I am done with trading.

I was supposed to be on holiday last Friday, but somehow I logged on the Internet and began to trade. Maybe my brain was not functioning well, I just went crazy after the first trade. Not only did I refuse to take the loss, but also I averaged in with a monstrous 10 lots. When it went against me, I totally lost it and averaged in another 7 lots (that was all my account balance allowed me to trade).

With averaging in, we know what will happen eventually. I guess my fate finally caught up with me. I could have taken a loss of $300 after the first trade, but the 10-lot average-in cost me $4000 within 20 minutes. After the second average-in, my unrealized p/l showed a loss of $9000. When it went over $10000, I couldn't take it anymore and threw in the towel. Total loss: $10,950.

I used to lose a couple of thousand when a disaster hit, but this time it was totally out of control. I didn't seem to be the same person that I was, I became a maniac, or compulsive gambler to be more exact. The kind of gambler that you find in a casino, the kind of gambler who bet everything on one color, the kind of gambler who went all in.

I have finally decided that I am not fit to trade. I shall end my misery once and for all. No more trading.

I finally accept the statistics that 99.9% will fail in trading. I guess those who discourage others from trading are right after all. I am at peace with myself: Trading is not for me and 99.9% of those who tried.

 

what were u trading - ?
we all make mistakes "(
I know i can feel the pain : - <

 

Best wishes for success in whatever you choose to do with your life.

 

If you can get your hands on this audio presentation from Trader-X you will see what you did wrong.........

http://www.amazon.com/Eating-Loser-...=sr_1_2?ie=UTF8&s=books&qid=1266171015&sr=1-2

Don't quit, take some time off to regroup and then just dig deeper!

 

Just think if you could bring yourself to average into winning positions instead of losing positions how much you could make.

It's tough to change that psychology once your are used to doing it the other way. The real problem is not having a plan to exit and sticking to it.

 

I am just wondering if you keep a trading log?

I used to have one (before I had to reformat my hard drive) and I kept details on every trade. I even took the before and after screenshots for every trade I entered.

I think a trading log won't necessary lead you out of this dark cave, but it will show you where you've been, so you won't waste your resources to take the same path twice.

Here is a wonderful post from coolweb:
http://www.elitetrader.com/vb/showthread.php?s=&postid=1152404&highlight=dark+cave#post1152404

Take some rest, then continue your journey my friend.


PA

 

Did you not listen to a word of my advice on your last thread?

The only thing that will cure you is broke and penniless.

 

The large majority on this site think they can have you watch a video or listen to an audio tape or read a book... or keep a jouirnal or adjust yuur stops etc.

Guess what ... that's all B.S. you did what you did! you obvioulsy do not have it what it takes.. and no AUTHOR or seller of books or stops or trade log will ever save you from a disaster.

YOU WERE "ON TILT" a poker term.

http://en.wikipedia.org/wiki/Tilt_(poker)

Tilt is a poker term for a state of mental confusion or frustration in which a player adopts a less than optimal strategy, usually resulting in the player becoming over-aggressive. This term is closely associated with steam and some consider the terms equivalent, but 'steam' typically carries more anger and intensity.[1]

Placing an opponent on tilt or dealing with being on tilt oneself is an important aspect of poker. It is a relatively frequent occurrence due to frustration, animosity against other players, or simply bad luck. Experienced players recommend learning to recognize that one is experiencing tilt and avoid allowing it to influence one’s play.

The most likely origin of the word "tilt" is as a reference to tilting a pinball machine. The frustration from seeing the ball follow a path towards the gap between the flippers can lead to the player physically tilting the machine (in an attempt to guide the ball towards the flippers). However, in doing so, some games will flash the word "TILT" and freeze the flippers, causing the ball to be lost for certain. The metaphor here being over-aggression due to frustration leads to severely detrimental gameplay.


Being “on tilt”
The most common way to "tilt" is losing, often a recent victim of a bad beat, or being defeated in a particularly public and humiliating fashion.

For example:

1.Folding to a large bet only to have your opponent turn over a poor hand (being shown a bluff).
2.Being bluffed by a small bet (a post oak bluff).
3.Having an opponent “suck out,” or catch a miracle card late in the hand (an unlikely out-draw).
4.Having what you think is a dominating hand bested by an unexpected more powerful hand.
5.Standing up to an overly aggressive player who plays nearly every pot but encountering a big hand.
6.Having an all-in showdown with a strongly superior hand pre-flop and losing.
7.In online Poker, putting a lot of money into the pot with the likely best hand, and not being able to see the showdown due to internet connection failure or software crash.
8.Making a bad play and realizing it afterward
9.Misclicking in online poker and losing a big pot as a result (like clicking call instead of fold to an all-in)
These can upset the mental equilibrium essential for optimal poker judgment. Another common way to tilt is from bad behavior of the others at the poker table. Excessive rudeness (or lewdness), being heavily intoxicated at the table, and poor table etiquette are ways that players can wear on nerves.

