A video of a trader blowing up using IB (revisited)

Discussion in 'Chit Chat' started by Port1385, Oct 18, 2008.

  1. This is an interesting video that was erased from youtube, but then reposted. This is a great video. Enjoy!

    <object width="464" height="392"><param name="movie" value="http://embed.break.com/NDM4OTgx"></param><embed src="http://embed.break.com/NDM4OTgx" type="application/x-shockwave-flash" width="464" height="392"></embed></object><br><font size=1><a href="http://view.break.com/438981">http://view.break.com/438981</a> - Watch more <a href="http://www.break.com/">free videos</a></font>
  2. Two words : Risk management.
    Very sad video to watch.
  3. JamesJ


    look on the top left:
    high probability trading...

    lol, great (99% or what), and what do you do if the 1% event happens... see video.. shouting fuck and hold on to it... great strategy.. (hm, that's probably about the same the lehman guys and others were doing, but they got their bonuses... and aren't *fucked*)..
  4. I second that. Risk management is the key. I also like to add that, it's wouldn't be a bad thing to borrow some of the concepts from Modern Portfolio Theory and use it in trading.

  5. JamesJ


    here is his blog, his still trading:

    the entry after the blow up:

    -31k, Goodbye

    Good Bye.........I hope you all have a nice life. I need to be to work in 2 hours, and I can't manage this position, I have to sell out. About 40k in 2 days,,,,,,,,,,,,gone. Speechless. One bad trade, is all it takes. 2 and a half years of trading thrown down the drain on 1 trade. Who would've thought the Futures would tank as much as -500pts on YM with the US markets closed. I didn't, and I never really wanted to be in this position, but I couldn't accept the small loss.

    Go ahead and link me and show the world how much of an idiot I am. Leave the comments of how stupid a trade I put on.
  6. I think all wannabe traders should be shown this video.
    This guy doesn't have the personality and cool it takes to be a trader, he's not trading, he's gambling. He gambled big and got effed.
  7. JamesJ


    ah i was a bit too fast..
    he actually left again:
    (copy from his blog)

    Monday, October 06, 2008
    Reflection on the Stock Market Crash and the end of my Trading Career

    The VIX went above 58. The DOW was down over 800pts. I pretty much knew we were going to crash today. But still, I lost money. I could blame it on my internet connection going out again, but that wouldn't have changed the mistakes I made in the end. I simply suck at trading and I've exhausted my time and money in trying to become successful at this very difficult career. I wish it ended on Friday,,,,or 3 months ago, or 10 months ago. I can't keep wishing anymore. I've been beat and there is no point in getting up from this fight. Surely the markets will rally very soon without me,but I have reached that point where I don't care anymore. The longs on the sidelines will definitely be getting some great trades the next few weeks, but I can't bear to trade these markets anymore no matter what the reward. I've lost it and I don't want it back. I've heard lots of stories from friends and relatives that lost hundreds of thousands of dollars in the stock market, and it appears I'm headed in the same direction. I need to cut the bleeding before I have lost everything. One day you are on top of the world and the next day you have lost it all in a matter of minutes.

    If anyone is interested in authoring this blog please email me or leave your email in the comment section.

    i think, if you don't make money in current market you never will as a daytrader... it wasn't that easy ever before for me and probably won't be that easy again...

    i made in the past 3 months (was on holiday till mid july) more than in the whole 2007.
  8. Many traders have blown up their accounts before hitting it big. Look at Dan Zanger. He did not hit it until his 40s. He admits in videos that he did blow up a few times and left the market for a time during each blow up.
  9. IMHO, trading successfully takes time and takes lots of research and testings (both on convention and unconventional strategies). There are many key aspects of trading beyond just entering and exiting a trade. It will definitely take someone a long while before becoming consistently profitable.

  10. JamesJ


    right, but in current market you learn 10x faster than normal, cause you get 10x the action...
    and market is sometimes sort of inviting... i mean there were setups that were pretty obvious, at least with some experience..

    let's say you took random entries with random short or long, and then cut a possible loss, and let a winner run (or even add to a winning position),
    of course you need some point were you exit, but let's say 5x the initial risk...

    you would have made a shitload of money the past 2 weeks if you were very disciplined..
    #10     Oct 18, 2008