I am one of those 99%

[fabfabio]

Its my first post and obviously not a good one
SInce 21st December 2009 11h35am till today 12th Janauary 2010 8h13am, I have lost exactly £17,086.

I am not here to discuss my story but to warn potnetial traders that trading without knowledge is like Russian Roulette, please dont invest more than what you are reasy to lose.

 

[fabfabio]

It is seventeen thousand and eighty six pound sterling.

I will be thankful if other people also share their expereince of losses theu incurred.

 

[The Artist]

Sorry to hear mate.
Jesse Livermore was more than $1million in debt at one point.

 

[Black Swan]

It is seventeen thousand and eighty six pound sterling.

I will be thankful if other people also share their expereince of losses theu incurred.

Can't offer any help, the biggest drawdown I experienced was 500 quid, this took six months to suffer and accumulate, approx. 2 years back. This was after 6 months of research/playing markets/experimenting with indicators/strategies/discipline/money management... Googling every trading term or idea I came across and reading endless opinions on each and every one.... Putting what seemed like every waking hour into my new business (trading)...

We're all different I suppose, I've 'lost' hundreds of thousands on business ventures that have failed in the past...I've also won hundreds of thousands on those that worked, perhaps its a probability issue..?

 

[Black Swan]

Its my first post and obviously not a good one
SInce 21st December 2009 11h35am till today 12th Janauary 2010 8h13am, I have lost exactly £17,086.

I am not here to discuss my story but to warn potnetial traders that trading without knowledge is like Russian Roulette, please dont invest more than what you are reasy to lose.

Ooh, just one more thing, you're either an investor or trader or both. if you invested in shares and they lost 17.5K no problemo, they may come back. If you chucked 17.5K at the market without any plan you were doomed unless extremely fortunate or unusually gifted...

 

[elitejets]

I feel bad for you but unless you explain your story a little more, such as whether you demo traded first or why you were trading over a holiday period there is little other traders can learn from your experience and little reason for them to share their experiences with you.

 

[fabfabio]

you may feel I am stupid a**********hole but I was trading in CFDs without any knowledge of the markets or trade
Let me break down my losses, I can give micro detail of each day if someone wants

I started trading with Natwest index trader with £13,600 and though I made good money but lost more to their commissions.
Thus I transfered rest of money £13,086 to CMC markets, where on day one I made it to £14,000.
On day two I incurred losses and was reduced to around £3000, I added another £4000 and more trading reduced to to juston £516 (Five hunderede and sixteen pound)
I did not lose my hope and decided to study and continue trading but this time cautiously and as I am on holidays from my job I was able to give 100% time to it

Following morning I made this £516 to £597
next day £597 to £711
Next day £711 to 803
next day £803 to 991
next day morning £991 to £1317 and in the afternoon this £1317 was reduced to £783
next day I made £783 to £927
next day ££927 was reduced to £535
untill this morning it was lost as well

 

[Shanghai]

You went from 14,000 to 3,000 in one day?? How did you decide when to buy and when to sell? Did you not use stops? I guess not with those sort of losses.

 

[Black Swan]

Sorry bud, after I typed what I did (on reflection) it may have come across as a bit harsh, but I had my eye on my currency pairs at the time.. hopefully it's money that aint gonna kill you.
Also I just knew it (your tale) was going to be CFD related, don't know why but that *security* appears to catch a lot of folk, can't quite work out why...must be something to do with the appeal that it attracts a certain type of 'punter'; makes you feel like an active trader as opposed to an investor. At least if you'd bought shares you'd still have x amount of them...I know (gulp ) mad folk who bought RBS at 40p...they will come back...I just know it...

 

[fabfabio]

Yes Black Swan it is the attraction of quick returns that attracts CFDs. Before starting CFDs I was investing in stocks and I also bough RBS stocks at 34P and am hopping them to increase in vlaue to cover losses I incurred through CFDs

 

[fabfabio]

Shanghai It was not a matter of day but matter of few hours as markets were moving more quicly before Christmas period.

 

[elitejets]

Unfortunately you being on holiday from your job means that the big money was on holiday from the markets too and low liquidity markets can produce chop and wild moves when even the best trading systems don't work.
Sincerely better luck next time.

 

[fabfabio]

But I believe Every News is a Good News.
I have learned few lessons now. Before starting CFDs trading I was thinking of leaving my day job and do day trading which I will not do now.
I am also content that I suffered losses now as if I had made profit at the begining, I would have left my day job and may have invetsed my all savings in CFDs. And if I had lost at that stage there was no going back and nothing to fall back.

 

[foredog]

Ok, one quick tip before you begin trading again.... Keep your losses small... I know you've heard it all before..but didn't take any notice.

Lets say for example you have £10k of trading captial. you are in a trade and it is down £100....Damn thats not meant to happen, i'll just hang on a minute, now it's down £500, it'll come back now...balls now down £2000, i'll have to get out now i can't afford to lose anymore. Damn now i'm out it going my way.

Sound familiar? Now what would have happened if you'd got out at -£100 or £-150. You'd still have £9900 in the account and could quite easily take the next trade and maybe make £160. Not a fortune but after two trades you're now up overall. How long does it take to make back £2000 (or 25% of your account, since you're blance is now only £8k?)

Much longer than it takes to make 2%.

so what if you get out for that small loss and the trade then goes into profit..yes it's annoying but you've only lost a small amount. You will probably make that back and more in the next few trades.

THERE WILL BE MORE TRADE, AT SOME POINT THERE MAY NOT BE MORE MONEY TO TRADE WITH....

 

[elitejets]

I was very profitable off the bat when I started so when the inevitable losses hit I think it was harder. I also traded and did another job for a very long time before I traded full time. You give up a lot to do it, mostly sleep. Take it slow and work on your risk management and it will work out.
I would not rush to give up your other job, being dependant on trading for your livelihood is an extra emotional stress that you can do without when you are learning.
Good luck.

 

[Paul71]

I was very profitable off the bat when I started so when the inevitable losses hit I think it was harder. I also traded and did another job for a very long time before I traded full time. You give up a lot to do it, mostly sleep. Take it slow and work on your risk management and it will work out.
I would not rush to give up your other job, being dependant on trading for your livelihood is an extra emotional stress that you can do without when you are learning.
Good luck.

This is it EJ, people go on about crazy returns and wild statistical figures....but that's ok. Talk about a business loan on the other hand and it's a big no-no, too much pressure etc etc, but what about daily, weekly, monthly living expenses? I really wonder about this site, who on earth would take it seriously? Gamblers paradise?

 

[Jaydee]

FabFabio, just a quick question: when you had £17K, what was the total value of the CFD transaction you either purchased or sold? I'm keen to know how much leverage you were using.

 

[Black Swan]

This is it EJ, people go on about crazy returns and wild statistical figures....but that's ok. Talk about a business loan on the other hand and it's a big no-no, too much pressure etc etc, but what about daily, weekly, monthly living expenses? I really wonder about this site, who on earth would take it seriously? Pikers paradise?

Where the fook did this latest rant come from Paulie? :whistling

 

[Paul71]

Where the fook did this latest rant come from Paulie? :whistling

That's a nervous lol of yours, did i touch a nerve?

 

[Black Swan]

That's a nervous lol of yours, did i touch a nerve?

No bud, every time I come across one of your posts lately I expect it to ooze bitterness...you didn't let me down...it makes me smile...