Though not as commonly acknowledged or discussed, it is also quite possible to go on "winner's tilt" as a result of a positive trigger: such as winning a hand unexpectedly, being awarded a large pot, or making the money in a tournament. Strong positive emotions can be just as dizzying and detrimental to one's play as negative ones. "Winner's tilt" can be just as dangerous as the more traditional form.

[edit] Advice when tilted
For the beginning player, the elimination or minimization of tilt is considered an essential improvement that can be made in play (for instance in the strategic advice of Mike Caro and especially, Lou Krieger). Many advanced players (after logging thousands of table-hours) claim to have outgrown “tilt” and frustration, although other poker professionals admit it is still a “leak” in their game.

One commonly suggested way to fight tilt is to disregard the outcomes of pots, particularly those that are statistically uncommon. So-called “bad beats,” when one puts a lot of chips in the pot with the best hand and still loses, deserve little thought; they are the product of variance, not bad strategy. This mindset calls for the player to understand poker is a game of decisions and correct play in making the right bets over a long period of time.

Another method for avoiding tilt is to try lowering one’s variance, even if that means winning fewer chips overall. Therefore, one may play passively and fold marginal hands, even though that may mean folding the winning hand. This may also imply that one plays tightly— and looks for advantageous situations.

Once tilt begins, players are well-advised to leave the table and return when emotions have subsided. When away from the table, players are advised to take time to refresh themselves, eat and drink (non-alcoholic) if necessary, and take a break outside in the fresh air.

If none of these work in lessening tilt, players are advised to leave the game and not return to playing until they have shaken off the results that led to the tilt.

The intent of the advice is to prevent the upset person from letting negative emotions lead to bigger losses that can seriously hurt one’s bankroll.

[edit] Tilting others
The act of putting an opponent on tilt may not pay off in the short run, but if some time is put into practicing it, a player can quickly become an expert at “tilting” other players (with or without using bad manners). In theory, the long-run payoff of this tactic is a monetarily positive expectation.

Common methods of putting a table on tilt include:

1.Playing junk hands that have a slight chance of winning in the hope of sucking out on the turn at the river and delivering a bad beat (which can be an enjoyable occasional style which will make the table’s play “looser”.)
2.Victimising individuals at the table, (which is often considered a more old-fashioned tactic, identified with 1970s “verbal” experts such as Amarillo Slim.)
3.Pretending intoxication, i.e., hustling, excellently demonstrated by Paul Newman against Robert Shaw in The Sting (although his technique included cheating).
4.Constant chattering, making weird noises and motions whenever you win a hand, or other erratic behavior is a “tilting” or “loosening” approach first discussed by Mike Caro.
5.Taking an inordinate or otherwise inappropriate amount of time to announce and show your hand (also called "slow-rolling") at the showdown. (Such deliberate breaches of etiquette have the side effect of slowing play and risking barring, thereby limiting the earnings of the expert player. For this, and other social reasons, such tactics are mostly associated with novices.)
These antics can upset the other players at the table with the intention of getting them to play poorly.



This happens to the best of the best sometimes and you can lose it all especially in trading.

However, based on your loss of 11K on over ten contracts... you were overleveraged and underfunded!

 

I feel your pain! Back before I knew what I was doing, I used to do a similar move when I saw a position going against me. I thought it would "come back" and I would make a killing in the meantime! Wrong,Wrong and Wrong again.
The things I learned were golden: Before you get in, know where or under what conditions you will get out: know how much you are willing to risk and stick to it: know where the trade is headed by reading the charts(not always 100% accurate but it gives you a wonderful idea). But most importantly, Know where you stand in regards to your emotions about your trades!!
What I found was helpful was not paper trading but instead using real money to test my strategies!! That way, I could get used to winning and losing. I hope some of this helps you out and that you will give trading a second chance because it is a great full time business to be in! If you learn to get control of your emotions and the foregoing info I stated helps you out any, you will be greatful that you did!!

 

Here we go again with that "tilt" sh*t.....