Article Trading on Borrowed Time – Part 1

T2W Bot

Staff member
1,461 60
Have you heard the one about the poor guy who ends up lost in a minefield? Having no clue what to do, he prays, covers his eyes and walks a straight line. Miraculously, he survives. Brimming with confidence, he is convinced that if it happens again, he will employ the same technique to survive. Well, you can figure out the rest of the story. Boom. It’s just too obvious. That guy was simply on borrowed time.
This ‘guy’ could be any number of traders, including you, who trade in the same style. Finding themselves in that proverbial minefield with huge intra day losses. In a fit of desperation, they put on crazy Hail Mary trades with double, triple, and quadruple the normal size just looking for that miracle. You also know the ending to this story.
The one word that injects fear into the heart of every trader is blowout. As in, “Honey, I blew out the account again…” and (Honey, please put the gun down..).
Control is the essence of good trading. You can’t control the markets, but you...
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reddevil

Newbie
2 1
Love your work

This article is just awesome ... puts things in perspective ... I forwarded it to a friend of mine, who trades like the guy lost at the land mine
 

jamerobet6

Newbie
4 0
The article is very informative and mind blowing. Giving the idea of trading and way people burst.Patience is the key of trading
 

NVP

Legendary member
37,257 1,935
Informed and illuminating piece of work ......

Jea Yu this is an excellent piece of writing and resonates in many many more fields than just trading

In my early teens I was already a very "accomplished" Gambler from helping out in my Father and Grandfathers bookmaking business from before I could walk.......and being fortunate enough to have learned from a lot of knowlegable gamblers over the years

at 16 I was using multiple bookmaking accounts and betting serious levels of money on horseracing and making good money......I was incessant in my research to perfect a system - and eventually found one that for about a month delivered astonishing returns .......I was finally invincible and spoke to my dad about it who told me it was good but not to be foolish with the bets as that would put me in the mindset of every punter he fleeced most weeks......wise words I never heeded as I was now unbeatable

I researched the forthcoming saturday and 100% winners sprang from every race almost....it was the most tempting volume of racebets I had ever seen in my life and I was lured into pushing over 90% of my saved bank onto the table in search of the Holy Grail getting the early Odds needed by laying money in advance and waiting for the many many thousands to be returned to me .......

which never happened..I had my worst day ever in over 2-3 years of serious Gambling ....I got absolutely killed and was a wreck by the end of the day as I could not take the bets back and got buried .....the systm had a bad day and I had the motherload on the table

Dad knew me and sat me down first ensuring I was not bankcrupt and also hadnt borrowed to do it ...I hadnt fortunately !

biggest lesson of my life and a wake up call to me ........sure I still gambled the horses as it was in my blood but I knuckled down to my studies and made sure I got a good education and then an Accounting qualification to ensure I could always earn a living from non Gambling acvtivities .....

looking forward to part 2

Neil
NVP
 

JonathanLeon

Junior member
15 2
Interesting Article

Good read, the market is made up 100% of humans and the psychology that comes along with being human:) I found other reads into Behavioral Finance to compliment this article. Such a great topic to shine light on especially for the new trader.
 
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