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Trading: Mini and micro US Indexes/ DAX/ FX/VIX/GOLD
Posts: 180 since Apr 2010
Thanks Given: 53
Thanks Received: 164
Bad luck mate. It's only money, you still have your balls, brains and limbs. If it's any help we've all been there and I still do naughty trades. If I have a big loss I, which still happens very occasionally, because I'm not a robot, I 'punish' myself with the time it will take to make it back. Like a short term prison sentence. So, you've just given yourself 6-12 months where you grind away conservatively every day to eventually reach your prior state. You're in the can, but if a man knows how long his pain will last he can suffer most things. It's a psychological trick that works for me. Good luck.
Your mistake is our mistake. Human mistakes. Nice that you have been honest saying in this forum the most common mistakes for beginers or advanced or retail experienced traders.
This happened to me as well. Then I failed again to try to retrieve the losses. Then the account and my brain destroyed. New account then again. New account then again....
So my advice is that you should stop trading - imperative .
My solution was : No more decisions for put an order. I automated my trading. So no more big losses,no more accounts destroyed, no more emotions, no more lak of discipline, overtrading, etc..
Think about .. may be it can help you
Good luck in the future
Trade safe
I had a similar position recently, and took the recent market weakness as an opportunity to reduce the damage and exit the trade. Definitely still a painful trade and it would have been better for me to exit much earlier, but I was at least able to reduce the loss a bit and live to fight another day. Hope this helps.
I'm answering here because I do not know/remember how to use the screencast in DM response.
Sure, no problem. I want people to do well.
The Natenberg book might be a better first read. Yes, they would both be helpful if you are interested in understanding options.
Correct. Analyze tab. Gives you this:
Then:
After that to the left of the individual stock/beta weighted drop down is another drop down box "show all", select that to include all account positions and then uncheck positions outside of the hedge, OR select hide positions.
Now up on the top left use the symbol that you are wanting to use as the "basis".
From there click add simulated trades. Include the hedge position...you do have to change the symbol field. Clcick risk profile tab:
I get it that is a lot of click and select. I'll DM you my phone number. Call if you want me to walk you through some of the uses of the analyze/risk profile.
Hi Stuck, I'm no expert on the DAX but all equity indexes have enjoyed a big rally with the DAX retracing more then 78% of the peak high to peak low during the corona outbreak. The last few days have seen the markets sell off and this might continue on. If you connect the dots from the Feb high to the past week's high it then looks like a big bull swing inside of a bigger bear swing so hypothetically if you hang in there you might be given the opportunity to get out at break even over the next couple of weeks. A 50% retracement of the bull rally should it happen will do the trick. I personally can't see the markets making new highs all in one big leg up even though they look like they want too, so if you can keep hanging in there you might just be rewarded for your patience. Good luck.
You are not alone, exact same thing hapened to me short @ 10750 DAX and short @ 2850 SP, thanks that I used CFD broker with the smallest lot size posible is not that painfull but it allways hurts. And I also have a friend of mine stuck similar to you with 4-DAX contracts, those are big account numbers
I finally managed to close SP at 3000 after trying to average shorting many times without success, I am still short on DAX and next week I will trade long above 12000 to HEDGE the short side and probably close at 11200 if next week ECB gives some bad news, as a last change.
The good "side of the story" is that specfic mistake push me to develope a automatic trading strategy to protect and manage this situations (HEDGING) the account when price is against my position at a specific level + a % of losses, it is like a virtual SL, is similar to paying for a PUT/CALL option, a wrong trade is allways a loss of money but with this automatic protection it will be a limited loss trade BUT I will gain TIME to react or wait to market to move to positive if I want to trade swing or longer.
On the otherhand, I agree to the other traders that suggest cut the losses and start over again to trade is the best way to deal with this situations, because if you are "waiting to recover" you are not "freely" trading and maybe loosing good oportunities.
I was in the same position as you, I entered a position using Sierra Chart, and the position mysteriously disappeared. Some time later when I checked my IB account, it shows the position is still there and taking a loss! I immediately flattened because I constantly remind myself to never let a small mistake become a deadly one.
Try to look for ways to put an alert or daily loss limit with your broker, because anything can happen. We have to take trading business seriously, unfortunately same cannot be said for certain platform / broker.
I have come to respect your answers alot. Question.
Curious? So he's underwater and posts asking for help because he doesn't know what the best decision to do here is.
Just for clarity because this is ones never really stuck for me and I hear EVERY professional trader say it. The minute you realize oops... do you just close your your eyes and hit the market?
I have this (probably false) belief that I if decide I'm on the wrong side and manage it as if I JUST GOT IN I'll be better off. Then set second stop (going to take that one NO MATTER WHAT then manage to get better position out. Of course that will still be at a loss but less.
Is this just unsophisticated thinking? I would like to know because I want to change my behavior/beliefs if they will not benefit me long run.
I believe I know the answer but for some reason can't wrap my head around.
