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Account blown up
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Account blown up

  #101 (permalink)
Trading Apprentice
Amsterdam
 
Futures Experience: Intermediate
Platform: Sierra Chart
Favorite Futures: EURUSD
 
Posts: 9 since Mar 2015
Thanks: 2 given, 1 received

This Tuesday, I came back from the Easter holidays and blew up a big part of my account. (50%) - i was very frustrated in not capturing the big moves from last Friady's NFP, which I predicted and could have traded perfectly, but decided against. This horrible Tuesday, I wasn't well rested and started taking all kinds of horrible trades. Nothing planned. (I actually have a trading plan).

Looking backwards I see a few major problem areas:
- not following my own plan
- playing with too much leverage while I know better
- not having fully developed my plan
- lack of self control. (I know, I shouldn't take more than 5 trades per day, that Tuesday, I took 30 trades, all losers).

I'm glad that this topic is open and active. At least I can use the forum to stay honest.

My goals:
- finish my trading plan
- re-commitment to self control.
- making sure I have a 2nd income stream.

I think I can't relax and focus during trading, because it don't have enough funds to support myself without trading.

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  #102 (permalink)
Elite Member
Baltimore MD US
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: ES, NQ
 
DeadCatBounced's Avatar
 
Posts: 283 since Apr 2013
Thanks: 1,507 given, 620 received


MFX1 View Post
- making sure I have a 2nd income stream.

I think I can't relax and focus during trading, because it don't have enough funds to support myself without trading.

For me, When i first tried with my first account this is what I did. Had recently graduated from uni. Basically worked for a few months saved up. quit work and tried to become a trader.

Since then I went out and got another job that has more flexible hours. Makes a world of difference psychologically to know that you do not have to make your own over leveraged account work as your sole source of income.

Having the 2nd job allowed me to move ahead with other life goals - I got engaged!

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  #103 (permalink)
Trading Apprentice
Singapore Singapore
 
Futures Experience: Advanced
Platform: X-Trader
Favorite Futures: Nikkei 225 Futures
 
Posts: 17 since Dec 2014
Thanks: 17 given, 59 received



grausch View Post
Hi Jac,

Your numbers scare the living hell out of me. If I may ask, why do you feel the need to trade in such size? I mean we are not talking about the typical $10k account here. With the type of volatility you expose yourself to, it is going to be extremely difficult to avoid the effects of greed and fear. I mean, I get nervous when my account is down more than 2% for the day. I don't know how I would react if I had such large daily losses.

None of my big daily losses and my account blew ups started with a predetermined plan to trade size.

The recent S$22.5K big loss started with 1 lot Mini HSI and 1 lot Mini HHI short position which I took in the last minute before the 11.45 pm close of the after hours trading session. The plan was to carry a small HSI and HHI short from the night close to the morning open.

The 1 lot Mini HSI short was filled at 26804, 560 pts above the afternoon HSI close of 26244. At the morning open, my Mini HSI short has a 93 pts profit and my Mini HHI short has a 42 pts loss.

The additional HSI & HHI shorts that I took within the first 15 minutes after HSI/HHI futures open at 9.15 am were not planned. They were taken based on my scalping instincts and I had about S$1.5K floating profits at the peak, before the cash market opens at 9.30 am.

I had expected HSI & HHI to trade lower after 9.30 am. Why I did not exit my shorts when my losses were small, I have no answer.

For the last 2 years and this year I have been trading with 1 lot per click default position size. I did have a burning desire recently to take more risk and hold more for more as my average daily profits is just a few hundred, when I have them.

I have traded very cautiously the few days before I got hit with this latest big daily loss. I could sense that it is coming but I could not stop it from happening.

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  #104 (permalink)
Elite Member
Luxembourg, Luxembourg
 
Futures Experience: Advanced
Platform: TWS
Broker/Data: Interactive Brokers
Favorite Futures: Stocks
 
Posts: 491 since May 2012
Thanks: 1,641 given, 1,126 received


JacLau View Post
None of my big daily losses and my account blew ups started with a predetermined plan to trade size.

Somehow they never do...I feel your pain. Whenever I get whacked hard, I usually take some time off from trading and read some trading books.

Perhaps something like Reminiscences of a Stock Operator or Market Wizards might be a good read at this time. Lots of wisdom in there...

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  #105 (permalink)
Market Wizard
Switzerland
 
Futures Experience: Intermediate
Platform: Investor/RT
Broker/Data: IB / DTN
Favorite Futures: Futures
 
Posts: 4,128 since Feb 2012
Thanks: 3,780 given, 7,650 received
Forum Reputation: Legendary

About own's discipline

Essentially I have 3 main rules in my trading plan:

1) only ONE trade per day (pattern trading during main hours)
2) a strict optimized stop loss - NO overruling!
3) a NO trade day after previous day was too volatile

With these easy to follow rules and some discipline to push them
through - a loser day and one more again do not hurt really.
Market is there every day - so as winning days bring more points
than the losing days your account will thicken again.
Of course this is not meant to convince anyone. But using a rule
plan and following it with discipline and maybe starting to journal the
trades here on futures.io (formerly BMT) can help to stick to one's own trading plan.
And will be a step to success.*
Hope this helps.

