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screwed up, lost half of account in one week
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Created: by tripanasoma Attachments:0

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screwed up, lost half of account in one week

  #11 (permalink)
Elite Member
Munchen
 
Futures Experience: Intermediate
Platform: Metastock
Favorite Futures: Futures
 
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TickedOff View Post
To have been profitably trading for 10 years is a great achievement in itself. I agree with what the other guys are saying... take some time out and let your mind clear, then see what led to the large loss and take steps to preventing it from happening again. Its not over. If you get back into trading I would recommend having a daily loss limit and sticking to it.

Thx for your support.

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  #12 (permalink)
Elite Member
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choke35 View Post
Give yourself a rest to get some inner distance to trading and
to the factors that caused you "being on tilt".

Life is not about how often you stumble and fall,
but about how often you stand up.

+ You still have half of your account.

Thx for your support.

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  #13 (permalink)
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Underexposed View Post
you cannot make major decisions right now... with half your account still available you still have time for recovery. But you are not thinking good right now. Stocks right now are definitely not a safer alternative...Until Oil settles down stocks you think are good fall out from under you at least that is happening to me right now.

Let the markets settle down... let you settle down.... when you are ready then study why you went wrong .... make a few pretend trades and as you gain confidence re-enter.

chill out for now though is my advice....good luck

Thx for the support.

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  #14 (permalink)
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Underexposed View Post
you cannot make major decisions right now... with half your account still available you still have time for recovery. But you are not thinking good right now. Stocks right now are definitely not a safer alternative...Until Oil settles down stocks you think are good fall out from under you at least that is happening to me right now.

Let the markets settle down... let you settle down.... when you are ready then study why you went wrong .... make a few pretend trades and as you gain confidence re-enter.

chill out for now though is my advice....good luck

Thx for your support.

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  #15 (permalink)
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Bethesda, MD
 
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tripanasoma View Post
I withdrew when needed but my %99 of investment was in that account.

I will write how I lost it but I can not post links it seems. Will tell you. My strategy is like this: I opt for tight stop and a few times of the stop loss amount for profit target. I use high leverage for this purpose. Daytrading mostly using pivot levels. Very rare I carry to other day. It was a really quiet day. I entered my position and I was thinking I already put my stop also but I was wrong. I forgot or some other things boggling my mind at that time. Market got a huge averse move after my position and next day dropped more. When I checked my account stop loss wasnt there. The other one was revenge trade. Not hard to guess how it ended.

I will not mention her about this. I do not want her to be worried.

It sounds like you lost half of your account on a "major" ommission (and the revenge trade is easy to understand after something like that) , not because of your lack of trading ability.
Doesn't your platform allow using strategies which will automatically create stop/target orders when you enter the market?

Being profitable in the futures market for 10 years sounds like a huge accomplishment to me.

You still have some money so take some time off and make the decision to return or quit when you have a clear head.

my 2 cents.

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  #16 (permalink)
Market Wizard
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Time to go fishin' for awhile.

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  #17 (permalink)
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reno57540 View Post
It sounds like you lost half of your account on a "major" ommission (and the revenge trade is easy to understand after something like that) , not because of your lack of trading ability.
Doesn't your platform allow using strategies which will automatically create stop/target orders when you enter the market?

Being profitable in the futures market for 10 years sounds like a huge accomplishment to me.

You still have some money so take some time off and make the decision to return or quit when you have a clear head.

my 2 cents.

Thx for you support. The problem is if you are a trader YOU MUST NOT MAKE A MISTAKE. We are humans and we make mistakes. This is the biggest problem. I also made mistakes like this before but results were not this much bad.

My Software do not allow the automatic things you mentioned. I have to do them manually. But will search for it. Thx for the suggestion. Never heard this was possible.

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  #18 (permalink)
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tripanasoma View Post
Thx for you support. The problem is if you are a trader YOU MUST NOT MAKE A MISTAKE. We are humans and we make mistakes. This is the biggest problem. I also made mistakes like this before but results were not this much bad.

My Software do not allow the automatic things you mentioned. I have to do them manually. But will search for it. Thx for the suggestion. Never heard this was possible.

It sounds like the tool i mentioned above would have avoided this mistake for you. I use Ninja trader but i know other platforms have the same function which consists of creating the stop order and target limit order as soon as you open a position.

I dont use it in Forex because i trade small enough to react manually but when i was trading futures i would never have considered entering a trade without the bracket orders in place.

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  #19 (permalink)
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Your wife already knows something is happening. Your gonna have to deal with it sometime....

Thanx. I'm going to REMIND my wife that things like this can happen.

10 years to have a bad week trading, I'm jealous. Sounds to me like you are way ahead in the long run. Especially when you know what caused it.

You already know what it takes to get trading back in perspective.

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  #20 (permalink)
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dbarno View Post
Your wife already knows something is happening. Your gonna have to deal with it sometime....

Thanx. I'm going to REMIND my wife that things like this can happen.

10 years to have a bad week trading, I'm jealous. Sounds to me like you are way ahead in the long run. Especially when you know what caused it.

You already know what it takes to get trading back in perspective.

Thx for your support. You know what it really doesnt matter of how big your account is if you halved your account. It demoralizes you. I could not tell to my inner self what happened even after a few days. Still my inner self is defensive state but it was my mistake completely.
Surely I will be more conservative on trade size after this. Trading tames you. Also when you get older your reactions, your memorization capacity, your responsibilities shadow your skills somehow. I would never do a mistake like this when I was younger.

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