Just crushed my account - almost - what now?

[Hittfeld]

Yes, I`ve done it, forgot that my stops were mental only - not hard, so I`m left in one account with 1400 € only. So what to do now? I won`t put fresh money into this one. remaining options would be to close the account or to trade, whatever could be traded with that small amount. As the account is purely a futures account I can`t switch to options. Just futures, no cfd`s, just futures, no spot forex, just futures.

Choices (due to margin requirements) would be the smaller gold contract, eurexx eurostock sector futures, mini ibex, SSFs, spreads, anything I forgot?

Any recommendations?

HIttfeld

 

[chilltrader]

I assume that was a live (real money) account.

In which case how about closing it and opening a demo account instead?

Then reading the "making money" thread by TD on this website, whilst operating the demo for 6 months (min).

 

[Paul71]

Yes, I`ve done it, forgot that my stops were mental only - not hard, so I`m left in one account with 1400 € only. So what to do now? I won`t put fresh money into this one. remaining options would be to close the account or to trade, whatever could be traded with that small amount. As the account is purely a futures account I can`t switch to options. Just futures, no cfd`s, just futures, no spot forex, just futures.

Choices (due to margin requirements) would be the smaller gold contract, eurexx eurostock sector futures, mini ibex, SSFs, spreads, anything I forgot?

Any recommendations?

HIttfeld

What contracts have you been trading, bud?

 

[trader_dante]

Yes, I`ve done it, forgot that my stops were mental only - not hard, so I`m left in one account with 1400 € only. So what to do now? I won`t put fresh money into this one. remaining options would be to close the account or to trade, whatever could be traded with that small amount. As the account is purely a futures account I can`t switch to options. Just futures, no cfd`s, just futures, no spot forex, just futures.

Choices (due to margin requirements) would be the smaller gold contract, eurexx eurostock sector futures, mini ibex, SSFs, spreads, anything I forgot?

Any recommendations?

HIttfeld

Remove the money until you know what you are doing. That's my advice.

Even if you insist on trading it, can you spreadbet? Your money will go a lot further...

 

[Paul71]

Remove the money until you know what you are doing. That's my advice.

Even if you insist on trading it, can you spreadbet? Your money will go a lot further...

He won't remember this mate. This is a guy who forgets what orders he has in play....it's BS, TD.

 

[Hittfeld]

Interesting and highly motivating replies. And interesting what insights you have collected about my state of traders education, state of finance and state of mind: I must be a complete idiot, habitual gambler and just short of being broke!

Well, here`s the full story:
Whenever I get intriqued by some new strategy, I first demo it for a while, then papertrade, start cfd trading with small sums, and finally increase till volume for futures is reached.
I maintain a couple of trading accounts, which I trade through comfortable frontends (though some need replacement), but ONE of my accounts is a rather strange bird with an ugly user interface -and hard to move stops. With this account I normally position trade (holding overnite mainly FESX) and lots of cash in it. When I trade in this account, I normally place the stops just and only before I close the brokerage software. And there is always enough cash in this account to cover "normal volatility" even without stops. But this time -due to some distraction- I did not place the stops, was not aware of it and the volatility was ...well you all know, don`t you. Yes a mistake, yes a severe mistake, it won`t happen to anybody but me - but should I stop ALL my trading and go back to demo for 6 month? Well, tell me!
Actually I had hoped to get some replies, what to to with this account - aside from closing it. I never throw good money after bad money, thats why I won`t put fresh cash into it. So taking the hassle to try to trade it up again -- or maybe its not worth it (certainly its not worth the time). So which underlying could be a possibility? That was my question. Still I`m rather interested in any opinons about my state of mind, education, skills and whatever topic Selfhelp books are written about.

Kind regards

Hittfeld

- hopefully not on his way to the poorhouse

 

[Paul71]

Interesting and highly motivating replies. And interesting what insights you have collected about my state of traders education, state of finance and state of mind: I must be a complete idiot, habitual gambler and just short of being broke!

Well, here`s the full story:
Whenever I get intriqued by some new strategy, I first demo it for a while, then papertrade, start cfd trading with small sums, and finally increase till volume for futures is reached.
I maintain a couple of trading accounts, which I trade through comfortable frontends (though some need replacement), but ONE of my accounts is a rather strange bird with an ugly user interface -and hard to move stops. With this account I normally position trade (holding overnite mainly FESX) and lots of cash in it. When I trade in this account, I normally place the stops just and only before I close the brokerage software. And there is always enough cash in this account to cover "normal volatility" even without stops. But this time -due to some distraction- I did not place the stops, was not aware of it and the volatility was ...well you all know, don`t you. Yes a mistake, yes a severe mistake, it won`t happen to anybody but me - but should I stop ALL my trading and go back to demo for 6 month? Well, tell me!
Actually I had hoped to get some replies, what to to with this account - aside from closing it. I never throw good money after bad money, thats why I won`t put fresh cash into it. So taking the hassle to try to trade it up again -- or maybe its not worth it (certainly its not worth the time). So which underlying could be a possibility? That was my question. Still I`m rather interested in any opinons about my state of mind, education, skills and whatever topic Selfhelp books are written about.

Kind regards

Hittfeld

- hopefully not on his way to the poorhouse

What was your losing price on the contracts, bud?

 

[Oggie]

Then reading the "making money" thread by TD on this website

I have tried searching for that thread, but I can't seem to find it - can someone point me in the right direction, please?

 

[rags2riches]

I have tried searching for that thread, but I can't seem to find it - can someone point me in the right direction, please?

http://www.trade2win.com/boards/first-steps/26947-making-money-trading.html

 

[Oggie]

OK, thanks for that.

