10k wipeout

This is a discussion on 10k wipeout within the First Steps forums, part of the Reception category; my sole goal to trade was to make some money. I have a full time job so can't screen watch ...

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Old May 27, 2008, 1:03pm   #29
 
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advfntrader started this thread my sole goal to trade was to make some money. I have a full time job so can't screen watch all day so I guess thats why I failed, not enough effort went into it. should have just stuck the money in a fund instead

I am under 30 yrs old so I guess I'm still fairly young and have many years to learn, I'll put this down to a mistake when learning lifes lessons. you get nothing in life without hard word.
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Old May 27, 2008, 2:16pm   #30
 
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Quote:
Originally Posted by advfntrader View Post
my sole goal to trade was to make some money. I have a full time job so can't screen watch all day so I guess thats why I failed, not enough effort went into it. should have just stuck the money in a fund instead

I am under 30 yrs old so I guess I'm still fairly young and have many years to learn, I'll put this down to a mistake when learning lifes lessons. you get nothing in life without hard word.
If you ever do become successful at trading then this will be the best 10,000 you ever spent. Put it down to the cost of learning to trade - you've probably taken away far more valuable experience than any stanzione or Winters course could ever give you.
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Old May 27, 2008, 3:17pm   #31
 
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advfntrader started this thread and today OIL tanks.... :-(
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Old May 27, 2008, 4:57pm   #32
 
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Quote:
Originally Posted by advfntrader View Post
my sole goal to trade was to make some money. I have a full time job so can't screen watch all day so I guess thats why I failed, not enough effort went into it. should have just stuck the money in a fund instead

I am under 30 yrs old so I guess I'm still fairly young and have many years to learn, I'll put this down to a mistake when learning lifes lessons. you get nothing in life without hard word.
You wanted to make some easy money because you're greedy and lazy. Like every bloke on the street. We all started there.

Now you hate yourself and are consumed by fear, what will the market 'do' to you next? Again, the normal useless brain we all have when starting out.

You need to get 10k of value back out, look at your thinking or lack of it before, during and after the trade. The TA part is easy, the psychology isn't.

Forget about the shoes your wife would've been really pleased with, you entered this with the best intentions, to improve the quality of life for both of you. (I assume.)

If you are serious, and I mean prepared to commit more time and effort than most do measuring their living room for giant tv options, then get your head stuck back in.

It takes years to be any good. Easy money doesn't exist despite what the mass media might think. The market feeds off of idiots. You've just had one of the best lessons, a painful one.

In my early days I once lost a third of my account inside of two minutes. I realized I had to up my game. It was a feeling I will never forget, and I'm glad I had that experience.

Don't take your loss personally. It's ok to be an idiot.
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Last edited by zigglewigler; May 27, 2008 at 8:03pm.
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Old May 27, 2008, 5:29pm   #33
 
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Message to moderators: Could you kindly consider whether there are any merits to pin this thread as required reading for all newbie traders.

The reason being is that if a newbie reads this pinned thread, then it is likely that it can help newbies from making the same trading (ie risk management) mistakes as advfntrader did.

advfntrader: thank you sharing your experiences with us.
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Old May 27, 2008, 5:30pm   #34
 
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Hi ADVFN

I'm sorry to hear about your loss and hope you don't beat yourself up too much over this. You would be surprised how common his type of behaviour is when learning to trade. It's a harsh lesson, but a lesson nonetheless and it may have saved you from losing more in the future.

I can't offer any better advice than that which has already been posted but, what I will say is that I don't think you should give up trading. Why? Because then that 10K was lost for nothing and you've learnt the most important points of strategy, money management and emotional control all in one.

You can trade on Finspreads for 50p per point, commodities, indices, whatever. Choose something where its volatility suits you. Set your account up with a small amount, let's say 1000 (if possible, this bit is up to you) and make sure you don't risk more than 1% of it in any single trade that you do. Just so you know, risking more than 3.5% of your account equity per trade can result in 100% drawdown in the event of a long run of bad trades. Keep this in mind.

Take some time off trading, have a period of reflection, go over that trade (frame it on your wall if necessary) again and again, learn from it, size down, start trading again with a plan and never give up...

Best

JD
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Old May 28, 2008, 2:57am   #35
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Sorry Advfntrader to hear about your sharp turn in trading. However feeling sorry will not accomplish much. Trading in many ways is a journey of discovery, one discovers markets just as much as one discovers him/herself, what I mean is the discovery of things like badly based hope, pain and pleasure, pain barrier, learning to to without emotion what naturally is emotional and so on.
If you find markets and trading interesting, you will find the way to integrade trading into your busy day. If your main reason to trade is to get the 1st million by September, or to take revange on the market for the lost amount, you most likekely will end up with bigger injury, which I hope is not the case. There has been a lot of very good advise posted already. Stopping after paying the first instalment on the way to become a trader is probably not the best idea, that is if you know deep down that trading is something that interest you and trading is something you really want to do. There are a lot of people that would not risk any resourses, just in case things would not workout for them. They are perfectly fine and happy individuals and very valuable members of society. There also are those like you, the other traders and me who are preparred to take some risks, knowing well that there also are some rewards. We would not take all and every possible risks, or manufacture one, just to get more excitement. I would not choose to jump from an aeroplene without a parachute, hoping to land on a large heystuck, however exciting it might sound, would you? Yet when one comes to the market and places trades without careful preparation and some serious research, one is exposed to do a real damage to him/herself and to the account. Yet, the very fact that so many traders have experienced these "puryfying" losses is a testimony in itself that there are many haystucks around. I know for sure that if my risk avertion was extremly high I would not have done many profitable things in my life. When I look back I am pleased I have taken many risks, I still do not like the loosers, but without the loosers I most probably would not have the gainers, for that is the kind of person I am. I can assure you that I have not enjoyed any of these loosers, especially at the time of their happening, and some of them have been very substantial. One has to put it behind and go farward, treasuring the learned lesson/s without bitterness, assuring the next step will be done in a disciplined and a wise way. Taking some time to study the market and your own reactions, demo or small lot trading will not be a lost of time and apportunities, indeed it most likekly will make you consider things, which otherwise would have been undedected and undiscoverred, including all the positive sides of becoming a profitable trader. Preferably your wife also needs to be involved or at the very least be aware of your intentions to explore trading as otherwise what would have been enjoyable might become devisive, and that is no good at all.
I wish both of you the very best,
2be
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