Home > The Business of Trading > Professional Trading > i've lost 400k the last 2 months i'm quitting

i've lost 400k the last 2 months i'm quitting

  1. i've dropped 400k since may 10th and i'm throwing in the towell dead broke. i was long everything from mrvl to brcm and was margined huge. i just couldn't take a lose and now it's over. i wish all the best of luck
  2. So you were not hedged?
  3. Shit man sorry to hear that. I don't know what else to say. Jeez.
  4. If it's not too late, put your assests offshore under a corp. You did says you were margained right? How much do you owe? Or did you already make the margain calls?
  5. jeez, both stocks took a serious tumble, unlucky to step into 'em when reprts where horrendous....hope u could afford to lose all that money and that u didnt leverage u buttz in the chase of big wins....still rather massive beatin' u took, and pretty much avoidable.
  6. Man, I am really sorry to hear . . . 400K is a lot of $ to me . . . Best of luck.

  7. Later:cool:
  8. i left with 15k. i just froze. i hedged nothing as i was paralzed. it seems like a bad dream. waking up every morning with butterflies. i've put my family in grave risk now as my gambling addiction wiped me out.
  9. Memo to anyone else who doesn't know how to take a lose....give your money to someone who knows how to take a loss.

    "you say lose...I say loss...let call the whole thing off"

  10. Hedge King went directional on huge margins ? It's oxymoron.
    Somehow I don't believe that you lost , but if you did , I'm sorry to hear it.
  11. why would i lie? i thought maybe my exp could save someone else the pain i've gone threw

  12. Yes I do agree this is exactly like gambling (or can be, to qualify my statement). Your life is not over as money will never hold any true value near as equal to your overall life. Right now get your head straight and take a step back from everything to evaluate your options here. Find a way to make well thought out decisions for the next few months and do not do anything impulsive at this time - in the state your in now, most have a tendency to make a string of terrible decisions that are all emotionally based....not good!

    Think everything out and act slow as you move forward - this may turn out to be a great turning point in your life, as many in this world have made great break throughs from massive defeats.

    Best wishes to you!
  13. what will you do now? got any plans to get back on your feet?

  14. You said so yourself you have a gambling additction, seriously condsider GA. 12 step programs have a high success rate for those that want to change.
  15. Can you elaborate when you went long and what you went long on (ie. MRVL & BRCM) and why did you decide to go long on those stocks ?

    How and when did you decide to average down ? What type of pyramding method did use ?

    So we can learn from your experience.

  16. My friend I know this seems like the end of the world BUT it's NOT.

    I've seen 2 market crashes and seen MANY folks wiped out and even seniors BUT they all went on to recover and learn from their mistakes, even if it meant NEVER putting $$ into the markets again!!!

    I've also seen a few people commit suicide and all that did was put their families in much worse conditions.

    It's only $ and it can be made again, take some time for yourself (not too much) and get up and shake yourself off and start all over again (I recommend a brand new business).

    In a few years from now you can be right back where you where!

    Stay Strong and God Bless.
  17. Yea, my gut tells me it's a troll who can't pull the trigger so he comes on here to seek identification with his false identity as a trader, albeit a failed one.

    If he said he doubled his account, he'd get flamed. So, he says he lost and he gets a group hug. My guess is he's never traded, maybe 100 share lots. Cheers
  18. sorry for your loss bro...

    Sincerely wish you nothing but the best in the futures. It takes a strong soul to admit their mistake.

    again.. best of luck with everything.
  19. i'm in shock now to be honest and have no idea what i'll do. i've already started taking cash advances on my credit cards to live on the next few months till i figure out a course of action. i actually had some hope till yesterday and today as mrvl collapsed almost 10 pts
  20. some detalis surroundin' your transactions and the motives behind your choice of stocks+avg price would be welcomed.

  21. i would bet neither floor traders if forced into the screen.

  22. Yes I have already seen that first hand....LOL! :D
  23. What does your family say? Do they know? Do you consider yourself a Trader with a gambling habit? Do you consider yourself always to be a trader? Do you feel Suicidal?

    I wanted to put all of your posts together (31 minutes of time) up to this point.

    Michael B.

    06-28-06 04:47 PM

    i've dropped 400k since may 10th and i'm throwing in the towell dead broke. i was long everything from mrvl to brcm and was margined huge. i just couldn't take a lose and now it's over. i wish all the best of luck

    06-28-06 04:54 PM

    i left with 15k. i just froze. i hedged nothing as i was paralzed. it seems like a bad dream. waking up every morning with butterflies. i've put my family in grave risk now as my gambling addiction wiped me out.

    06-28-06 05:02 PM

    why would i lie? i thought maybe my exp could save someone else the pain i've gone threw

    06-28-06 05:18 PM

    i'm in shock now to be honest and have no idea what i'll do. i've already started taking cash advances on my credit cards to live on the next few months till i figure out a course of action. i actually had some hope till yesterday and today as mrvl collapsed almost 10 pts
  24. Well there is no use being a smart ass to someone who has f**ked himself up the butt so royally with real losses.

    I cannot understand addiction to 'throw away' gambling; its a subliminal & urgent demand by the individual to expose & prove himself as a self loser.

    From such self flagellation the good news is that it will lead to better things for Hedgeking and a learnt perspective.
  25. It was probably $4 mil...