..... mmm, 128 pages, this is going to be a long night.

 

[BSD]

Hittfeld, I'd close that account, and from now on only trade with brokers that offer decent, user-friendly software that's point-and-click.

Life is too short to waste on service providers who do not do their homework, and who offer sub-par solutions.

 

[gfrost]

Hittfeld,
I think only you know the answer to your question, surely it must depend on your state of mind. Could you trade the market without thinking that the market "owes you" after your loss. I think you are making life difficult by not re-fuelling your account, $1400 is not very much to play with in a futures account, especially in current markets.
I assume from your previous posts, your broker is Interactive Brokers
Good luck, whatever you do

 

[Phil Mibbutz]

Seems to me that your main mistake was to trade with an account that you know has an 'unfriendly' interface. And why spread money between accounts in the first place, if you wer tight on margin? Pool your resources and use the interface that works!

 

[stevespray]

Seems to me that your main mistake was to trade with an account that you know has an 'unfriendly' interface. And why spread money between accounts in the first place, if you wer tight on margin? Pool your resources and use the interface that works!

Too true....

And what kind of losses are we talking about in terms of the 1400 Euro's which remain?

These are hard question which you pose. If your trading system is valid and the loss only occured because of an oversight on your part then there is no reason to stop trading. If however you are merely using the 'forgot to place a stop' excuse to cover over your failure to apply a stop to a loss which was growing out of control then you need to stop trading and review your errors (and learn from them).

No one can give you the answer which you are looking for because no one is YOU!

Steve.

 

[fakhar]

that was so bad. as in my trading rules, when i get my fills my stoploss/first profit/scond profit immediatly go to market so if power goes internet stops! nothing to worry. the Transact AT will do its duty.

thanks

 

[insight2]

its pity, market is at its best for intraday trading, with this huge volatility.

 

[yacarob1]

Yes, I`ve done it, forgot that my stops were mental only - not hard, so I`m left in one account with 1400 € only. So what to do now? I won`t put fresh money into this one. remaining options would be to close the account or to trade, whatever could be traded with that small amount. As the account is purely a futures account I can`t switch to options. Just futures, no cfd`s, just futures, no spot forex, just futures.

Choices (due to margin requirements) would be the smaller gold contract, eurexx eurostock sector futures, mini ibex, SSFs, spreads, anything I forgot?

Any recommendations?

Withdraw the remaining money, close the account and spend the dosh on alcohol and women.

 

[ZEPPO]

Yes, I`ve done it, forgot that my stops were mental only - not hard, so I`m left in one account with 1400 € only. So what to do now? I won`t put fresh money into this one. remaining options would be to close the account or to trade, whatever could be traded with that small amount. As the account is purely a futures account I can`t switch to options. Just futures, no cfd`s, just futures, no spot forex, just futures.

Choices (due to margin requirements) would be the smaller gold contract, eurexx eurostock sector futures, mini ibex, SSFs, spreads, anything I forgot?

Any recommendations?

HIttfeld

I just came across this post; are you for real? I mean, you are not having a good laugh at our expenses, are you?
I am of the same opinion as Robert Miner, I quote from his Dynamic Trader manual: "If you trade without stop losses, you are not a trader, you are an idiot".
I do not mean to insult you, but really, how did you do it? In my opinion, you are lucky that you didn't lose everything, specially with this massive volatility; are you sure that trading is the right thing for you?
I can only assume one of two things: either you do not know what you are doing, in which case I would strongly suggest that you close your account without any further delay and forget about this trading business, or you are taking the mick, in which case I hope you had a good laugh, though I fail to see the funny side of it.
So, which one is it?

Eduardo. :?:

 

[Hittfeld]

Eduardo,
yes, I am for real. But why is nobody answering my question - just questioning my state of mind, cash and trading expertise? As stated before, this was a position trading account, one of a few I hold. I just asked for some hints regarding underlyings which could be traded intraday with this small amount. As margin requirements have been increased I am doing just nothing (with this account), but won`t close this account due to the hassles connected with the opening of new accounts in Gods Own Country for non-resident-aliens, especially EU citizens living in certain (non-EU) offshore countries.

Regards

Hittfeld

 

[ZEPPO]

Eduardo,
yes, I am for real. But why is nobody answering my question - just questioning my state of mind, cash and trading expertise? As stated before, this was a position trading account, one of a few I hold. I just asked for some hints regarding underlyings which could be traded intraday with this small amount. As margin requirements have been increased I am doing just nothing (with this account), but won`t close this account due to the hassles connected with the opening of new accounts in Gods Own Country for non-resident-aliens, especially EU citizens living in certain (non-EU) offshore countries.

Regards

Hittfeld

You don't seem to get the point, Hittfeld - no one can answer that question but you! Why do you think that everybody questions your state of mind? That's because we all think that you are joking!
Have you never heard of risk management? Hittfeld, only a rookie (or someone out of his mind) would trade leveraged products with a small capital.
It is one thing to fund the account with the minimum amount and to put the rest of the capital in the bank to earn interests; it is another matter to be undercapitalised.
Trading leveraged products while undercapitalised is financial suicide; you can lose everything: you house, your shirt, even your family!
If you have more capital in reserve, and your strategy is sound, then by all means, fund your account up to an optimal level and keep trading, while of course, putting your stop losses in the market, not in your mind!
But if you are to the limit of your capital, then get out! Come back when your capital has increased to an optimal level again.
Hittfeld, I would have thought (and probably everybody else in this thread) that this is common sense; I hope that now you understand why we reply in the way we do.

Eduardo.