In todays terrorist times together with volitile markets some traders have lossed the plot regarding risk controll.
The IG bloke who managed to get a 92K loss from a few K account size .... The others who have saw the market plumett or rise for an hour or two get stopped out only to see the market rebound to leavels back they were prievousely, and for the pleasure saw lots of money drained from the account's.
Please please take responsibility for your own account and make a plan of what is really achievable.
When i first started doing thisfull time in the mid 1990s I planned to attempt to take £300 per week or £75 per day over 4 days. To achive this I needed to generate £500 per week to cover lossing trades.
When ever I hit the monthly target I stopped untill next month, after all i do this for the money, not the pleasure of trading, even though i enjoy it.
Each time I diverst away from this plan I lossed money........ more work for less money fools game.....
One day soon I guatentee there will be a massive terorrisit attack/ or something of major importance and the markets will plumet
I guarentee 1000s of independant traders will be wiped out of all there trading capital and be liable for losses.
To prevent this allways have market orders to cover these sudden movements on all open postions. There are many types of stratogies avalible.
So just think before you open the next trade 'Will the finances be able to suffer such a movement' ?
I know this sounds negative but I ashure you all myself and others here have lived through such events and if it was not for these stratogies I would of been completely wiped out years ago........
Surprise intrest rate cut early 2000s the market swung 800pts to the up side in 60 mins ( I was long at the time and closed my postions 10 minunites before the movement happened, yes i was gutted )
July London Bommings saw large movements when news hiot the wires.
Sudden earnings/updates from major companies.
There are many others.
In todays market anything is possible...
If any trader has not read up on risk managemet i sugesst they do this before placing there next trade.
Institutions have risk managers allocated to groups of traders, we have to be credit cleark, risk controll manager also chief TA and head of trading.
So are you worried ?
If your not worried you have the correct measures in place.
If no measures or stratogies in place you should be worried.
Happy Christmas everyone.
The IG bloke who managed to get a 92K loss from a few K account size .... The others who have saw the market plumett or rise for an hour or two get stopped out only to see the market rebound to leavels back they were prievousely, and for the pleasure saw lots of money drained from the account's.
Please please take responsibility for your own account and make a plan of what is really achievable.
When i first started doing thisfull time in the mid 1990s I planned to attempt to take £300 per week or £75 per day over 4 days. To achive this I needed to generate £500 per week to cover lossing trades.
When ever I hit the monthly target I stopped untill next month, after all i do this for the money, not the pleasure of trading, even though i enjoy it.
Each time I diverst away from this plan I lossed money........ more work for less money fools game.....
One day soon I guatentee there will be a massive terorrisit attack/ or something of major importance and the markets will plumet
I guarentee 1000s of independant traders will be wiped out of all there trading capital and be liable for losses.
To prevent this allways have market orders to cover these sudden movements on all open postions. There are many types of stratogies avalible.
So just think before you open the next trade 'Will the finances be able to suffer such a movement' ?
I know this sounds negative but I ashure you all myself and others here have lived through such events and if it was not for these stratogies I would of been completely wiped out years ago........
Surprise intrest rate cut early 2000s the market swung 800pts to the up side in 60 mins ( I was long at the time and closed my postions 10 minunites before the movement happened, yes i was gutted )
July London Bommings saw large movements when news hiot the wires.
Sudden earnings/updates from major companies.
There are many others.
In todays market anything is possible...
If any trader has not read up on risk managemet i sugesst they do this before placing there next trade.
Institutions have risk managers allocated to groups of traders, we have to be credit cleark, risk controll manager also chief TA and head of trading.
So are you worried ?
If your not worried you have the correct measures in place.
If no measures or stratogies in place you should be worried.
Happy Christmas everyone.
