Thx so much. You know what everytime I was hearing stories about like this but never experienced and was thinking like How can people be so dumb allowing these to happen. It happens man. It can happen to anyone if they do not take necassary steps. While you are trading a stroke or some other health problem may limit your trading. Best approach might be trying to minimize these as far as we can do. Like car accidents. If you fell asleep while driving for a few seconds you make an accident. Also `empty`mentioned about firms who can manage your daily losses. This is very nice. Maybe Mike may open a sticky post about ` Minimizing risks on software and brokerage side `Something like a guide to people. Most of people seems to be unaware of these.
Last edited by tripanasoma; January 9th, 2015 at 02:58 PM.
@tripanasoma sorry on the loss. Never feels good on a big drawdown. hope you are able to overcome.
what i learnt from trading. All successful traders have an edge if not few edges which is refined and continuously refined and looked at closely over time with deep understanding of market. Then it's a game of probability and managing risk and psyco.
Most brokers will lock you out after a realized $X loss, but not many will liquidate you after unrealized $X loss, unless you manually set margin so that your loss triggers a margin call, which is a pain because it changes depending on account size. Who is your broker if I may ask?
I fully understand what you're going through emotionally right now and I think it's better be some time without trading and meditate, the more deeply as possible, the real reasons for your mistakes.
Remember that the only thing that has no solution is death
The following user says Thank You to santino for this post:
I am impressed because you have the courage to post here. That shows that you have already stood up and accepted your loss.
I am also impressed because this has only happened after 10 years. If this is the first time that you screwed up, you must be an extremely disciplined person.
However, from what you have written, I deduct that you may have used too much leverage. Not placing a stop correctly is a human error, and this happens to everybody. But if such a simple mistake puts your account in danger, then you have probably used more leverage then is healthy. Did you ever calculate your risk of ruin for trading the FDAX?
The FDAX is a highly volatiltiy and capricious beast that can easily rival CL futures, not really something I would dare trade with an account below $ 50,000.
I am not talking about your revenge trade.... I have been doing this with similar results some years ago and know exactly how you felt....
The following 5 users say Thank You to Fat Tails for this post: