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sicktrader

They Wooped Me Again Josey

By sicktrader, in General Discussion

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sicktrader    10

sicktrader
Posted

Man, I really got my ass kicked the past 24 hours. avatar4048_6.gif Doubled my contracts traded to my most ever earlier in the week, then today decided to completely abandon the system that got me here, a system that I have no problems with. I always used stops, except today for some reason. In fact, I decided to cancel my stops when the price approached and let my losers run, and did they ever. Biggest one day loss ever for me, but the best of all is, had I just used my system I would have had a good day. The Yen really took me for a ride, and speaking of which, please deleate that "cars" thread as I may no longer have one. I was in long, after I let it pass my stop by about 20 points, I completed ignored my confirmation to get in short and stayed long. It didn't end up like I hoped. Anyway, back at it tonight, the booze should calm me down by then.

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zapisy    10

zapisy
Posted

Money Management says Hi :)

 

We all had the same lesson before we understood why the stop loss is "Saint"

 

Rule #1: "First Loss is the best loss" No hope and dreams.

 

Rule #2: "Never add to your losses"

 

Rule #3: "The market is always right"

 

Rule #4: "Decide every day, how much you want to lose in the single day"

 

Few year ago, I printed the rules and had them every day in front on me...

 

Do not worry :) Good days will come :)

 

Lukas

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BlowFish    10

BlowFish
Posted

I would immediately scale back to your old level. If you have problems with discipline at the old level (which you might) cut way back. Exponential growth looks great on paper but taking baby steps is far more likely to be comfortable (and allow you to maintain discipline). This is one of the several hurdles that traders face. This is also how what many would consider 'great' traders blow up. As your account grows think about putting less at risk, sure it flattens that stratospheric equity curve a little but it is a lot safer.

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BlowFish    10

BlowFish
Posted
I did scale back last night, but I think my broker is akin to a drug dealer. Last night all my margins got cut in half for some reason. I think he wants the rest of my money.

 

Wow that sounds irresponsible! (Though is likely coincidence). In the past I have done some of my best trading after a drawdown (once I get over the numb feeling). Take your revenge by executing perfectly rather than doing more crazy stuff.

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