I blew up , feels so bad

Discussion in 'Psychology' started by tickmagnet, Feb 15, 2009.

  1. I don't know what the fuck happened ,but happened it fast.
    I switched my account from OX to just2trade , cause for
    very cheap commissions. from 20K I went to 27K in few days ,
    than i started , SINA , MELI ,(both came back after I sold them at loss) and kept Fucking DRYS , now I'm down to 3.5K .


    1.Nver get into crowded trades
    2.position size kills
    3.cheap commisssions make you to trade more.
    4 this games is rigged.

    how can I make it back ( I had some big hits in the past , but now i"m scared)
  2. Do what Soros does. Decrease your position size until you are profitable again. That way you can continue trading (learning) with less risk.

    Btw, do you hold overnight?
  3. Given your post and account performance, there is a high probability you won't make it back anytime soon.

    If you don't know why, then stop trading now. Papertrade. Or trade tiny size until you are consistently profitable.
  4. that what i thought , I traded 2k , 3k and now I need to readjust.
    I cann't daytrade , and I always held my positions for days and sometimes for weeks , DRYS killed me , they twice had bad after market news.
  5. Oh boy, really sorry for you, I mean it...most traders go through this at some point in time.

    If I were you - and this does not constitute trading advice, you are responsible for your own decisions - I would keep DRYS in the account and forget about trading for a while. I would just bet on a short term recovery of China and India- which some people say it may be happening now- and along with it higher freight rates that DRYS can benefit from. If there is a recovery, DRYS can easily go up to $20 or even $30.

    The downside risk is that the recovery may not happen and DRYS can go even lower as when time comes to renew time charter contracts prices will be very low and the company will be forced to liquidate assets or even default on loan payments. They recently made some arrangements with their banks to reduce payments but shipping is a highly volatile and risky business and nobody knows what will happen.

    Good luck to you...I have been through this and I pulled myself out but I was trading futures and it was much easier to recover.
  6. Holding stocks for day / weeks is very risky mostly due to gaps and are highly manipulated due to their low liquidity. I would focus on SPY which you can dump anytime 24/5, reducing you risk.
  7. Short&naked , I agree with you here. I think ETFS offer
    better choice for trading , Im lookin in to DBA.
  8. tickmagnet, it happens to us all. I remember I went from 10k to 2k intraday and I was just so mad at myself. I was able to get back even in 3 day but I felt like crap for a month. Trading is like taking the game winning shot for a living. It tests your psyche at all times. Now it is about how you respond. Money management and position sizing is the key to avoid these types of blow ups
  9. Proper capitalization and money management is extremely important.

    Takes money to make money.

    The fiction stories of traders trading with small accounts achieving consistent unreal returns are just that, unreal.

    Lot of crap in this business but every newcomer wants to make a lot of money fast and quickly. Hard truth is, it does not work like that.

  10. thanks to all of you guys , I'be trading 200 shares I guess , for a while.
    #10     Feb 15, 2009