Losing it all! (loosing)

G

G.O.A.T

Come on then, roll up....who's got the stones to admit they've lost the lot trading lioke......
 
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price777999 said:
I thought you were a proper trader with inside info and all that ?:-0
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because proper traders never blow up? lol. most people will blow up several times. i met a hedge fund guy this week who has blown up about 6 times in last 20 yrs
 
N Rothschild said:
because proper traders never blow up? lol. most people will blow up several times. i met a hedge fund guy this week who has blown up about 6 times in last 20 yrs
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so you just blew your account or you had to sell the Ferrari ?
 
I have lost around $25k but in that around $6k was to market GURUS like Mike Baghdaddy.

In all the reason I lost was because I did not know jack **** about how markets operated. I thought that reading two or three books and doing some pathetic course (which you can get for free online) for 2 days and you would be all set.

It was not until I started taking it as PROFESSION that I started learning.

I strongly believe there is no such thing as trading part time. You are better off giving your money to a competent fund manager. Yes INVESTING you can if you have slightly longer term horizon and know that you need to invest only in healthy times.

For TRADING its a full time job. I have yet to meet a profitable trader who does it part time.
 
Never have, never will.

I cashed in my pension plan to trade. There is no way I would put myself in a position to lose it all.

Blowing an account is not a badge of honour. It is a sign you bit off more than you can chew. It's a sign you gambled and lost.

Look at Rothschilds post - some guy running a fund blew up 6 times. Was this 6 funds he blew up? If so, the guy should be excommunicated.

That's why I cashed in my pension, it became obvious that the people managing my money were idiots. I was paying them to lose my money for me.

You do not need to blow up in order to trade. If you are patting yourself on the back for blowing up because it means you must be on the right track, you are severely delusional.
 
Blowing up your account rather reminds me of the trainee pilot who keeps crashing (and surviving) and goes on to become qualified. Or on a more lowly scale the learner driver. These sort of people do exist! Doesn't say much for their natural competence does it. And the same applies to traders.
 
Eric Geddes said:
Blowing up your account rather reminds me of the trainee pilot who keeps crashing (and surviving) and goes on to become qualified. Or on a more lowly scale the learner driver. These sort of people do exist! Doesn't say much for their natural competence does it. And the same applies to traders.
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Looseing it all and looseing all the money in your account are 2 different things though. I am not ashamed to admit that I had a number of margin calls in the early days. Sometimes the lessons of trading with stops and overtrading can only be learned and ingrained through bitter, bitter experience. It goes back to the parable about the horses:

In his book "Zen Mind, Beginner's Mind", Zen master Shunryu Suzuki approaches the question of fast and slow learners in terms of horses. "In our scriptures, it is said that there are four kinds of horses: excellent ones, good ones, poor ones, and bad ones. The best horse will run slow and fast, right and left, at the driver's will, before it sees the shadow of the whip; the second best will run as well as the first one, just before the whip reaches its skin; the third one will run when it feels pain on its body; the fourth will run after the pain penetrates to the marrow of its bones. You can imagine how difficult it is for the fourth one to learn to run.

"When we hear this story, almost all of us want to be the best horse. If it is impossible to be the best one, we want to be the second best." But this is a mistake, Master Suzuki says. When you learn too easily, you're tempted not to work hard, not to penetrate to the marrow of a practice.
 
new_trader said:
Looseing it all and looseing all the money in your account are 2 different things though.
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Very good point. Losing the $5000 you have in your account that is a small part of the $50,000 you have available for trading and upon which your trading is based is not, to my mind, "blowing up".
 
Eric Geddes said:
Blowing up your account rather reminds me of the trainee pilot who keeps crashing (and surviving) and goes on to become qualified. Or on a more lowly scale the learner driver. These sort of people do exist! Doesn't say much for their natural competence does it. And the same applies to traders.
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All great motorcycle riders, even the great legends of the game crash out.
I've heard competition dirt bike riders say if you don't fall off in practice, you're not trying.
Champion boxers have been or get knocked down or out.
Champion rugby league players cop heavy knocks.
The greatest batsman still cop balls to the scone.
Even champions wear their scars as a badge of honour.
Depending on your view of the market but I think it more closely simulates a
dangerous sport or body contact sport than a gentle drive or flight into the sunset.
 
new_trader said:
I am not ashamed to admit that I had a number of margin calls in the early days.
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I agree. Why should the trader keep more money in the account then required? Using margin call as a stop loss is perfectly acceptable. Though it does not work sometime. When market gaps it is possible that the account balance will be negative. I had to make payments to bring it back to zero.
 
I've blown up once, this summer. Didn't lose the whole account, but enough to make the lesson stick.

I agree with DT in that if you keep blowing up, something's not right. Then again, I think losing enough to "get it" is a mandatory experience if you're to make it in this game.

Personally, I'm going to do everything humanly possible to avoid that feeling again. It was only a couple k last time. I wouldn't want it to happen with life's savings.
 
The only way you can blow up is if you're over-invested/have sh*t risk parameters and/or do not segregate funds.
 
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