Good trades!
GFIs1

* for those who are not familiar with my journal where I announce
the trade before taking with entry and exit TIME - just read it here on futures.io (formerly BMT).

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  #106 (permalink)
Trading Apprentice
Singapore Singapore
 
Futures Experience: Advanced
Platform: X-Trader
Favorite Futures: Nikkei 225 Futures
 
Posts: 17 since Dec 2014
Thanks: 17 given, 59 received


fourtiwinks View Post
To state openly that you're 100% certain that you can blow up this account seems to reflect a losing mentality, not an heightened awareness that one needs to respect the markets.

fourtiwinks placed on my ignore list to block out negativity from my trading mindset. Sorry, no offense intended.


Last edited by JacLau; April 12th, 2015 at 10:55 PM.
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  #107 (permalink)
Elite Member
Singapore
 
Futures Experience: Beginner
Platform: SC, TOS
Broker/Data: Inifinity Futures, TOS
Favorite Futures: NQ
 
Posts: 206 since Jun 2011
Thanks: 1,048 given, 198 received

Sorry if I have offended you, there wasn't any intention to in any way.

There is a growing negativity in this futures.io (formerly BMT) forum and I don't wish to contribute to it.

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  #108 (permalink)
Trading Apprentice
Vancouver Island, Canada
 
Futures Experience: Advanced
Platform: T4, Ninja, MetaTrader, IB, Oanda
Favorite Futures: Oil
 
Posts: 36 since Nov 2013
Thanks: 87 given, 86 received


JacLau View Post
None of my big daily losses and my account blew ups started with a predetermined plan to trade size.

The recent S$22.5K big loss...

I have traded very cautiously the few days before I got hit with this latest big daily loss. I could sense that it is coming but I could not stop it from happening.

There it is... Read that last sentence.

Of course you could stop it from happening!! You make the decisions... Nobody else.... You have ABSOLUTE CONTROL over the money in your trading account.

You did it. You took the loss. Yes, you could have stopped it from happening. Your a trader! That is the belief system that needs to change. "...but I could not stop it from happening."

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  #109 (permalink)
Market Wizard
Cleveland, OH
 
Futures Experience: Advanced
Platform: QST
Broker/Data: QST, DeCarley Trading, Gain
Favorite Futures: Options on Futures
 
Posts: 2,727 since Jul 2011
Thanks: 793 given, 4,777 received


JacLau View Post
fourtiwinks placed on my ignore list to block out negativity from my trading mindset. Sorry, no offence intended.

He said nothing wrong. He basically repeated what you said when you said, "I could sense that it is coming" That is a losing mentality.

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  #110 (permalink)
Elite Member
milpitas, ca, usa
 
Futures Experience: Intermediate
Platform: Tradestation
Broker/Data: Tradestation, Ameritrade
Favorite Futures: ES, Gold, 10 Yr
 
rahulgopi's Avatar
 
Posts: 1,583 since Feb 2014
Thanks: 1,144 given, 3,525 received



MFX1 View Post
This Tuesday, I came back from the Easter holidays and blew up a big part of my account. (50%) - i was very frustrated in not capturing the big moves from last Friady's NFP, which I predicted and could have traded perfectly, but decided against. This horrible Tuesday, I wasn't well rested and started taking all kinds of horrible trades. Nothing planned. (I actually have a trading plan).

Looking backwards I see a few major problem areas:
- not following my own plan
- playing with too much leverage while I know better
- not having fully developed my plan
- lack of self control. (I know, I shouldn't take more than 5 trades per day, that Tuesday, I took 30 trades, all losers).

I'm glad that this topic is open and active. At least I can use the forum to stay honest.

My goals:
- finish my trading plan
- re-commitment to self control.
- making sure I have a 2nd income stream.

I think I can't relax and focus during trading, because it don't have enough funds to support myself without trading.

Around 95% of human population today doesnt know how to relax or havnt experienced the blissful feeling of relaxation by turning off the mind chatter. True, we all experience glimpses of it when we are awed by certain experiences but are unable to sustain it or invoke it at will. Observe a cat or dog after a good meal, how they stretch and relax with ease. We are so wired, and hooked into everything around us, every living cell in us is throbbing with stress, worry and anxiety.
If you start observing your thoughts and what is derailing your discipline, focus and objectivity, you will learn a great deal about yourself. Consider trading as an opportunity for self improvement and awareness, all the areas of our lifes we easily ignore to deal with. Trust me trading will bring all those daemons out, either you face and address them or continue to destroy trading accounts. I did a few myself including a $70K account trading Options 5 years back, after learning about option trading from few friends. I remember the stress and rush and decided to deal with it if I continue to trade. Honestly sticking with it and strive to improve myself is the best decision I have ever made.


Last edited by rahulgopi; April 12th, 2015 at 04:44 PM.
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