    But hey, you still got your show! :p

  26. There are two posters...Chood and Choad right?
  27. Ok here is how you get your money back...Buy 600 SIRI Jan '08 12.50 call options. The ask is .25 right now. If SIRI hits $19 dollars...BAM you got your money back! :)
  28. R0R, siri is indebted to the neck, zero profits since its ipo and debts increasin' qt to qt...chances are it wont see $10 in 5yrs.
  29. With it's deal for Howard Sterm, I would be surprise if they still in business in 5 years. I think Howard did a great career move by cashed in on day 1.
  30. This is very good advice. And following this is a post I made 3 years ago about Mark Cook who also blew out his account, but eventually came back. Sorry to hear about your losses and thanks for having the integrity to post what happened. That shows a lot. Let us know how things go. Best wishes for good things ahead.
  31. Stock Market Wizard, Mark Cook was using the trading strategy early in his career of selling options and making good money doing it. He was doing so well with his trading that he started trading for some family members. He had a system worked out that he thought he'd "perfected" that was consistently making him money. Then in June of 1982 he decided to step up his trading even more. He ran his program one week that month and it came up with a list of trades for a company called Cities Service. The stock was trading at $27 and the 35, 40, and 45 call options were selling for premiums far above the model-implied prices with only about a week left before expiration. He couldn't believe the prices and felt as though they were giving him the money. He sold hundreds of these options. He says, "I still remember that on June 16, 1982 - one day before the day that will live in infamy for me - I tried to sell an additional hundred options at a specific price right before the close, but I didn't get filled."
    "The next day, they announced that Cities Service was going to be bought out for $20 more than the highest strike price option. They shut down trading in the stock and options for the rest of the week and didn't resume trading until after the option expiration. Of course, the options got exercised [leaving Cook about one hundred shares for each option he had sold] and by the time the stock started trading again, he was down $500,000.
    Jack Schwager asks, "Did that include your family's accounts?"
    Cook: "No, that was just my account. I had gone from $165,000 at the start of June to a deficit of over $350,000. In addition, I had lost over $100,000 apiece in accounts I had for my mother, father, and aunt. I still have the trade slips right here in my desk drawer. It wasn't until last year - seventeen years after this happened - that I was able to pull them out and look at them. I had a margin call in excess of one million dollars on my account, which is what I would have had to put up if I wanted to hold the short stock position instead of buying it back. Technically, you are supposed to have five days to meet the margin call, but the firm was on me to cover the position right away."

    Part Two Follows -
    From "Stock Market Wizards" by Jack Schwager
  32. Continuing:
    That night he called his mother, which was the hardest phone call he ever had to make. He felt like a complete failure. He felt like he should be put in shackles and hauled away. "Mom," I said, "I need to talk to you."
    "What is it?" she asked
    "I think you need to come over to the house tomorrow morning to discuss it."
    The next morning around 6:30 A.M., he looked out the window and saw his mom dragging up the walk at a snails pace, which was very unlike her.
    She came in and asked, "Mark, what is the problem?"
    "Sit down on the couch, Mom," he said solemnly.
    She sat down and asked, "What's wrong Mark? Is it something serious?"
    "Yes, I'm afraid it is," he answered "Mom, I lost $100,000 of your money."
    She didn't flinch at all. She looked him straight in the eye and asked sympathetically, "How much did you lose, Mark?"
    "I lost half a million dollars."
    "But you don't have half a million dollars."
    "I know, Mom."
    "What else?"
    "What do you mean, 'What else?'" he asked
    "Besides losing all this money what else is wrong?"
    "That's it Mom." he answered
    "Oh, is that all! I thought you had cancer."
    "Did that ever put things in a different light. Her next sentence was unbelievable." "How long will it be until you make it back?" she asked
    "If she would have said anything else, I would have quit. But she had said just the right thing, at the right time. I straightened myself up a bit and said, "Five years," picking a number out of the air because I had no clue how I would make the money back."
    "If you make the money back in ten years, that's okay,' she said. "Now go ahead and do it."
    "From that point forward, I never again sold any naked options."
    As it turned out, ironically, the deal for Cities Service fell through and if he had been able to meet the margin call, within a month, he would have made back all his money and even had a profit. Of course if he had been filled on the last hundred options he was trying to sell that last day, he would have been forced into bankruptcy.
    And he did end up making the money back.
    To read the rest of this story check out Jack's book, "Stock Market Wizards". A very enjoyable book. I really enjoy reading about the experiences of other traders.
  33. Can I ask a few questions:

    How long have you been trading?

    How long has the period been since you lost the 400k, when did you enter those positions, and did you lose the 400k on only those 2 stocks after they dropped?

    How much were you expecting to possibly gain when you put on those trades?

    Why didn't you set a stop loss and why didn't you get out when you lost 50k, 100k, 200k?

    If you really thought of this as gambling, you did realize that with gambling there is always the possibility of losing everything, so why is it a shock to you that you lost everything?

    Do you know why gambling is stupid and why they make others rich, and make the players (in majority of cases) poorer?

    Trading is not gambling, because you control your risk and your reward. Trading is controlled risk management basically. You had the opprotunity to pull out at any time, yet you waited, and waited, and waited until you had nothing. That is a 1 to 1 risk vs reward ratio essentially, and that essentially is what most common gambling (a lot of card games for example).


    At least I have found another great post to put in my folder of "THINGS NOT TO DO" while trading. I have a ton of those, so you shouldn't feel bad, I've read several posts of people dropping millions in prop firms and all that. So you shouldn't feel so bad, you lost in your gambling, if it made you a better person to realize to stop gambling, then good, if not and you continue to gamble, you deserve what your future holds, and that is a life of pain and suffering for you and your family. So be wise and straighten up.

    Good luck, make the right choice next time.
  34. Here's the last part. Buy Jack's books they're really great.

