[Hlm]

Apparently this individual went long 10 ER2 contracts at the close on Friday. For any new traders out there, this is an excellent example of what NOT to do. Yes, to the outsider looking in it appears so obvious that it was a stupid decision. However, without a solid system that includes stops (and discipline to take them) it’s very easy to find yourself in a similar situation.

Blog: http://highprobability.blogspot. com/

Blowup Video: http://www.youtube.com/watch?v=rCtQL5b_rCM

In one of his other videos he gets a sell signal when he is down approximately $7,500. Hindsight is going to haunt this trader for a long time.

[Sparrow]

He had one blow up day shortly before that one and his biggest ever day followed it. That's when I though he was getting careless although, saying that in hindsight is easy and I refrained from leaving such a comment on his blog.

I dunno what got into him that day, he used to racks up some nice profits all the time.

Hope he'll get it back.

[MrPaul]

I feel for the guy, who would have thought we would sell off that much...Gotta take the lesson and move forward.

I had to lol at this though...

"....While searching for random links with the search term "I HATE MY LIFE" and "I SUCK AT TRADING" I found an interesting website which showed what people want most out of life."

that's pretty funny

P.S

Shouldn't that last video be entitled "The *Futures* Market ruined my life?

[MC]

OMFG. WOW.

Just wow.

[brownsfan019]

There's a quick lesson in risk management.

[MrPaul]

It's kinda like...

[james_gsx]

Those of you who were in the chat with me last week watched me take a 100ym loss in 15 minutes. Kind of sucks when the market opens below your stop. Goes to show, unless you can afford the draw down and have proper risk management don't hold anything over night in this type of a market.

[Soultrader]

Originally Posted by james_gsx »

Those of you who were in the chat with me last week watched me take a 100ym loss in 15 minutes. Kind of sucks when the market opens below your stop. Goes to show, unless you can afford the draw down and have proper risk management don't hold anything over night in this type of a market.

I have talked to several fund managers and head of trading for investment banks. They have told me that in Japan at least many hedge funds are going flat at the close because they are getting killed holding overnight positions.