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Crazy day and lost it all

  • #61
  • Jan 30, 2013 1:11am Jan 30, 2013 1:11am
Quoting Mingary
The highest purpose for a sentient being is the creation of an effect.
In essence, a game is created.
This game of "winning Vs losing" is simply better if you lose than if you win, because it is a greater "effect".
Make the game more desirable if you win, not if you lose.
There is simply more reward in losing, therefore losing is more desirable - it's the better game.
What do you do when you win? Yes, i don't reward myself enough but i'm just not that type of person. I will have to change here somehow
  • #62
  • Jan 30, 2013 1:16am Jan 30, 2013 1:16am
Quoting happybunny
I have a completely different view of why we lose control when we are in front of the charts, in fact I am currently writing a book on the subject. I disagree with with the psychologist view that it is down to believing you don't deserve it.
If that were the case then why do all traders have the same problems. What, they all think they don't deserve money, even those who were highly successful in other fields.
I am assuming that you were daytrading when you lost control, self control is like a muscle that gets easily tired, many studies have...
Thanks Happy Bunny,

I agree with your words a lot - day trading does make you tired and i was discretionary daytrading, but found it weird that i blew up another account when i had won a lot.

Could it be pyschologically i am not use to this amount of winning? Theres no excuses, i just have to tell myself to money manage better. I guess its important to give time to refresh mind, not just when losing but when winning as well
  • #63
  • Jan 30, 2013 1:44am Jan 30, 2013 1:44am
Hi man.
One of the worst feelings you've just experienced.
I've been loosing for a week now and half of my account is gone after making consistent profit with proper MM. Overconfidence and greed are worst enemies. I just hate myself for taking high risks and blowing all my previous monthly efforts within a trade a two. Dumb me. Getting back on 2% risk and screw that get rich quick stuff.
Watch this video on youtube:
Inserted Video

Hope it helps.
Take care.
Those who know don't talk. Those who talk don't know.
  • #64
  • Jan 30, 2013 2:59am Jan 30, 2013 2:59am
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.
Yes, Kymbelle is right. Don't give up as you can clearly make money in the markets as you've done it already. We've all lost it too and self sabotaged if I can speak for myself. If you can learn something from today that can help you tomorrow then it's all been worth it. I used to have a glass of wine and trade and that was a complete disaster and I did it knowing full well how stupid it was! Not anymore - the trading screen doesn't get switched on, on a Friday night (that's wine night) any longer!

Never give up, as then you really have lost. The psychology is the holy grail and it's hard to get it right so keep going but be careful - have a strategy for walking away and let this be a lesson to you. Have you tried NLP? It might help you to understand why you went crazy today.

cheers and best wishes with your trading
TBT.
  • #65
  • Jan 30, 2013 3:08am Jan 30, 2013 3:08am
Quoting hugecat
Hi man.
One of the worst feelings you've just experienced.
I've been loosing for a week now and half of my account is gone after making consistent profit with proper MM. Overconfidence and greed are worst enemies. I just hate myself for taking high risks and blowing all my previous monthly efforts within a trade a two. Dumb me. Getting back on 2% risk and screw that get rich quick stuff.
Watch this video on youtube: http://www.youtube.com/watch?v=MwKYjZ_8EcE
Hope it helps.
Take care.
hugecat - thank you for posting the youtube video.

I guess you've read Market Wizards? Some of those guys lost so much money it was ridiculous but they kept going after analysing what they were doing so it is part of this Trading Game - trouble is when you think you've mastered it, that's when you lose. At least we've all been there and all felt terrible. I think these are most important times as it pulls us into line and makes us check up on ourselves. I've given up a 100 times and gone back to it each time - each time with a little more knowledge.

