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Today, I lost my savings and my career
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Created: by Grantx Attachments:4

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Today, I lost my savings and my career

  #11 (permalink)
Trading Apprentice
Denver, CO
 
Trading Experience: Intermediate
Platform: QTrader
Favorite Futures: ES, Currency Futures
 
trader14's Avatar
 
Posts: 31 since Apr 2014
Thanks: 53 given, 45 received

I've done a lot of stupid stuff, nothing like this. I too feel for the guy. Sad!

Mentally you know he's devastated as well as financially ruined. A perfect set up to fail, lot's of red flags before the trade was put on.

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  #12 (permalink)
Elite Member
Memphis TN
 
Trading Experience: None
Platform: ToS
Broker/Data: TDA
Favorite Futures: None
 
Pariah Carey's Avatar
 
Posts: 732 since Jan 2014
Thanks: 146 given, 1,907 received
Forum Reputation: Legendary

Could be worse. Could be like Evan Dooley, who went to prison for trading too much wheat. Gotta lock those people up.

Money make ya handsome
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  #13 (permalink)
Elite Member
Angleton
 
Trading Experience: Intermediate
Platform: ThinkorSwim
Favorite Futures: Emini ES, Crude CL, Gold GC, Currency Futures)
 
Posts: 1 since Dec 2018
Thanks: 0 given, 1 received


I was trading GBP when that happened. This lad made several deadly mistakes. #1 was going all in like that. #2 was adding to a losing position. I almost made mistake #3-which was having a manual stop in place. I was REALLY worried that upon the vote being cast, it would SHOOT UP PAST my stop (I was up almost $1000 on the trade...shorting /6B) if the news was being factored into the decline all day. So, right before the vote was read I took out my manual stop and had my finger on the trigger to BUY market...JUST IN CASE. I've been bitten in a fast moving market before when the market moved right over my stop price and I didn't want that to happen this time.

GOOD THING! I was able to get out of it with a small profit. Had I not done that, I too could had had a substantial loss. Now, it certainly would not have been catastrophic because I don't trade carelessly, but it would have stung a bit (especially after being up $1K).

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  #14 (permalink)
AlexA
FORT LAUDERDALE
 
Trading Experience: Intermediate
Platform: NT8/tradovate
Broker/Data: Ninja Trader
Favorite Futures: ES Emini
 
Posts: 12 since Dec 2018
Thanks: 53 given, 12 received

Holy crap, I thought I messed up by loosing $1300 in one day by not following the rules and adding to loosing trades. Learn from the mistakes but I will never trade any amount that I would not be willing to loose. Not saying that I want to loose any amount but I do have a hard set daily loss limit I will never again break.


Sent using the futures.io mobile app

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  #15 (permalink)
Elite Member
philadelphia pa
 
Trading Experience: Intermediate
Platform: ninja
Broker/Data: NinjaTrader Brokerage
Favorite Futures: es
 
Posts: 123 since Jul 2017
Thanks: 296 given, 261 received

takes time

It takes time to recognize it but this can be a very a positive and pivotal point of that trader's life. Deeper and bigger the rock bottom is, greater chance to create a solid fundamental ground. After denial and anger subsides a bit, hope that person has a chance to take a look at things surrounding him to be thankful.

failing at a one task do not make the person a failure.

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  #16 (permalink)
Trading for Fun
Ocala, Florida
 
Trading Experience: Advanced
Platform: NT7 NT8 MT5 Sierra Charts
Broker/Data: not applicable
Favorite Futures: Indices, Currencies, Energies, Metals
 
Onisowo's Avatar
 
Posts: 95 since Jan 2019
Thanks: 62 given, 32 received

The fact he posted it is nutz!
He is a gambler!

Sent using the futures.io mobile app

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  #17 (permalink)
Professional Guesser
Reading UK
 
Trading Experience: None
Platform: Sierra
Favorite Futures: My 3 boys
 
Grantx's Avatar
 
Posts: 1,464 since Oct 2016
Thanks: 1,989 given, 3,544 received
Forum Reputation: Legendary


Onisowo View Post
He is a gambler!

Sent using the futures.io mobile app

Arent we all...

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  #18 (permalink)
Trading for Fun
Ocala, Florida
 
Trading Experience: Advanced
Platform: NT7 NT8 MT5 Sierra Charts
Broker/Data: not applicable
Favorite Futures: Indices, Currencies, Energies, Metals
 
Onisowo's Avatar
 
Posts: 95 since Jan 2019
Thanks: 62 given, 32 received


Grantx View Post
Arent we all...

Not me anymore.

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  #19 (permalink)
Trading Apprentice
Denver, CO
 
Trading Experience: Intermediate
Platform: QTrader
Favorite Futures: ES, Currency Futures
 
trader14's Avatar
 
Posts: 31 since Apr 2014
Thanks: 53 given, 45 received


Onisowo View Post
Not me anymore.

Same here.

Only when I have an edge.


Last edited by trader14; January 25th, 2019 at 09:02 AM.
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  #20 (permalink)
Market Wizard
Columbus OHIO
 
Trading Experience: Intermediate
Platform: NinjaTrader
Broker/Data: NInjaTrader Brokerage
Favorite Futures: ES, 6E, 6J,
 
MiniP's Avatar
 
Posts: 691 since May 2017
Thanks: 716 given, 1,525 received
Forum Reputation: Legendary


its all gambling to an extent, the whole point of an edge is to put things in your favor slightly but there is still a probability that you are wrong.. probabilities = gambling.

-P

"Truth is not what you want it to be; it is what it is, and you must bend to its power or live a lie"-Miyamoto Musashi
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