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House of (H)Errors!
Started:February 2nd, 2010 (07:00 PM) by FredyMegaG Views / Replies:956 / 3
Last Reply:February 2nd, 2010 (08:00 PM) Attachments:1

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House of (H)Errors!

Old February 2nd, 2010, 07:00 PM   #1 (permalink)
Elite Member
Futures Experience: Beginner
Platform: NinjaTrader
Broker/Data: Mirus Futures / Zen-fire
Favorite Futures: Es
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Posts: 59 since Dec 2009
Thanks: 19 given, 44 received

House of (H)Errors!

We need a thread about the biggest errors we make, and the outcoming result...
I give you, the House of Errors.

This is intended for three reasons:
  1. I wish to help other traders by exposing my stupidity in ignoring thumb rules, and hope they interiorize and learn from my mistakes, to prevent from trying them themselves!
  2. I want to expose both my errors, and other people's errors i havent made yet, for discussion in the forum, to understand why i made them, and how to prevent from repeating them!
  3. I want to know that other people also make similar and dumb mistakes, so that i dont feel as bad as i feel now....
Please post your most stupid actions while trading, and the outcoming result! Remember this is helping other traders and YOURSELF as well!!

You can also add how you managed to stop doing it..

I'll start off, to break the ice, as today I am the undefeated title-holder KING of thumb-rule's breaking:

The past week, Ive been cool, unstoppable, earning either 1,5 , 2 or 3 points everyday, trading 1 ES contract.

Yesterday, I had a car crash... as a dumb f*ck almost killed me when i was stopped at a red light... Both our cars were ruined.. And im pointing that my car has no recovery, so i'll end up paying myself for most part of a new one...

RESULT: Even tough im trading a small account (ie: around 6000$ to 7000$), ive decided to scale up to 4 contracts...
Cant say what i was thinking, but i guess i felt i had to make money quickly today... and that things were working out with one for 4...WRONG!

First loss....! Cant believe it... Gotta recover!
RESULT: 6 contracts! ....... same............thing.........again......

To sum up, fellow traders, I ended up lossing around 1000$ in one single day... When my max drawdown should be 200$...

point made..

You can guess how stupid i feel from breaking this simple rule, as i knew better, and the reason for remembering this thread.

I hope this helps other traders, who can learn from my mistake.
Tomorrow's a new day, time to start over.

I also dare you to try and take the KING's title, by posting your worst and dumbest moves while trading!!
Who will challange the king??

We can also have the BIGGEST LOSS AWARD of the week, filling with shame, the worst error of the week!
(remember the objective of the thread! keep posting, dont be ashamed, youre between brothers heh)

Happy trading!

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Old February 2nd, 2010, 07:00 PM   #2 (permalink)
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Old February 2nd, 2010, 07:28 PM   #3 (permalink)
Administrator: Retired Backtester
Rennes France
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: IB/Kinetick
Favorite Futures: Futures
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Posts: 3,187 since Jun 2009
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Loosing only $1k with, 4-6 cars and $7k account, this is a good result, it should have been really worst.
If you were really the KING, you'll have end the day with a margin call and and much smaller account.

Sorry, no funny or expensive mistakes for me, just double some positions instead of closing them (not always easy with options spreads), or testing a famous trading room calls with real money. But no big mistakes for few years now.

Let's see now who can have the crown .

Usually in trading, those who know don't talk, and those who talk don't know. (Al Brooks)
success requires no deodorant! (Sun Tzu)
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Old February 2nd, 2010, 08:00 PM   #4 (permalink)
Elite Member
Futures Experience: Beginner
Platform: NinjaTrader
Broker/Data: Mirus Futures / Zen-fire
Favorite Futures: Es
FredyMegaG's Avatar
Posts: 59 since Dec 2009
Thanks: 19 given, 44 received

hey sam!

I was also thinking about trading the calls from a trading room with real money.... bad idea i see! not going there then...

well... yeah i guess it could be worst....but still hate to see me falling for such a gambler's vice...

Either way, Im Portuguese, and portuguese people are always lucky:
If a portuguese guys breaks an arm, he's lucky he didnt break both.
If he broke both, lucky he didnt die.
If he died, lucky he didnt suffer anymore...

STILL! undefeated!

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