    Jack Schwager asks, “How long did it take you to recover the $350,000 trading deficit that was left over from the Cities Service trade?”
    Cook: "Five years, measured from the Cities Service trade, which was three years after I resumed trading. The big year was 1987. When I say that, people automatically assume that I must have been short during the October crash, but I actually made most of the money during the bull market earlier that year.
    At that time I wasn’t day trading yet. In May 1987 I saw what I believed was a phenomenal buying opportunity in stock index call options. Two factors had converged: my cumulative tick indicator was giving extremely bullish readings, and the decline in volatility had made the option premiums very cheap. My grandfather used to tell me, “Buy things when people don’t want them, and sell things when people want them.” I put $55,000 into long-term, out-of-the-money stock index calls that were trading at ½ to 5/8. [Schwager points out: In this type of option position, the trader can make multiples of the initial outlay if there is a huge price advance, but lose the entire investment in any other price scenario.] I bought well over a thousand options. During the next few months, stock prices exploded and the volatility shot up – a combination that caused the value of my options to soar.
    Ever since the Cities Service disaster in 1982, I had wanted to demonstrate to my parents that I wasn’t a failure. On August 7 1987, I went over to see them, “I’m trading options again.”
    “Oh no!” exclaimed my dad. “What is the bad news this time?”
    “Well, Dad, that is why I’m here.” I answered.
    “Why do you trade those things, Mark? Didn’t you learn your lesson? Do you have a problem again?”
    “Yes I have an income tax problem,” I answered. “The calls I bought are worth $750,000.”
    “How much did you invest?”
    “Fifty-five thousand dollars,” I answered
    “Gosh take it!” he said
    “No,” I said, “they are going up more tomorrow.” The next day I cashed out the position for a $1.4 million-dollar profit.
  35. Could you please give us a brief description of your trading plan?

    What Sectors, stocks, futures, options, etc... were you trading?

    What % would you risk per trade? Money management?


  36. both stocks gapped hard overnite, down more than 10% and one of 'em kept slidin' for the whole session endin' the day down 15%. dont think he ever had a chance to cut his losses. of course if he didnt liquidate mrvl yesterday when he had a chance now hes sufferin' even more.

  37. For what its worth (and I have said this before) I lost over $100,000 my first year (actually $116,560.00). It was devastating. I remember not being able to sleep. Not eating. Not knowing what to do, and laying their in bed sweating, knowing that in the morning the markets would open and I had no clue as to what to do, with (family) people counting on me to perform.

    Its a bad way to live

    I stopped. Put my finances on paper and made my apologies to my family. I presented a plan to fix it. I presented a timetable. I went out and got the help I needed, and I worked at it.

    Eventually I got even (lol) and then learned to make a profit. I remember my first year after break even I made 29K. Big deal right?

    This world is what you make it. The bad experience you have had is not going away, but you can make it a turning point in your life if you want to. What I learned is that every minute of the day, any one of us can make a decision to change and then put it into action.

    You know the time is going to go by anyway. I am suggesting that doing something to try and turn this around might change the way you think, about the world, and about yourself.

  38. If the story is true, which I doubt very much. i've been told about practical jokers on this board. If so, I'm very sorry for you. But, you have to be kidding. What in the world are you doing sitting and holding all your money in a couple of stocks, even the wildest daytrader i've ever met would not do such a thing.

    i suggest that you consider gambling counseling, you may have more going on than just a couple of stock trades. how did you get the money to begin with. not being critical, just skeptical.

  39. on may 10th i bought about 10k shares of mrvl avg around 56ish. it had fallen hard off 61 from a few days earlier and i thought it bottomed. brcm i was in around 41 ish with 12k shares plus i had a 100's of of options on both. it was just greed as i wanted the big score i guess. i'm just a drunken gambler i guess
  40. MRVL was one? What was the reasoning behind going long that stock, esp with tech stocks behaving as they have?

    Not that you couldn't take a shot, but if a gambling addiction is the problem, then money management isn't even in your lexicon.

    I think there was a quote in Market Wizards about satisfying any urge to gamble in Vegas rather then the market. If you lose your money in Vegas, at least there were pretty girls and free drinks...
  41. I'm not quite psychotic enough to read this entire thread... how is it possible to go from $400k to $15k under regT holding a few stocks?
  42. i lost $50.00 bucko's today shorting appl - i'm quiting too! i can't sleep at night knowing someone has my 50 spot and i'll never get it back...:(
  43. When I was on the retail side, I saw a guy deposit $1.8mm inheritance check and in 18 months he owed the brokerage $20,000. Everything he touched turned to crap. His biggest mistake..betting too much on one or two stocks.

    Lesson here: Never risk more than 10% in any one position of your entire portfolio.

    If you are arrogant and don't believe me, you will soon find out.
  44. Don't feed the trolls
  45. False
  46. You see the same scenario over and over here on ET. Some new poster starts a BS thread like this, posts a few times, and then it takes on a life of its own. A whole slew of different posters then perpetuates the thread. In the meantime, the original poster is no where to be found.
  47. what do you mean no were to be found? i just got my ass kicked in and laid my soul on here at the shame i've created for myself and you call me a fraud?try dropping 400k and see how you feel. you think i want to sit on here and answer 1000 questions after i've been destroyed. i simply put this not on here so others don't go down the same shitty road i did.
  48. Please post your brokerage statement!!!
  49. I talked to this guy one time who lost $800k trading. He had gotten in a car accident and was in a wheelchair.

    He got hooked on painkillers and was getting high as a kite while he traded.

    He say the he was long 90 bond contracts and they tanked. Finally the broker called him and asked him if he wanted to put a stop in for him.

    Amazing stuff what happens to people. Awful stuff.

  50. Ouch. Might take a while for those knife wounds in your hands to heal.

    Just out of curiosity, how did you get your hands on 400 large to throw into your brokerage account? Without knowing exactly what I was doing, my wife would NEVER let that happen....


    P.S. For what it's worth, I can only imagine that losing your shirt in a very short amount of time like that is far less worse then bleeding yourself to death over a prolonged timeframe. For beginners, my take is that the most disheartening thing about trading is seeing your account bled dry slowly and steadily.
  51. Well, what I find interesting is you've been here a whole 5 days; you say you lost 400k in the past 6 weeks; you are now broke, and in spite of this debacle you consider hedgeking to be an appropriate SN for you. Nope, I don't think so. I just don't see human nature working that way. I guess I should have been born in Missouri, 'cause I say "show me"
  52. i've been reading this board for years but never posted. i chose the name hedgeking so people would see how important hedging is so they don't make my horrible mistake.if my debacle helps 1 person not walk down my lonely road then all was not in vain.
  53. I think you love the attention and it's all crap but anyway, it's a nice sentiment to want to help other people. if i had lost 400k i sure as hell wouldn't be logging here and posting about it. i'd be sitting in a v dark room staring at a wall. good luck.

