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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

  #31 (permalink)
Elite Member
Munchen
 
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lancelottrader View Post
Funny, I just read this after I posted my comments. I wasn't aware that brokers have the options you mentioned, as far as max loss limit protections. I have never heard of that..which is why I was considering getting software that does just that.


Me too. Never head of firms exist like this.

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  #32 (permalink)
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Munchen
 
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lancelottrader View Post
I really feel for you. I had a similar experience about 6 years ago when I put on a long trade in the pound/yen. It was just a stupid little 3 lot trade that I was trying to make about 30 pips on. I was also getting ready to go take a trip at New Year to Las Vegas. I wasn't monitoring it that closely and had forgot to have a stop on it. When I checked I was 100 pips down...and the market had closed early that day because it was New Years Eve. I figured it wasn't going to probably do much over the Holiday so I didn't worry about it.

Well, it ended up gapping down almost a 1000 pips. I only had a $30,000 account. I was about to have my account closed out..so while in Vegas I ran to the bank and wired in another $10,000.00 . My thought was that it just had to come back and I didn't want to have a margin call.

Guess what, it fell another 300 pips and I lost the whole 30K.

This was really disturbing. All because of a stupid mistake. I trade futures now, by the way.

I have had a few other instances where I went "Full Retard" and tilted like the leaning tower of Pizza. Although I don't think I will do that again, I am looking into this software where you can program a daily loss limit and once you hit it, you are locked out of your platform until the next day..or whenever you choose... just in case, I have an emotional meltdown. Again, I doubt I will..but I know I have that in me. Even we can get a heart attack or some other health problems anytime. Whatever you do these things can only be minimized.
Good luck. I hope you feel better and can regroup. I wish you the best. Sorry, you had to start your New Year this way.

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 03:58 PM.
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  #33 (permalink)
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I know how it feels !!!

Here is a very good book (IMO) if you can get it.

Trade Mindfully: Achieve Your Optimum Trading Performance with Mindfulness and Cutting Edge Psychology (Wiley Trading) [Kindle Edition amazon]

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  #34 (permalink)
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pfabcTrader View Post
I know how it feels !!!

Here is a very good book (IMO) if you can get it.

Trade Mindfully: Achieve Your Optimum Trading Performance with Mindfulness and Cutting Edge Psychology (Wiley Trading) [Kindle Edition amazon]

Thx so much. I will read it.

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  #35 (permalink)
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@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.

cheers and good luck
s

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  #36 (permalink)
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empty View Post
For instance with my broker I can's lose more than x amount of dollars or they liquidate my positions and lock me out.

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?

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  #37 (permalink)
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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

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  #38 (permalink)
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My Mistake


josh View Post
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?

Thanks for Clarifying @josh. You are correct, and I misspoke. I just went back and checked my documentation. It would not liquidate but only prevented from opening new positions.

It's obviously never happened to me or I'd know that. I got it confused with my old Forex account which would liquidate positions.

My broker is Wedbush. On Forex it was Dukascopy.

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  #39 (permalink)
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@tripanasoma: I must admit that I am impressed.

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....

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  #40 (permalink)
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josh View Post
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?

Hi Josh i am using Saxo Bank to trade FDAX.

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