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These are days that remind me why I stopped holding overnight positions. This is also the reason I stopped trading stocks or overnight holds, but weekends are even worst. But 10 contracts, what was his total equity? 100K? That should have been the minimum had he understood and used risk management rules. He may not have seemed like a newbie but he did make a newbie mistake: overloaded his position size. |
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I've seen/heard plenty of people who start with a small amount of capital and look like trading Gods because they make a ton of money in a short amount of time. Then it ALWAYS takes one single trade and their entire account gets blown out.
I'm sure there were several people in the same boat as him. For some reason leverage attracts idiots.