    (p.s i did lose 160k in my first year trading in 2002-- was an inheritance too -- not exactly the 1.8 mil someone just posted but man was i depressed).
  54. Hey come on guys, dont you think this guy has been thru enough without you jackasses twisting the knife even more? I would like to hear more about this guy, what he is going to do, and where he ends up. As someone who has blown his own account once, i know the pain. Of course for me it was a measly 16k i lost. 10k of that was in my last week of trading. Those of you bashing him are most likely not even traders because you have no money, you just paper trade and think if you can make money on paper you can make money in real life. When you take a hit like that its seriously painfull and those of you that question whether or not he lost that much money, i mean why not? Do you think he would just lie about this to get attention? For what purpose? If he was going to lie, dont you think he would say he made 10 million dollars and started with a 2k bankroll 6 weeks ago?

    But, like the other i would like to know where this guy got 400k. I am assuming he got it where most of the other traders got their cash...from selling their house within the last year or two. Hopefully he didnt mortgage his house to get the money, but i have a feeling he did if he is using credit cards to stay afloat.
  55. Alisa,

    Can you tell us your story? How much did you inherit? did you lose the whole thing, or was 160k just part of it? Do tell! :)
  56. I inherited 110k, got margin calls, got credit card advances to cover those and finally closed account at -160k in damages. Don't even ask re methodology, there wasn't any. I had just come out of grad school and thought i was smarter than everyone else.
    It took 1 year, from 2001-2002, I had just started trading and kept seeing all the all time highs on the tech stocks and kept trying to catch the bottom. Unreal when i think of it now. Anyway I quit in 2002-2003, got another job, but started actually reading books and learning about trading, and finally went back full time in 2003 thanks to another lump sum payment, much smaller this time though. 2003 I broke even, 2004 on I got my act together....and that's my life. Now i make a decent salary, not much, but enough, especially for this lifestyle and for a job i love.
  57. Very good advice.
  58. good effort! that learning/humbling curve can be a killer...
  59. I think his story is very plausible. Furthermore I'll wager that the majority of successful traders have similar ones to tell. IMHO its generally par for the course to follow this route but what separates the success from the wipeouts is their ability to learn from mistakes and tenaciously fight back.
    That said, a person with a gambling problem should let someone else trade on their behalf otherwise its akin to an alcoholic working in a brewery. Only a matter of time.
  60. Coming back from a large sized blow out ýs not an easy task. It doesn't matter how competitive you are or how much your psychology/mindset/approach has changed. It's a pain in the ass. (especially if you don't have adequate funds to make that return).

    The whole experience can fuck up your life (to a certain extent). On the positive side, It can always be worse you could live in Africa and have to walk 5 miles to get water.


  61. As a matter of fact; I DO live in Africa, been at this full time for almost two years and I'm down 55%. Happily I have running water in my home. :)
  62. Hedgeking - after reading through half of these posts and seeing what complete morons a lot of these guys are (so called traders) then maybe you should be happy that your leaving the business after all.


    Seriously though, things will work out BUT go and get yourself a STABLE, STEADY job for awhile even if the pay is low it is very important for your self respect and state of mind right now!
  63. have you considered that the type of personality that makes you want to become a trader is the exact type of personality that will make you unsuccessful?

    never combine buy and hold with margin. why? because every stock will get pulled down by the market no matter how strong the company's fundamentals. you think it will just come back up. well, yes, it will, in the long run (years). but in the short run, the market can easily take it down more than 20%. if you use margin you will not survive this.
  64. Hey, who you callin' a trader! :p
  65. YAWN
  66. To the OP, not to be mean, just objective:

    There is an 80% chance that your story is BS, and there is a 100% chance that you are an idiot. Again, I don't mean to be offensive, but:

    1. You said you have been reading ET for years, and you haven't learnt anything???? You are either the biggest idiot or your story is a lie. I go with the lie...

    2. Blowing so much money in such a short time, I am sorry but again, just classifies you as an idiot. No plans, no papertrades, no small account trades first, no diversification?? You just jump in and bet the bank on 1-2 stocks using margin?? How fucking stupid is that???

    If it happened, you deserved it, I am sorry. In real life the stupid gets eaten.

    By the way, assuming a 2 to 1 margin, would you care to show which stocks fell 50% in 3 weeks??? And if you had 400K, what did you need margin for???
  67. Not to be mean, but just to be objective, you're the farking moron giving props to that mildly retarded moron, Marketsurfer.

    Better take a look in the mirror pokeman.
  68. If you were objective, you wouldn't use a non sequitur... :)

    Next please....
  69. repeat...

    we would like to see broker statements, no names of course. and again, where did you get the money?

    of course it's none of our business, but it is a pretty outrageious claim.

  70. By this statement, the longer the time you spend on ET, the better chances of you making a blockbuster profit.

    You should write a book based on this rationality.


    You are a punkass. People like you deserve to lose all their money and then some.
  71. 400K in 2 months? Wow hard lesson to learn about risk/money management. you got fucking owned!!!

    But, like others have said here, it's a lie or your the biggest fucking retard north of the equator.
  72. Take the business end of a .357 Magnum to the head. Problem solved.
  73. Guys, please just once bring up a rational argument against me!

    No, I don't expect anyone to MAKE a huge profit after having read ET for years. But I do expect NOT TO LOSE a huge amount of money in a short period of time!!! Slight difference...

    But if you think the guy is legit, why don't you send him money, after all using your logic he sure wouldn't make the same mistake again?? :)
  74. To a person with a gambling problem the market is a casino.
    A trade is a bet
    A profit is a win and a great reason to double up.
    A loss is a set back and an even better reason to double up.
    And money/risk management doesn't exhist because the next bet is sure to be a winner.

    Vegas was built and runs on this type of thinking. And to an extent, so does the market.
  75. What's the problem with Pekelo's post? He just said it the way it is. No touchy feely (the American way) but true.
  76. In real life, we all become "stupid" at least a few times. Hopefully, we are lucky enough to survive our biggest mistakes. If not lucky, though, is being "eaten" the fate you wish when stupid eventually happens?
  77. ===================
    With all due respect & we do respect you.

