Best Thread £10k wipeout

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advfntrader

Established member
739 66
I'm down, rock bottom.

started trading Crude Oil futures, though it was easy money at first. made a bit. then I got greedy and didn't use stops. went short and I wasn't willing to take any loss so let the trade run for 7 days, the loss got bigger and bigger so then I entered another short hoping to raise my breakeven. then the biggest rise since the gulf war took me out of the game.

I own double what was in my account and my losses are shocking bad probably £10,000 in total. don't think I can come back to trading, I feel emotionally scarred.

my wife found out about my losses and has threatened to leave me. I hate myself
 
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SirFrancis

Active member
126 13
Thanks for sharing your painful story, I read it and immediately checked my stops - all in place! Stops and trend - those are the lessons your story tells.

Good luck with the wife.
 

jayjay121

Established member
555 31
he proabably felt it could go no further and may pullback soon...............adv, did you use any technical analysis? or just gut feel?....be honest.

and by the way i respect you for being honest and posting this

so many ego heads on here have had simialr losses but have far too much pride to post this so well done, you have taken the first step on your road to recovery.........being honest with yourself that it.
 

jayjay121

Established member
555 31
Thanks for sharing your painful story, I read it and immediately checked my stops - all in place! Stops and trend - those are the lessons your story tells.

Good luck with the wife.

easier said then done, all trends are born somewhere, and end somewhere............maybe he had a signal for the trend to end or consolidate but i agree with you on the stops 100 %, that is a lesson i personally learnt the hard way
 

PualoP

Well-known member
402 34
Don't feel so bad mate, this is probably the norm rather than the exception with most traders.
 

shadowninja

Legendary member
5,524 642
Ouch. I hope your wife forgives you. Sod the money, it's the marriage that I'd be more concerned with.
 

donone

Junior member
34 2
I did £10k on Marconi a few years back - Expecting them to recover - similar scenario.

My missus knew all about it - If she doesn't want you to lose - you can't trade, as long as you're with her.

You need to ask yourself - if she'd got into a major problem situation - would you be standing by Her - or threatening to leave ?

What's done is done - you can't undo it - but maybe your loved ones could try to help instead of piling on pointless pressure.
 

advfntrader

Established member
739 66
thanks for your words guys. we are not in debt and can save again so financially can recover. I will just have to give up trading and put it down to one of lifes hard lessons. its the lack of trust is the main issue as I took risks with our money, not just mine!

why did I average, I thought theres no way it can keep going up !! but it did. lesson learned.
 

donone

Junior member
34 2
Well you can still paper trade & learn & read - maybe try a very small account at some point in the future.

We all know it's not easy - but if you're a trader at heart - you won't be happy uinless you have Some involvement.
 

cryten

Active member
217 30
Really Sorry to hear that, I was "lucky" as when I started out I doubled my account, withdrew funds to another broker, got that account margin called. I didn't have alot of money to start with which I'm thankful for now. But it taught me about the importance of good MM and stops. Now I'm compounding with good MM and havn't looked back.

It would be sad for you to give up, take the advice of others, I don't know about futures but with fx you can start small with micro lots and compound it. But I guess first make peace with your wife.

Good luck!
 

fernanj

Junior member
32 3
Hi Adv - we all go through this initiation period of handing our money to the markets before we make it. Unfortunately, and I do sympathise with you that you lost it in a short spate of time, you need to re-evaluate and correct the mistakes you may have made. If you do get back into trading, I'd suggest start with a very tiny amount of money - if you can not make money with a small amount, then you will NOT make it trading with BIG MONEY!, Trading small money will also help you gain the desired experience, confidence and mind set.
I sincerely hope you will manage to save your marriage - Good Luck!(y)
Joe
 

FXSCALPER2

Established member
964 280
Isn't it amazing how relationships are about money? You can do a lot to women but when it comes to money, they are out the door before you can say 'stops'.:D
 
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Lee Shepherd

Senior member
2,164 570
A very sad story, 'if only' you'd have come onto this site to find out more about trading before trading, or read a few books maybe, or talked to others that have been actively trading some time.

Knowledge is power and in this case, money.

Stops are not just important to trading but an outright necessity. Also trade a plan to prevent from over trading, margin calls are not welcome.(that includes putting more money into an account unplanned)

One thing that amazed me, how many people have responded to this thread in a little under an hour, I wonder if anyone would get the same response if they posted good results. Maybe it's because we've all been there in some fashion, not maybe blown an account or risked a marriage but every trader has had what he would call 'big losses'.

Learn from it, pick yourself up, and remember to always use stops...always.
The markets do what they want to do and, 'the markets can remain irrational longer than you can remain solvent.

Lets all take something positive away from this and check those stops and trading plans.
Lets have a good weeks trading.

Good luck for the future and I only hope that your story helps others understand not to make the same mistake.
 

normbeef

Well-known member
358 48
Agree with all the others here... I defy anyone to tell me they didnt blow up at one time or other..

I myself lost a substantial amount of money some time ago, and it was actually the catalyst to become a better trader / investor because it taught me more than my previous winning streak before had ever done...

but I cannot speak for you ... or your personal life...

Incidently... why did you double down ??? why not short cover ?
 
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