressive at the same time
  • #25
  • Jan 29, 2013 8:14am Jan 29, 2013 8:14am
Thanks Davit, I agree that some manage risk better and they win more cos they took more risk. I need to find a way to stop over trading as well. Seems like I just want more. Failure to control the mind when I have some profits mean I can never accumulate. Too difficult!
  • #26
  • Jan 29, 2013 8:15am Jan 29, 2013 8:15am
Quoting Davit
Risk is relative to one's ability to manage it.
Davit - having a max 2% exposure on any one trade is managing it. Having no figure on risk per trade is not managing it which is why this thread is here today. You may have a different figure than 2% in mind?
  • #27
  • Jan 29, 2013 8:22am Jan 29, 2013 8:22am
ahh this is the journey that all traders go through.

Although I've been around for 5 years now... I still remember my first blowup like it was yesterday - even though it happened *tadaaah* 5 years ago. (pretty much blew my account as soon as it got funded). But take cindy's advice. Journal your thoughts and emotions. Review them and find out what made you do this. Then work on making sure it never happens again.

Perhaps you can fully appreciate the little words I put in my signature. Consider yourself more lucky than those people who martingales and grid and claim that they have never taken any losses.
  • #28
  • Jan 29, 2013 8:22am Jan 29, 2013 8:22am
Quoting winlots
Thanks Davit, I agree that some manage risk better and they win more cos they took more risk. I need to find a way to stop over trading as well. Seems like I just want more. Failure to control the mind when I have some profits mean I can never accumulate. Too difficult!
If you listen to this advice about not limiting risk you will loose your next account too.

The 2% rule prevents massive losses by the momentarily undisciplined trader. It's nothing to do with successful trading it's about preventing unsuccessful trading. Winning and not loosing are two completely different things.
  • #29
  • Jan 29, 2013 8:28am Jan 29, 2013 8:28am
Quoting stevexyg
Davit - having a max 2% exposure on any one trade is managing it. Having no figure on risk per trade is not managing it which is why this thread is here today. You may have a different figure than 2% in mind?
Its relative and I mean sincerely.I trade 2-10% risk depending on circumstance.Let me illustrate as an example.
I enter a trade 2% risk and immediately becomes profitable then I move SL to BE and then if the trade goes my way I add another trade but 1/2 less then original and move the original to 10-20pip SL
I do this as long as original trade is going my way.Keep adding and keep moving the stops.At 10% I stop.
If the trade goes against me then I take a loss and small one.So my exposure is gradual not all at once.
In trading, you have to be defensive and aggressive at the same time
  • #30
  • Jan 29, 2013 8:51am Jan 29, 2013 8:51am
Dear Winlots,

I am very sorry to hear about your loss. If it is any consolation, I and a million others have done the same thing. My self-inflicted would was mid five figures but I lived to fight another day.

I tend to piss off more people by accident than Don Rickles does on purpose...So I'll be brief and to the point.

You and everyone on this thread MUST subscribe to Ramblings Of A Forex Junkie by Seneca Pilot. Don't think about posting and don't get bogged down in all the opinions, theories, methods that other folks post. You need only the straight poop. Read through and you'll spot SP's posts that will teach you the essentials. Print them and study them. They are simple concepts. The clouds will part and you will really understand what a chart reveals. You will also learn how to extract money from the market on a regular basic. It will address the universal propensities that plague us all. It is simple once you see the correct path.

I couldn't be brief to save my life.
  • #31
  • Jan 29, 2013 9:18am Jan 29, 2013 9:18am
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.
Hi WinLots. You turned 1K into 5K so that tells you, you are on the right path--maybe not there 100% but getting to it. Don't be discouraged--this was only a step back. An important learning lesson nonetheless. My 2 suggestions are: 1) "You thought" the market would go short....Always wait for the market to Tell you--to SCREAM it at you when going counter trend! Double Tops, etc, breaking prior support first...Jesse Livermore (Famous stock trader) said: Picking tops and bottoms is a fools game. So if you want to go counter trend, only go 1/2 your normal position size, or better 1/4 or 1/8th. This has saved me lots! Going counter trend is risky business. 2) Jesse Livermore would send out "probes" into the market when he thought the market was changing direction. In other words, he would sell small lots and if those were successful, he would then, and only then, sell more/further into the short.