    WHERE was the hedge or the stop;
    I marvel you did MRVL long with a nickname like that.

    Change your nickname buddy ;
    or change your nature buddy :cool:
  78. "Eat or be eaten" that is the law of the jungle. It also applies to the market (jungle)
  79. Sad but true.
  80. there's really little for me to say. it's easy to look back and say i should have done this or that but i didn't. this has put my family in a bad situation. who knows my wife could leave me if things get financially bad. just like a blackjack player i went for it looking for the huge score. i wanted to feel the rush of being up 100k fast. instead i sit here despressed and in ruins
  81. I predict this stock closes the gap in two weeks, you should take all your money left and buy as many MRVL calls as possible. If you are going to blow out, blow out everything like a bad ass. Go down in a blaze of glory, not like a whimpering pussy. C'mon man get it together.

    <a href="http://tinypic.com"><img src="http://i4.tinypic.com/167vvwy.png" border="0" alt="Image and video hosting by TinyPic"></a>
  82. you want to make me feel bad? i sat here today with my finger up my ass as we ran 216 pts. it was like somebody put a knife in me and was twisting it. now that i'm out i hope mrvl and brcm burn in hell
  83. Man you guys are in a bad way!

    I have to say the advice and comments I am reading say that you are hurting. I feel bad myself just thinking about it.

    I just got one short comment to make for everyone, or at least for the last few posters.

    I am pretty sure that there will always be opportunities in the markets. I realize that there may be an opportunity in Marvell for instance, but I think that the best thing you folks can do at this point in your careers is to lay back and try to get more of an edge before you take on more risk. Its not the opportunity to make money on a specific stock that I argue against but the attitude that you bring to the game that tells me you're on the wrong side of things.

    I hope you find your way.

  84. always have 4 kinds of stops:
    1. Stop loss -- say, get out when your position is down 25%
    2. profit stop -- nothing goes on forever... don't let a win turns into a loss
    3. time stop -- if the market is not going your way, get out, stand aside and look again
    4. trailing stop -- a good set up will let your profit run

    don't give up
    I don't think you would. You will simply mourn for a few days/months, recoup your capital and start again.

    but don't just dive in there... get educated... go learn options. If you are going to play big, you can't afford not to have a knowledge in options to cover you.

    good luck!
  85. I am not trying to mock you, I lost a lot of money shorting gold from 500 dollars last year. I know at least some of the pain you are feeling right now. I just think that if you have some money left you should to try and get lucky. I once saw a guy at the craps table lose 6,000 dollars down to 20 dollars then turn that 20 dollars into 14,000 dollars. Miracles do happen.

  86. Hey Steve, I'm curious about something:

    A few months ago, a trader in even worse shape than hedgeking started a thread about how he suffers from psychotic delusions and suicidal depression. IMO, It seemed as believable as anything else you read on the net.

    That thread is gone now, but I'm sure many here remember it. I recall you responded by insulting & mocking the wretched guy. "Leave you liver for your lover, etc."... you wrote something along those lines, but a whole paragraph of it. At the time I came to the conclusion that you must be pretty heartless and cruel to kick a guy when he's down like that.

    So how did you just turn a complete 180°? Were you just drunk that day a few months ago, or what? I'm not bashing you, just curious is all...
  87. Man, I been down 25k and it took 2 1/2 years to get it back but I got grey hair now. I don't know 3what else to say.
    I guess I'll just say a prayer for u tonight.

  88. Yup. Sure seems like S46 has had some sensitivity training lately...
  89. Caption: Things someone who's never had a $100K+ trading year would say.

    I'm not saying this to be insulting- Actually, it might help you. If you choose to be a good sport and admit my assumption is correct, I'll PM you the exact reasons WHY your post is full of piker-think.
  90. Caption: Something a guy who lost 1.5MM in one day with no stops would say.

  91. More piker-think.

    That day was Jan 3rd, 2001. Stop orders wouldn't have done a thing to protect me in that situation. I'll let someone else explain the reasons why.
  92. I was a dealer in Las vegas for 3.5 years and yeah, thats a miracle. Now let me tell you the flip side. A guy came to my craps table with 15k. He was watching the field. (for those of you that dont know craps, the field is a set of number 2,3,4,9,10,11,12.) 1 roll bet. If your number hits you get even money (unless its 2 or 12 and you get double) if not..you lose. So this guy would wait for 3 non-field rolls and then bet 25 dollars in the field. If it didnt hit...he doubled up to 50, if that didnt hit 100 and so on. So he did that for about 20 minutes and he was up...oh i would say about 200 or 300 dollars...then in the next 10 minutes, no field rolls at all. that 15 grand just disappeared. Guy came back 30 minutes later with a ratty old 20 dollar bill trying to get it all back. No miracle that night.

    Another guy went to the Orleans casino, had a 5 dollar chip but didnt know how to play blackjack...the dealers helped him and before he knew it he was up 160,000 dollars. He was generously tipping the dealers throughout his winning...but eventually gave every last penny back to the casino. After he was done he asked the pit boss if he could get a comped room. Pit boss just snarled at him and said "why dont you ask the DEALERS to get you a room?" (after all...the casino only got 5 bucks off of him and the dealers took home alot in tips) Anyway...the dealers all chipped in and paid for his room. :)

    1 more story...a dealer at the horseshoe won 30k on his break at keno...next break he walked over to golden nugget to the craps table. Point was 5. He said "give me 27,000 across" next roll...7 out. Then he rushed back to work before his break was over. Man what a kick in the ass that was for him.
  93. To the OP.

    Sorry, did not read must of the posts on here. Are you a full time trader? I would suggest going back to whatever made you 400k.

    Sorry to hear about this, but at least you can say you gave it a shot!
  94. It doesnt sount to me like he made the 400k trading, but rather gambled his retirement funds...