I only risk 1% per trade and I lose quite often and this is when I learn the most - we have to be resiliant and be prepared to look at ourselves more than most other people and I know that's why you posted the video. :-)
Cheers and thanks
TBT
  • #66
  • Jan 30, 2013 3:11am Jan 30, 2013 3:11am
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 .....
Hey, winlots, you have only done one thing wrong, fix that and get back on the horse.
Review EVERY TRADE as soon as you are out of it. Check it against a checklist you have already created.
If you have varied from your established methodology, address this.
What you have done is called being human.
I expect that you strayed from the system that was winning for you. Traders are programmed to always try to do better. This includes finding a "better system".
I hope you have kept good records of what you were doing when you were trading successfully so you can return there.
Congrats on having the courage to go public on this.
  • #67
  • Jan 30, 2013 3:18am Jan 30, 2013 3:18am
Attached Image (click to enlarge)
Click to Enlarge Name: loss and pain.png Size: 14 KB
Nothing worth having is easy.
  • #68
  • Jan 30, 2013 3:18am Jan 30, 2013 3:18am
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...

the chart looks very bullish on the last 3 days, and nothing, or almost nothing indicated a sell signal at 2H and 4h charts, at 121.50, and since it was above its 200bar ma, on the 1H chart, it's bullish overall.
very confusing at first, but it becomes very clear to me at 122.50, I would have taken a loss at 122.50 and gotten out.
But before even thinking about selling this pair, which I don't know much about, I can see a bullish pennant
on the daily chart, these almost always breakout in the established direction

that was all the money you had for trading?
  • #69
  • Jan 30, 2013 4:33am Jan 30, 2013 4:33am
Hi BlondeTrader,
Glad that you appreciated the video I watch it after loosing days, it really helps...for now
I haven't read the market wizards yet - need to look it up. Thank you!

Quoting BlondeTrader
hugecat - thank you for posting the youtube video.

I guess you've read Market Wizards? Some of those guys lost so much money it was ridiculous but they kept going after analysing what they were doing so it is part of this Trading Game - trouble is when you think you've mastered it, that's when you lose. At least we've all been there and all felt terrible. I think these are most important times as it pulls us into line and makes us check up on ourselves. I've given up a 100 times and gone back to it each time - each time with a little more...
Those who know don't talk. Those who talk don't know.
  • #70
  • Jan 30, 2013 4:47am Jan 30, 2013 4:47am
Quoting hugecat
Hi BlondeTrader,
Glad that you appreciated the video I watch it after loosing days, it really helps...for now
I haven't read the market wizards yet - need to look it up. Thank you!
Love that video!
  • #71
  • Jan 30, 2013 5:12am Jan 30, 2013 5:12am
That video was short and inspiring .....
  • #72
  • Jan 30, 2013 5:49am Jan 30, 2013 5:49am
To winlots,

I have read only the first page, so forgive me if I'm repeating anything here.

Tell me, how much better would you feel if - after you had grown your account from $1k to $5k - you had withdrawn your original stake? Yes, you may have lost the remaining $4k yesterday, but psychologically you'd be far better off (I would imagine), and you'd not have lost a cent while learning the very same lessons you're no doubt absorbing as I write.

There's no way possible that I'd personally sit on 500% gains without diverting some of those funds to a "safer" place.

The market will do what it will. By all means form opinions as to likely direction over various timeframes, and draw all your lines and channels etc, but trade your ideas with a healthy dose of open-mindedness, scepticism, and a willingness to admit you were wrong.

I think more like: "how am I wrong on this?" rather than "this is gonna FLY.. better load up!".
  • #73
  • Jan 30, 2013 10:23am Jan 30, 2013 10:23am
Matters not that you blew up your account - What matters is - did you learn from your mistakes?
The mistakes the typical trader makes is "continuing to make the same mistake over and over and over again.
If you learn from your mistakes and incorporate rules (with the discipline to follow them) then with every mistake made and corrected, you are one step closer to reaching your goals.
I blew up my account several times in the first two years - in year three I finally developed rules and discipline and ended the year positive. My fourth year is off to a good start.
The first two years were unbelievably frustrating for me, all that changed in year three only because I changed. I finally developed rules and maintained discipline to follow them.
  • #74
  • Jan 30, 2013 4:56pm Jan 30, 2013 4:56pm
Hey winlots, first of all I am sorry to hear about what happened.. we have all been there and it is a giant kick in the nuts... But if it wasnt for these set backs we wouldnt be able to build a better stronger base to start again. Stick notes, dry erase boards, w.e you need to do to stick to your trading plan... Build your account slowly, I know its sucks and you want that 100k account to trade, as do I. My last 3 months have been consistently profitable and I'm about a year into trading. Think positive, meditate, read, read read read.... When you start building slowly my advice would be to have a F*** it all fund.

