Lost $60,000 yesterday. These kind of days are rare but I believe long term traders encounter them at some point in time.( e.g. lescor, neke, etc) I believe getting over these loses quickly, without damaging the emotions, is key to continue executing your strategies day after day without losing faith . Has anyone established a standard mechanical procedure to handle such loss day? Would appreciate your thoughts
I am curious (mainly as a relative newbie to trading): How many years trading experience do you have ? What markets were you trading when you loss $60k ? Why didnt you have a stop-loss (I'm assuming you didnt have one) ? Thanks
Can you prove that you lost $60,000 yesterday? I find this quite hard to believe. You lost $60,000 day trading on Feb. 18-2010?
go to Tube8 dot com and jerkoff all over yourself... seriously - don't look in the rearview mirror...shake it off...it's like any other debacle...learn from your mistakes...trade smaller, and move forward....
"Guys make mistakes. but every one we make, a stack of chips goes with it. We make a mistake and some guys don't walk away.. For evermore he don't walk away. I guess all we can do is just take it... and hope we don't make the same mistake again." - John Wayne, Sands of Iwo Jima
Losses come with this job, there is no mechanical way to deal with it. 60k hurts anyone. I usually just look forward and am happy I did not lose all of it. Human nature is hard to fight, your gonna be stressed. Just don't try to make it all back at once, thats where you lose even more! Have a drink, shake it off, and get back to it. Thats how I do it.
1) Instead of expressing the loss arithmetically as $60,000, what percentage of your account was the loss? 2) Was the loss from one "large" position or many "correlated" positions? 3) Ultimately, you must have pre-established loss limits that you WILL adhere to.
Also getting suspicious of all of the "I lost (enter large amount of money here) today" threads that have been popping up lately.
If I lose a small amount I go eat at the crappy Mcdonalds by my office while watching the homeless people and drug addicts. If I lose a lot, I get really angry with myself, call myself a loser, get depressed for a few hours, then laugh it off. No secret recipe.