    Moral of the story, NY isn´t Vegas... so dont gamble in the markets.
  95. The true test of an individual is how well the come back from a heavy fall.
  96. if you think you are so smart, why don't you start a new thread and lay it out on the open?
  97. Great stories....thanks for sharing. Personally they make me sick to my stomach to read and they remind me why I dont gamble in casinos. It is a sickness...

    To the thread op. My advice is tell your wife and family everything straight away and seek help. Its only money, you can make more...but family is not replaceable.

    Good luck...
  98. Your not a trader. Your a gambler with issues. Not just financial either.
  99. I've already done that, complete with a poll- but just once, in order to confirm my assumptions.

    As for launching an effort to curb the mistakes of my competitors, when those mistakes are directly benefiting my trading results...
    Sure! I'll get right on that...

  100. I think hedgeking is new to market and to ET, that's why he wants others pay attention to him. I don't believe his story as it is so simple and kiddish.

    I hope next your thread would be more real.

  101. I can't believe I just read every page of this thread. It had its moments and there is actually a little good advice thrown in.

    There is no sincerity in the original poster. It is obvious.
  102. go fuck yourself. i set here drunk as hell on my 13th beer and you call me a liar. i thought maybe my exp could help people avoid my fate. i was wrong. instead i get smart ass comments calling me a liar. hey on the bright side you hot shot rich ass day traders making big bucks paying big taxes can support me on medicaid,food stamps and subsidized housing. now you boys pay some big taxes so i can live good. hell i'll have to start drinking pabst blue ribbon.
  103. Hey man. Don´t let the BS @ ET get to you. Drinking isn´t going to fix your problem, it would only make things worse. If the story you told us is true or pure bull... well that´s your problem, I don´t see how you could gain anything from telling such a lie, so I asume you´re telling the thruth.
    In that case. Best thing you can do now is talk to somebody, {I would recommend AA, NA, or something of that sort} get all that frustration out of your chest. Face life, don´t try to run away from it. Try to get your life back together. It´ll probably take some time, and it will probably be a hard road, you might even fail to get back to where you started. But at least you´ll go down fighthing.

    Sure you lost a lot of money. But in the end is only money. There are many things in life that are worth so much more than money. If you want to do some reading... how about the book of Job, is right before the Psalms in the bible... I´m sure you can learn many things from that guy. He got back from a much worse scenario than yours.

    "Sometimes doing your best is not enough, you have to do what´s requiered. "

    W. Churchill.
  104. A 25% stop?

    You guys are out of your F'n mind.

    Surely there must be others here who know how to trade.

    So if I have 2 losers in a row I am down 50% of my Capital.

    Now I need a 100% to return to get even.

    I think I will start teaching classes to you newbs, this info is insane.
  105. If you don't suffer you will only repeat your mistakes.

    I blew out my account many times when I first started and almost got divorced.

    Eventually I learned NOT to repeat my mistakes and be a disciplined trader.

    You sir are far from there, so learn.

    Get off your ass and quit feeling sorry for yourself because I won't.

    Me feeling sorry for you won't help a damn thing.
  106. Hey...nothing wrong with PBR, but I would stick with the Old Style, personally. Sorry for your loss.
  107. Food stamps are only good for 5 years then you dont get them anymore. Subsidized housing is a joke. There is a waiting list to get on the waiting list. Expect a 2 to 4 year wait to get subsidized housing, because the funding is just not there. Medicaid is awesome though...they pay for everything! No co-pay, free drugs, you get hospitalized, its all taken care of. But are you the type that gets sick alot? If not, then you are really not getting any benifit from medicaid. And if you are in california, they call it medi-cal and they dont pay for everything. You actually will have to pay full price for certain things even with a prescription. So here is your future.....

    option 1 You will eat well for the next 5 years but have no place to live. Then you will have a place to live, but have no food. And when you start getting sick from lack of nutrition, your medical bills will be paid, but you will feel like shit all the time.

    Or you can go with option 2. Get a job, bitch about taxes, save some money, and maybe next time you trade, dont use margin.

    Remember this though....you didnt lose 400k. Its just recirculating until you get it back. If you didnt use margin the first time, you would only be down about 80k and still have 320k and you know the stock would eventually come back and make you money.

    Anyway...good luck with whatever your choices....they are half chance...just like everbody elses. (from a baz lurman song)

  108. Stick with the PBR. At least give me a royalty off your misery......
  109. do you know the difference between "position" and "capital" ?

    You are the one who is out of your F'n mind.
  110. Come on, man, you said you blew 400K in 6 weeks or so. NOBODY can be that STUPID or UNSUCCESSFUL. It is NOT that easy to whipe out an account in such a short time using well established stocks without margin. But you said you used margin, for no good reason.Well see below...

    My bet is that you didn't lie, but exaggerated. You probably blew 4K or 40K max., but felt the need to add 1 or 2 zeros, to make it more manly. You could prove me wrong by posting your account statement, but I don't think you will.

    The thing that gave you away is the use of margin. There was simply no reason to use margin on a 400K account, but it is quite understandable if you used it with a much smaller account.

    So if you want credibility you can start by coming clean and telling us how much you REALLY blew. Then you can also start to reread the posts in this thread, because you already got the answers. Now you just have to follow them.

    And yes, think about it, it was still only money. You could have got cancer, or find your wife with the postman in bed. (well, this still can happen, if you don't stop drinking)

    So cheer up, get a job, forget about trading for a while, get into gamblers anonymus and report back on your progress.

    Oh yes, and have a nice weekend, it is wonderful and sunny out there, there are more things to life than trading and money!!!
  111. I do you big favor. Give me 400k and we will call it massive defeat. In exchange I will share with you zen like wisdom rivaled only by Mr Miagi. This will be your great break through!
  112. This..is NOT how I reacted when I tried to scuttle my trading account: very quiet and in dark room with the door locked.

    I smell a liar or someone way outta control that needs <a target="_blank" href="http://www.healthsquare.com/newrx/hal1193.htm">Haldol.</a> PBR is not strong enough.
  113. Hey, if you wanna feel a lot better. Go take a look at this guy, Nick Leeson... he lost 827MM pounds... your 400k wouldnt even pay for his commisions...