Example, say you make 500-1k a month, week , whatever.. After so many months say after 4k in profits.. Take a G out and risk it all in a different account, well not risk it all but get greedy with that money... Do it once, twice a year. You get that greed, out of your system and who knows you might get a big runner. Trade on brother
Want the lifestyle of the top traders in the world? TAKE RISK.
  • #75
  • Jan 30, 2013 7:48pm Jan 30, 2013 7:48pm
Quoting BobGnarly
Hey winlots, first of all I am sorry to hear about what happened.. we have all been there and it is a giant kick in the nuts... But if it wasnt for these set backs we wouldnt be able to build a better stronger base to start again. Stick notes, dry erase boards, w.e you need to do to stick to your trading plan... Build your account slowly, I know its sucks and you want that 100k account to trade, as do I. My last 3 months have been consistently profitable and I'm about a year into trading. Think positive, meditate, read, read read read.... When you...
That is an excellent idea, i've been fighting myself to fight the greed in my system and insisting discipline but the harder i fight myself it seems the energy is wasted there and i am mentally tired.

But i'm thankful for your message.
  • #76
  • Jan 30, 2013 9:08pm Jan 30, 2013 9:08pm
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've been there. Back in October I turned a $1900 account into $14,000 in 3 weeks trading the currency and index futures. I lost it all in a week. I still haven't really recovered from it. I'm trading micro contracts in the currency futures for now. I'll put more money into my account and increase my position size once I know my head is back in the right place.
  • #77
  • Jan 31, 2013 11:02pm Jan 31, 2013 11:02pm
Quoting Davit
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
PS that was really creepy..

Quoting Davit
Not many female traders here.
mm... I just can't work out why.
Time hides Nothing
  • #78
  • Jan 31, 2013 11:29pm Jan 31, 2013 11:29pm
GET RID OF YOUR EGO.....
  • #79
  • Edited 10:48am Feb 2, 2013 8:58am | Edited 10:48am
Quoting CindyXXXX
PS that was really creepy..



mm... I just can't work out why.
I find it distasteful how my innocent comment got twisted up into "creepy" "stacker"
It must be an American paranoia of provincial mentality of suffering from too much pop culture crap where simple basic human interaction becomes hilariously stupendous.
FYI
I am happily married.I work daily with 6 female coworkers and not suffering from 'female" imagery.
I am an artist and you can find my site on my profile.I have painted over 1000 works from live models nude!!! (ohh gash)so to me human form is natural as breathing therefore please keep your reservations projections to yourself.
In trading, you have to be defensive and aggressive at the same time
  • #80
  • Feb 2, 2013 4:38pm Feb 2, 2013 4:38pm
Quoting Davit
I find it distasteful how my innocent comment got twisted up into "creepy" "stacker"
It must be an American paranoia of provincial mentality of suffering from too much pop culture crap where simple basic human interaction becomes hilariously stupendous.
FYI
I am happily married.I work daily with 6 female coworkers and not suffering from 'female" imagery.
I am an artist and you can find my site on my profile.I have painted over 1000 works from live models nude!!! (ohh gash)so to me human form is natural as breathing therefore please keep...
Maybe just keep to the thread topic Davit which would be about trading

Why don't you draw Merlin, check him out he has an amazing figure for someone of his years.
Time hides Nothing
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