Hope this helps.
  • #32
  • Jan 29, 2013 9:24am Jan 29, 2013 9:24am
Quoting Ann
Hi WinLots. You turned 1K into 5K so that tells you, you are on the right path--maybe not there 100% but getting to it. Don't be discouraged--this was only a step back. An important learning lesson nonetheless. My 2 suggestions are: 1) "You thought" the market would go short....Always wait for the market to Tell you--to SCREAM it at you when going counter trend! Double Tops, etc, breaking prior support first...Jesse Livermore (Famous stock trader) said: Picking tops and bottoms is a fools game. So if you want to go counter trend, only...
It will be real cool to see your photo on your profile.Not many female traders here.I like your thinking.I am a big fan of Livermore as well.
regards
In trading, you have to be defensive and aggressive at the same time
  • #33
  • Jan 29, 2013 9:26am Jan 29, 2013 9:26am
Quoting Davit
Its relative and I mean sincerely.I trade 2-10% risk depending on circumstance.Let me illustrate as an example.
I enter a trade 2% risk and immediately becomes profitable then I move SL to BE and then if the trade goes my way I add another trade but 1/2 less then original and move the original to 10-20pip SL
I do this as long as original trade is going my way.Keep adding and keep moving the stops.At 10% I stop.
If the trade goes against me then I take a loss and small one.So my exposure is gradual not all at once.
That's good strategic trading and by moving your stop to BE you are minimizing risk and exposure. I can't help thinking that's not quite what you suggested in your first post. Regardless good trading Davit but remember stops are not guaranteed so even with a BE in place with a really high exposure if extreme market turmoil occurs you could have a big big loss. Take care.
  • #34
  • Jan 29, 2013 11:57am Jan 29, 2013 11:57am
Quote
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.
Attached Image (click to enlarge)
Click to Enlarge Name: kkkkkk.PNG Size: 42 KB

My chart shows a different story. 121.60 was broken clear, you had all the time in the world to adjust your Sl.
Maybe you wrote the wrong numbers? Did you mean 121.65?
Even then it was such a small rebound that i cant believe it cost you 5k, you should read some books on risk management.

Look at the bright side: once you adjust your RR you can always count on the fact that you were able to turn an account from 1 to 5k;just try to do it again with RR.
  • #35
  • Jan 29, 2013 12:12pm Jan 29, 2013 12:12pm
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...
I learned the same lesson years ago. Sadly it seems we all have to go through this at least once. You know now that the leverage you were using to build from 1K to 5K was deadly and you were trading on borrowed time. What you do now, will determine if you are ever going to become a successful trader. Dig deep within yourself and ask the question; Are you ready to stop gambling and begin trading.

Your method obviously worked well enough to get to 5K. Your job now, if you are ready to become a trader and leave the gambling behind, is to determine if the method worked because of short term market conditions or if it is a good method. You'll only know if you refund small, trade with correct leverage and risk, and build the account over a decent amount of time.

This will seem cold:

If you don't have the discipline to trade with proper risk and build an account slowly you will not make it. You need to dig deep and get to know yourself. You need to know if this is the end. If you feel that your need for quick money will take you over again DO NOT fund an account over 100.00. You have to overcome this or it will break you. Do you honestly think that anyone with a 100K account trades it at high leverage?

I hope you appreciate tough love. I want you to succeed. If I can help with specific questions please ask.
  • #36
  • Jan 29, 2013 12:15pm Jan 29, 2013 12:15pm
The map is not the territory.
  • #37
  • Jan 29, 2013 12:25pm Jan 29, 2013 12:25pm
over 100 reading this thread. I hope you all listen and learn or next time IT WILL BE YOU

enjoy the ride.
  • #38
  • Jan 29, 2013 12:35pm Jan 29, 2013 12:35pm
When funds and banks employ a senior trader they will sometime prefer the one who knows what a huge loss feels like.
Did you go from 1k to 5k quickly? now you know you can burn them all even faster.
J Livermore story is very appropriate, he was an incredibly good trader, he could (nearly) read the market!
but he couldn't control himself, and lost it all, including his life.
  • #39
  • Jan 29, 2013 12:49pm Jan 29, 2013 12:49pm
The feeling of losing it all is terrible. I get it. But, like in boxing...falling down becuase of a nasty punch is not defeat....refusing to stand up even after a count of 10 is defeat. Go get a drink or spend time with what you like to do...then come back...write down....what you WILL NEVER do even if the whole world is headed that way...and stick it up on your workstation and your forehead and just follow the rules to the T. Do that for a year my friend and then see your account. Till then, grind it out. Life is a marathon not a dash. Dont listen to anybody but your own self in this time of introspection. I hope I dont sound rude but that my friend is the name of this game---follow rules and quit looking at the account balance every day. Its the process not the outcome/destination that you need to work on. I wish you the best.
- Play Smart!
  • #40
  • Jan 29, 2013 2:08pm Jan 29, 2013 2:08pm
good night ... I met the forex in 2011, is now a year old, I am currently trying to find my profile trader and a trading strategy + plain, but it really is very difficult to be a trader, I'm doing everything first in demo and then move on to live account.
I'm sorry what happened to your account and hopefully my way into forex you can help with anything.

I regret your situation, because today was you, hopefully tomorrow is not one of us having to tell the same story ....
I hope you understand the message you want to pass because my speech is not English
Work very hard until you get there (excuse my english)
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