    I know his story is real... because 1. He went to jail because of it. & 2. Barrings bank did go broke.

  114. Get your money back...buy CDE...stock is moving up and with commodities scarce, will most likely atleast double from here.

    Disclosure: I am long recently at $4.21 and $4.77.

    Good luck.
  115. Why do you think this stock is such a good buy? It really needs to close above 5.05, otherwise I would consider selling the position around 5. What is the catalyst that will move it higher?
  116. A truly remarkable fall from grace story. If he can make a comeback, anyone can.


    Pimp, out.
  117. Unbelievable...this guys is getting book deals!
  118. And his book is title, "Coping With Stress". :confused: :eek: Too much. :D
  119. For you guys who are dissing Rearden Metal.

    Check out his daily numbers that he has posted in 2006 net profit/loss thread.

    I think he knows what he is talking about.
  120. right he's a damm gambler just like me.he goes up and down 500k like a drunken junkie. i've saved him a seat next to me at the bar as i'm sure he'll be next to me soon dead ass broke

  121. he posts on elite.

  122. [​IMG]

    All right, let's not panic. I'll make the money by selling one of my livers. I can get by with one.
  123. the moral of the story?

    If you´re gonna fck up, make sure is big enough to get noticed by history.
  124. I suspect he has a bit more backing him, than what you did.
  125. What the hell where you trading ? Many years ago it took me 14 months to blow out 92% of a 6 figure account. You have 2 choices. You can bow out and move own, or you can learn from your mistake and figure out how to get on the same level of those who made 400k off of you.

  126. he made the wise decision to bet in the two most volatile high beta stocks in the board, zero diversification, zero hedge, massive leverage and blind into earnings...i mean, what the fuck was he thinkin' when even a 2yo knew that investors begun to be extremely risk adverse in the past 2months and were dumpin' tech like if it was pest. jeeez, cant really get me head around it...his loss was caused by a catalogue of errors not a freak accident, innit.
  127. A) My recently posted gains and losses aren't ridiculously large at all, when calculated as a percentage of my net worth.

    B) Allow me to amaze you with my pattern recognition abilities: Hedgeking, your story is 100% <b>true</b>, and you are of <b>Arabic</b> ethnicity. One or (probably) both of your parents was born in the Middle East.

    How'd I do that?!
  128. rearden jew is that your name? i've seen you on the chit chat board fighting for the jewish race. see i blame all your jew friends at gs for my loses. you sir have a chip on your shoulder and are ashamed of your jewish background? if anyone attacks your jewish ass they must be evil arabs right? am i getting hot mr. jew?i'm actually a lilly white red blooded full american who can't stand racist bigots like you. you're a dirty racist who hates anyone not jewish
  129. is your neck as red as your blood?

    sure, blame the jews for your losses... lol, that one´s gonna fly... how bout blaming the queen of england? I bet she dumped all of her MRVL stock as soon as she heard you where long on it!
  130. I have 3,568 posts here.
    Show me a single one with a racist message in it, or cut your losses now.
  131. I almost took you seriously
  132. Yeah, but he is making money of publishing deals, he is not a trader any more, is he?

    Bad news are better than no news, same here, bad reputation can be sold to the public and they will buy it depending on who is flogging it. Marketing stands for 80-90% of success of a product. One artist sold his own shit on tins and people paid top $ for it. Go figure.
  133. If one wanted to make nice residual income and had no ability to create and sell a commodity needed by people, he might as well go do something really bad, spend some time in prison and get a publisher to sell his novel "Inside The Mind Of A ..." and he would not be making a comeback, just selling his shit.

    EDIT: N Leeson is a w..ker who lost other peoples money and look at him now, he should live on a remote island now, that shameless son of a gun.
  134. This sounds a lot like your posts over at majorwager.com. You blamed everyone for everything and had all the answers - except the winning bets. If you really dropped 400 large.... and I don't believe you did .... then it's your fault and no one else. Losing doesn't make you a trader, it just makes you a loser - which you've proven yourself to be very well. But that doesn't even matter. What matters is that stirring up sh*t is your modus operandi.

    This thread belongs in chit chat.
  135. hedgeking, let me tell you how I used to trade Earnings reports.

    I would buy the stock 7-10 business days before the news hit. The stock would run up and then I would dump approx 2 days before.

    I did very well with this when I was trading overnight.

    The only time you should carry a trade into earnings is when you already have at least 10% in gains, otherwise you are gambling.

    Do you know how many times I would dump my stock before the report, the news came out great and the stock still FELL. Happens every friggin day, some ANAL-yst always has some idiot comment about why the stock going forward has problems.

    BTW, when the F did all of this start to become racist?

    In my opion JEWS are some of the smartest people on the planet. They run Wall Street, Hollywood, Banking, Doctors, Lawyers, etc...

    My personal attorney is a Jew. I chose his because he was highly recommended and when I found out he was Jewish it was a no brainer.

    If I am in serious civil or criminal trouble, I want the best Jewish lawyer money can buy. The same with medical.

    Everyone knows Jews are the best at what they do. I'm from Chicago and believe me JEWS run this friggin town, not Mayor Daley.

    I am so not Jewish BTW.

    If your stock had made a $400,000 profit who would get the "CREDIT"???????????????????

    Just curious if Wall St would have been crooked in that case also?
  136. Bird..is that YOU??
  137. Your such a fucking tool hedgeking with this post. I really hope you did loss 400K like you claim.... You deserve it....

    I hope you can still remember how to say "You want fries with that"? It will come in handy at your next interview.
  138. business is business. get yourself a jewish partner if you feel the way you do.
  139. You might also want to practice " y´all wanna supersize it?"
  140. BATTLE !!


