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How many blew up an account before becoming a successful trader?
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View Poll Results: How many blew up an account before becoming a successful trader?
Yes, I blew up an account. 24 22.22%
Yes, I blew up more than one account. 36 33.33%
I did not blow up an account but it was so close count me in as blowing up an account. 18 16.67%
No, I never blew up an account 30 27.78%
Voters: 108. You may not vote on this poll

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How many blew up an account before becoming a successful trader?

  #1 (permalink)
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How many blew up an account before becoming a successful trader?

How many blew up an account before becoming a successful trader?

Thought this would make for an interesting poll. Most who try to become traders fail. It has been said there is only a 5% success rate. Often the path to success is a painful learning curve. I am curious of those who have succeed how many blew up accounts but were able to keep getting back on the horse until they learned how to ride.

"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."
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  #3 (permalink)
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liquidcci View Post
How many blew up an account before becoming a successful trader?

Thought this would make for an interesting poll. Most who try to become traders fail. It has been said there is only a 5% success rate. Often the path to success is a painful learning curve. I am curious of those who have succeed how many blew up accounts but were able to keep getting back on the horse until they learned how to ride.


I never blew one up, but I have done a "number" on my first account. I often wonder if the success rate is lower than 5%; my broker was telling me most will blow out after 6 months. I don't think many people have the fortitude or the means to "get back on the hoarse"; I have been fortunate in that this business was well planned for regarding the money. To start ANY business one should have enough capital to start. I learned the hard way due to my own greed that one shouldn't try/test things with real money.

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I'm not proud of it but you can count me in with the group that blew up multple accounts. Was part of the learning curve...failed methodologies, greed, impatience, etc....I think most people go through the same ordeal and it's the people that have a decent methodology and have patience and dicipline will make it, but stoneheads like me sometimes have to be shown what it's like when you break the rules or look for shortcuts. Good for me I have cleaned up my act a while ago and can attest to the fact that you can make it.

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While the sample so far of this poll is quite small and should not draw to many conclusions from a small sample. I do find the results so far interesting as most have blown up an account before becoming successful.

If these results hold true under a larger sample new traders should approach trading with both trepidation and hope.

The odds say you will never make it in trading. The odds further say if you do make it and become successful it was most likely a bumpy road with an account blow up. While I do not believe it is a absolute necessity to blow up and account realize it is likely. Hope is you can blow up and still become successful. In your darkest moment realize you can recover if willing to learn from your mistakes. It may take a while for you to get necessary capital to try again but with persistence you can get another shot.

I can say I checked blew up multiple accounts before becoming successful. While not necessary I was so stubborn it was the only route I could take to learn. I had to be burned by the fire to get it through my thick head that the fire will burn you.

I encourage others to vote in this poll as the more who vote the more viable a measurement the poll becomes.

"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."

Last edited by liquidcci; July 5th, 2011 at 01:39 PM.
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I guess there may not be many successful traders to even participate in this poll. Maybe there should have been an option:

"Have blown up an account and still working on becoming successful"

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Ditto above. Blew two 5k accounts and a 35k.

Got this uncany knack of not listening until I fall flat on my arse.

Alot of it was due to trading the ES with tight stops and wasted money daytradeing stocks and fighting for pennies when I should have just held
them and swing traded them.


Thats not counting the 6 figure income I was losing while I was learning this business!!!! That number is 6 figures...YEARLY.


Last edited by patidar; January 22nd, 2014 at 07:26 AM.
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Rayzor View Post
I never blew one up, but I have done a "number" on my first account. I often wonder if the success rate is lower than 5%; my broker was telling me most will blow out after 6 months. I don't think many people have the fortitude or the means to "get back on the hoarse"; I have been fortunate in that this business was well planned for regarding the money. To start ANY business one should have enough capital to start. I learned the hard way due to my own greed that one shouldn't try/test things with real money.

Its an interesting argument…Surgeons practice many years before actual surgery.Pilots simulate many hours before real flying.So why do traders think they can open an account today and start trading?It might be a complicated answer , or a very simple one…they can..Put $ in an acct..its irresistible…

When i first became aware of trading, i opened an acct, and my first day was my highest balance.
The 2nd account i opened, same thing
After that, i told myself that i wasn't trading live until my method was good enough to give me consistency(a fighting chance)…..That was 3 years ago(sheez)And i have been simulating since.My family life has definitely lengthened this time, but there is no disguising this reality.3 years is a long time.If i look back at my journal, its comical….so many charts , so many changes.I fully understand , and take responsibility for my weakness in this aspect..and I'm not happy about it.So i show up every day, and try not to make changes.Almost all of the indicators i have tried are gone.I have had the privilege to get a bit of help from some of the traders here(Private Banker,Greenr,MFB,BTR 411,to name a few)and it helps me to understand the big pic…Bottom line, i consider this to be a hard game..and i do myself no favors by constantly getting in my own way…Many times i thought i was close to going live again, to be rebuffed.
All the traders i have mentioned have their own stories..and they all agree this is a very difficult profession…so the question is, why should it be any different for me?It isn't.Panda Warrior would say the same thing…Its a long marathon, not a sprint.
Al Brooks mentioned it took him 10 years to really get it
I guess my main point, after hijacking the thread, is….why throw hard earned $ at the market before simming profitably?

It makes no sense, but most people do it(myself included)
One could blow 100 accounts, and it would make no difference.If you can't do it in sim, why should you do it live?

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Two Types of Traders

In relation to this question, there are only two types of traders:
1. Those that admit that they have blown up at least one account
2. Those that are lying


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Wrong question..



RonKiker View Post
In relation to this question, there are only two types of traders:...

There is NO answer on "How many times... etc."

Take it from the professional perspective:

a) you want to start your own business
or
b) you want to learn to drive a car

What do a & b have in common?

The need to invest time and money
POINT!

There is a learning curve for both - very individual of course.
Counting the failings does not answer ANY of the problems -
but surviving the LEARNING CURVE does...

So if you are personally sure to "get the licencense" - just invest some
more "failure".

Heads down - and LEARN
GFIs1

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