You may like to share your best (or worst or an interesting) trade here.
Here is mine
Date:
Couldn't remember exact date but it was European session on a day in October or November 2008
Situation:
Was trading on a micro account with balance in hand of $700, long on Euro/USD in a very volatile market (counter-trend trade), price was going down like a bullet with frequent pullbacks, adding to my longs on every move down hoping for a decent retrace.
Mistake:
Misread "Margin Remaining" figure. Calculated (but in fact miscalculated) number of lots to add that would give me a margin call if pa moves 150/200 pips against me. Because of this miscalculation added longs beyond the account capacity. Received a "surprise" Margin Call on pa moving just 20 or 30 pips against me. Account balance after margin release was only $300/330 (more than 50% drawdown).
The Trade:
For few minutes couldn't figure out what happened and why I received a margin call. But on realizing what had happened, re-entered longs but this time allowed myslef only 50 or 70 pips for a second margin call.
Pa started showing a decent retrace. Kept on adding longs keeping margin call 50 to 70 pips away.
Closed all longs when account balance reached $618
Account could have grown to $800+ if I had waited for few more minutes.
This all happened in about four hours.
Here is mine
Date:
Couldn't remember exact date but it was European session on a day in October or November 2008
Situation:
Was trading on a micro account with balance in hand of $700, long on Euro/USD in a very volatile market (counter-trend trade), price was going down like a bullet with frequent pullbacks, adding to my longs on every move down hoping for a decent retrace.
Mistake:
Misread "Margin Remaining" figure. Calculated (but in fact miscalculated) number of lots to add that would give me a margin call if pa moves 150/200 pips against me. Because of this miscalculation added longs beyond the account capacity. Received a "surprise" Margin Call on pa moving just 20 or 30 pips against me. Account balance after margin release was only $300/330 (more than 50% drawdown).
The Trade:
For few minutes couldn't figure out what happened and why I received a margin call. But on realizing what had happened, re-entered longs but this time allowed myslef only 50 or 70 pips for a second margin call.
Pa started showing a decent retrace. Kept on adding longs keeping margin call 50 to 70 pips away.
Closed all longs when account balance reached $618
Account could have grown to $800+ if I had waited for few more minutes.
This all happened in about four hours.
The Thief of Wall Street