  141. that's kimo he sucks.i've trained with emelianko fedor the greatest mma fighter on earth. i've trained many jewish idf's in the art of mma.
  142. Well Hedgeking, all's not lost, you did say you'd $15K left so why not: open an fx account — minimum $300 with fxcm, $1 with Oanda; read ‘Elliott Wave Principle : Key to Market Behavior' by Frost and Prechter — explains Price Movement.

    A trader in a book I was reading recently said “I remember the first time I lost $10 million . . . ”, mind you he was trading the bank's money.

    One always has to get back on the horse one's fallen off.
  143. why? because that's what 'they' say?

    "i got kicked senseless so i'm gonna get behind that mule again!"

  144. This is a moronic thread by a moronic threadstarter or alias.
  145. It needs to be closed and moved to chitchat
  146. this is a serious situation were i lost my life savings. to dish me is a crime and disrespectful. this thread was to hopefully help others not go down my path of destruction. if this thread saves one person it was worth it. down the hatch with another beer. hell this weekends like a blur. i'm numb as i don't want to face reality
  147. i'll drink to that
  148. Thunderinthevalley/Thunderdog?
  149. no, LongShot, aka the vomit man
  150. Thunderinvalley, if you're unable to distinguish between a horse and a mule, yes, YOU probably need to stand behind the mule again and perhaps have sense kicked back into you.

  151. soo, after u get rid of u headache 2morrow mornin' what are your plans to begin' gettin' a grip on yourself and turn things around.
  152. have another drinking binge as the 4th is tuesday. i'll stay ripped threw tuesday night and watch a hell of a fireworks show and wake up wed morning and go back at it. i've been invloved in mma fighting for 7 years so i might try to get on a couple of local mma fight cards to earn a little money to keep me going for a while. i guess i'll have to start looking at the help wanted adds and see what i can find.
  153. well, whatever u do good luck with it, hope u recover soon and make up for it, even if it takes a decade or more.
  154. Why- So he can donate the money to Stormfront? Finance a pogrom, perhaps?

    Inshallah, he should just stay down and out.
  155. Inshalla she yaalve eter kesef ve yafseed akol od a paam
  156. Ein li shum ba'aya im ze!

    :D :D :D
  157. :)
  159. Overnight margins --->1:4
    Stock action---> 3 sigmas
    Beeing entitled to free lunch at homeless shelter--->priceless
  160. Translated into German: A left ???? ??'??? in CPU. I can't figure out what the hell you were saying was left in the CPU.

    Were you speaking German or Gibberish?

    Inshallah means "God willing" right? I didn't understand any of the other one, except kesef/money.

    Eine halbe Tasse Staubzucker
    Ein Viertel Teelöffel Salz
    Eine Messerspitze türkisches Haschisch
    Ein halbes Pfund Butter
    Ein Teelöffel Vanillenzucker
    Ein halbes Pfund Mehl
    Einhundertfünfzig Gramm gemahlene Nüsse
    Ein wenig extra Staubzucker
    ...und keine Eier

    In eine Schüssel geben
    Butter einrühren
    Gemahlene Nüsse zugeben und
    Den Teig verkneten

    Augenballgroße Stücke vom Teig formen
    Im Staubzucker wälzen und
    Sagt die Zauberwörter
    Simsalbimbamba Saladu Saladim

    Auf ein gefettetes Backblech legen und
    Bei zweihundert Grad für fünfzehn Minuten backen
    und KEINE EIER!

    Getting drunk off food stamps should be on there too. :D
  161. Yes, Inshallah is "God Willing". The rest was Hebrew- not Arabic, German, or gibberish.

  162. hedgeking is not a newby and his losses are probably real

    he has been on another board for well over a year under a different handle and he was very (maybe hyper?) active

    after posting about his loss on that board he got little sympathy and the thread drifted into something else

    i can see how getting a little attention from fellow traders would help healing someone who has to face his family and no one to talk to in his immediate circle
  163. Being obnoxious and flaming an already tough crowd from which you want sympathy is counter productive.
  164. CDE up nicely today. I agree some resistance may be had at $5.
  165. ppfff.... 400k?

    I'd double up.
  166. the lonely american

    it helps to be someone with a sympathetic character. aryan nation outbursts doesn't cut it. of course on this board that is not 100 per cent accurate
  167. hedgeking you kill yourself yet?:cool:
  168. i'm very much alive and back trading
  169. 400K? In two months? Don't worry about it, it's nothing.

  170. Glad to hear you are back, I hope you are trading with stop losses this time around?

    ps where did you get the money?
  171. His last post is over 7 years ago... what's your ping?
  172. No ping at all, he may have an interesting story to tell...
  173. Yikes! 400K? And I thought I was a terrible loser when I lost over 100K in 2009!...at one point I was so desperate that I tried out Robert Hoffman's room for a month or 2...thinking that would help me learn how to trade properly. (but only caused me to lose even more money) At least that time period gives me something to look back on and laugh about! :D (no sense in crying over recklessly spilled milk)
  174. Don't look at it as a loss, view it as investment in your education...
  175. Most expensive education you'll ever have in your life.
  176. School of Hard Knocks!

  177. the thing about trading is, every lesson is more expensive than the last as long as you are growing your account.
  178. He's probably 10 aliases or so beyond Hedgeking by now...

  179. Ouch that sucks. Would have been better putting 400k on black :)
  180. ROFLMAO.... talk about latency...
  181. Wow..Can't believe I wrote that 7 years ago. SIRI was trading at $4.02 that day. 7 years later...trading at $3.88. Guess I should've said buy the puts!
  182. Very huge money to lose which i cant even imagine of at the moment, better take some break and get restarted with good knowledge. Otherwise leave it for once for all.
  183. i think they would have expired, probably out of the money :D
  184. How much did you start with? How much is left?
  185. how does this shit still pop up?
  186. Let me just say thank you for alerting me to the fact that this thread is 8 years old. was looking at the 7/25/14 charts of BRCM and MRVL,and I was wondering how in the world HK lost 400k on stocks unless he took down 10 million in notional

  187. %%%%%%%%%%%
    Well now you know its NOT a random market; i l also lost much more than average when i started:cool: