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screwed up, lost half of account in one week
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screwed up, lost half of account in one week

  #61 (permalink)
Trading for Fun
Kalispell montana
 
Futures Experience: Beginner
Platform: ninjatrader
Favorite Futures: es
 
Posts: 158 since Jan 2015
Thanks: 157 given, 23 received


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.
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.

Not talking from experience, but could one manage an account at their brokerage firm that only has a certain amount of money on a weekly schedule. This way the account will receive a margin call if the stop is missed some how...

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  #62 (permalink)
Trading Apprentice
coimbatore, TN, India
 
Futures Experience: Intermediate
Platform: NOW, NEST
Favorite Futures: nifty futures
 
Posts: 27 since Mar 2014
Thanks: 23 given, 20 received


tripanasoma View Post
I lost half of my account in a week that I collected in ten years time in futures trading. I feel ashamed and can not even look at my wife's face. Was fun to be with you here. Could not make it.

Life tells you, it's high time to take that pending vacation, yup it's bit costly reminder... but you wanted it that way!

Given that you have been successful for past 10 years, you already have the rock solid infrastructure,
Only thing that is missing is a 'cooling down plan' in your trading plan or you just forgot to cool down esp. when times get tougher.

As in the movie inception, every trader needs a totem, that tells us we are in altered-state of consciousness.

My totem is "% drawdown per session", "risk per trade" and "turn over".

When some thing is unusual in the above 3 variables, no matter what I think is right, I take time to cool down, markets can wait but money tilted away is gone for ever.

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  #63 (permalink)
Elite Member
Munchen
 
Futures Experience: Intermediate
Platform: Metastock
Favorite Futures: Futures
 
Posts: 43 since Jan 2015
Thanks: 17 given, 14 received



rocktrader View Post
Life tells you, it's high time to take that pending vacation, yup it's bit costly reminder... but you wanted it that way!

Given that you have been successful for past 10 years, you already have the rock solid infrastructure,
Only thing that is missing is a 'cooling down plan' in your trading plan or you just forgot to cool down esp. when times get tougher.

As in the movie inception, every trader needs a totem, that tells us we are in altered-state of consciousness.

My totem is "% drawdown per session", "risk per trade" and "turn over".

When some thing is unusual in the above 3 variables, no matter what I think is right, I take time to cool down, markets can wait but money tilted away is gone for ever.

Do you use equity stop loss? Is it proved to be effective? I mean you have 100K and when it reaches 90K drawdown you stop trading for some time. I do not mean trade stop loss. I mean your trade stop loss may pull you back to 85K but your equity stop loss has a higher priority. So becore 85K you stop trading when equity is 90K. Saw this mentioned in some post but never used it or see someone use it around me. Must be a new thing. I am thinking this thing would have stopped my %50 loss.

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  #64 (permalink)
Elite Member
Munchen
 
Futures Experience: Intermediate
Platform: Metastock
Favorite Futures: Futures
 
Posts: 43 since Jan 2015
Thanks: 17 given, 14 received


atata View Post
tripanasoma,

I know for fact Infinity futs - http://infinityfutures.com - used to lock you out hitting day loss limit. If I remember correctly one could set an agreed $ amount or a %. After hitting the daily limit they would lock you out and either you wait till next day or have to call in. No longer with them, it was a group account running a system which did not work so lost some $$$ however not that much and was a good learning experience...

Not sure if they have DAX though, but call them and find out if you can open an account from Turkey and if still lock you out or not.
We could open an Infinity account from Alberta/Canada which is not possible for many brokers in the US.
I love to be a Canadian however when it comes to trading it is a tough place to be.

You traded for 10 years, with seems to be some success. It would be a mistake to give up. Ease back with 1 contract. If Infinity is not working from Istanbul or won't trade DAX, try IB /Interactive Brokers/ they won't lock you out /they would start to sell your contracts as soon as you are not compliant with margins/ but their platform would work with Ninja or Multicharts and both can be defaulted to a bracket order. IB might have on their DOM default bracket but not sure since I always use NT/MC for DOM trading.

Hope this helps,

atata
note: after typing above did some digging, yes Infinity does support DAX futs and Turkey is on the list of countries when start opening account process...

Atata thx so much. I opened a practice account in Infinity. Digging the platform. Seems solid.

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The following user says Thank You to tripanasoma for this post:
 
  #65 (permalink)
Trading Apprentice
coimbatore, TN, India
 
Futures Experience: Intermediate
Platform: NOW, NEST
Favorite Futures: nifty futures
 
Posts: 27 since Mar 2014
Thanks: 23 given, 20 received


tripanasoma View Post
Do you use equity stop loss? Is it proved to be effective? I mean you have 100K and when it reaches 90K drawdown you stop trading for some time. I do not mean trade stop loss. I mean your trade stop loss may pull you back to 85K but your equity stop loss has a higher priority. So becore 85K you stop trading when equity is 90K. Saw this mentioned in some post but never used it or see someone use it around me. Must be a new thing. I am thinking this thing would have stopped my %50 loss.

I am small trader with only 3+ years engagement with market and first 2 years were horrible and this year has been endless snake and ladder game, but I am improving. Having said that you can put my words in proper perspective.

Yes, I use equity stops lately, am not sure how effective or hindering but I can tell this, all my disaster kept piling up when I had no method to take me away from 'hot-tilt-mode'. Not only on draw down when am at equity peaks, I start trading very cautiously and will hesitate a lot to put on more risk per trade.

It has become so predictable after an euphoric win at equity peak, I used to give back huge chunk of the money in next 5 days, and will end the month below the equity peak!

I can't tell equity stops will work for every market and every strategy, for instance if one is trading weekly-monthly time frame with small risk and know what they are doing, they can endure bigger draw downs and keep their cool but that should be logical decision coming from 'cool state of mind'. Some trend following gurus are known for these kind of behavior.

If you allow me to do some cold reading on you, any or some of the following statements should be true to you:

1) Your equity high or low happened few weeks or months before our D-day (disaster day).
logic: equity peaks or lows trigger the tilt button

2) From the day of minor loss to this final precipitation you were hooked and never relaxed.
you have been missing your vacations, lone relaxation times.
logic: if you had taken time to cool down, chances are there you would have asked 'wtf is going on... let me press the reset button'.

3) You have become desperate and increased the risk to unreasonable amount or over traded to get back the losses.
logic: revenge trading, results are obvious.

anyways... happy new year and great days are ahead!

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