Not a "Financial Future" story but an "Index Future" story. I will post it anyways. Bought 1 contract Nikkei 225 SGXNKM with a 100 tick stop and limit. Held over night and it gapped down 400 ticks (300 below my stop) for a $400 loss instead of my set maximum loss of $100.00
I exited a lumber position with a market order once. After the fill, my account balance showed -500K usd. I thought: "well, there`s a lesson for you" anyway, I contacted my broker and they did some magic and fixed it...
Here's the Mark Cook story of his greatest losses and recovery trading naked ops. 3 posts altogether. 2 and then one last one after someone else's post. Read down. http://www.elitetrader.com/vb/showthread.php?s=&postid=1116566&highlight=Mark+Cook#post1116566 _________________ We shall not cease from exploration And the end of all our exploring Will be to arrive where we started And know the place for the first time - T.S. Eliot -
it was my personal account@RJO futures. and i traded only few contracts, so the execution price had to be VERY bad. dont remember the exact numbers though...
listened to a dancing clown I found on youtube who is right most of the time livewithoscarcom he suggested soybean futures for friday boh08.cme ? boh8 ? I bought, watched it go up a little, little more, insane spike... oooo time to get out. push sell button. out. collect $200 per contract. as it peaked out i thought to myself .... looks like a good short, but it has 6 days of momentum and I dont fight a trend, did not short. tanked for $500 worth per contract for the rest of the day. futures are risky always use a sell stop. possibly redundant and obvious but I also suggest to not trade during times of low volume like most of the middle of the day and scalping for 2 points is invitation to disaster.
That's funny that guy is on my site livewithoscar http://www.commoditiesvue.com/showthread.php?t=10924
Glad you stayed in the game until today. Impressive! The reason why I thought to respond is this: there is a large number like you and your friends in the past who join every day the trading arena. I always laugh when I read a post from a new guy coming with a 50K, very warmed up to witness a killing (not realizing that there is a chance that he might be the victim rather than someone else). Trading is an unusual business! The people who make money are the "most scared and experienced" and the others do just the opposite (courage in the form of big leverage, no stops, etc, etc).