Just lost 5% of my account...

What is wrong with me!

I just lost another 10% of my account. It's completely my own fault. I was looking at the market, and didn't see any set-ups. Then something crazy came up in my mind, why not just take a trade for fun. 1 point stop and 1 tick target. I had a bit less than $1900, and 1 tick profit, with commisions, would get me above it. Also I figured the weekend is ahead, a bit of fun for $50 doesn't matter?! WHY did I think this!!!???

So I did that and it made money.

However afterwards I couldn't stop checking out the market anymore, even though there were no setups, and there were bound to be no setups I could take that day.

Then I though, why not try take a 1 point target with 1 point stop, at a support and go long.

I did that 4 times in a row, I know, completely and utterly stupid. Everytime I put on a trade I get very nervous, yet am very excited. My heart is pounding in my throat. I know this is just not rational behaviour. When I was down to $1850, I thought, it's not a round number, lets make it 1900, or $1800. Then it became a bit under $1800. I thought why not take another trade, to make it a round number. When it was $1750, I thought, why not make it a round number $1700 or $1800.

Is something wrong with me?! Maybe because it's Friday. The weekend is ahead and it makes me think about how I don't have any friends to hang out with. Maybe that is the reason I felt the need for an adrenaline rush?? Basically I have nothing to look forward too.

So result for this week, down about $300, more though, and lost at least 15% of my account

 

Failed_trad3r,

This may seem harsh but you got what you deserved. Why? You had a plan or strategy (so you say) but at the first sign of it not doing exactly what you want, you went on tilt and ignored the system that is supposed to be designed make you money, not lose money. If you can’t follow your plan, whatever it is, you have no chance of success. We all lose money and we all make mistakes. Get over it. (I wrote this before reading your last post).

You need to get your emotional house in order to be a successful trader. It is not hard; you just want an excuse to dismiss self-destructive behavior. Why would someone serious about this business not follow the plan they designed to give him or her the best chance of success? Answer: they would not unless they feel they don’t deserve success (for past transgression in life or whatever) or have some other psychological problem they need to address BEFORE trading.

You said “It’s hard, but I think I can do it. I can dream can’t I?” This comment says it all. It says you don’t really believe you can be successful. That really makes it harder if you don’t even believe it yourself that you can change and learn from your experiences.

Having said that, the first thing you need to do is acknowledge you made a mistake, take responsibility for it and just as importantly, learn from it. Comments like the one above make it sound like you are just an outside observer of your life and you don’t have control over it. That is perfect victim talk. Victims are not successful traders.

Stop trading and get your emotional house in order. Save some money, paper trade and try again later, IF you can get in the right place emotionally to trade. I am not trying to minimize your background because everyone has to overcome certain things in their past to be successful. But don’t use it as a crutch. Use it as motivation to better your future. Unfortunately, your story is a very common tale.

Best of luck. I hope you find what you seek.

BM

 

I found it helps me to go back to sim after taking a trade off of my setup with real money. This way, when I want to see if I am right and wrong about testing something that is not part of my setup or just bored, I put in a sim trade. Also. if I lose money with the sim trade, I can then without any emotion, decide what I am doing wrong for the day. Of course when you put in a sim trade and it works, you do wish you did it with real money, but then it does build up control at least for me to wait for the better trade.


Also, I agree with others, you picked a bad name for yourself. You need to think positively. For example, if you are thinking negatively, don't even trade for that day. Some people think, ok I am a trader, I have to get a trade off or I am not working. But the truth is trading can be easy. Wake up late, make money, then screw around. Instead think, I may lose money on my next trade, but since my system has an edge, I know I will make money over time. You are revenge trading. You take the loss, and want to take another trade real quick without waiting for a setup to make it back. Also, I suggest setting a stop loss $ amt for the day and even set how many trades with real money you are willing to take for the day. Also, try to keep some things in mind about price, is price too high for the day, or too low for day. Try to think what a trader would be seeing or feeling if they were already in the market short, and what they would be seeing or feeling if they were long. To make changes in ourselves, you need to do one step at a time. You just agreed with us that your name was bad. So now that you are agreed, before posting another reply on this thread, change your name, and then reply and let us know it is you. Just by doing this one little step will make you feel better. Its just like when Neo ate the cookie. The cookie did not solve his problems, but they were one step in that direction. Remember, the secret is not to bend the spoon. The secret is to realize that the spoon is not even real. When you understand that, then you will start to make money trading.

 

at 2k you should making a lot more than being down, rethink your strategies as to why you are not making it, once you get it going its not hard to take that 2k to 100k in a yr

 

5% is one thing, $100 another. I don't believe you should be mad if you were trading futures. You're probably lucky you didn't lose more. 2/1000 is 0.2%, on which you lost 5%, so we're talking about 25 to 1 leverage. Too much, kind of like going bust. I think you need to raise some more capital before having a go at it again. You can always hire professionals to manage assets. Treating money and securities like a casino is not how they were meant to be viewed, and serious thought and effort needs to go into a plan for every day, every week, every month, every year, every decade, and your lifetime. Without that, there isn't even a possibility of success. I'll give you a hint, this "plan" takes years to do, so the trick is to have a lot of patience.

 

Pay no attention to the man with no credibility. Thinking 1500 to seven figures is impossible.

 

He still had no plan. Thinking well, I'll risk 1 point to make a point <b>IS NOT A PLAN.</b> I think you give him way too much credit.

 

See, failed trader, Maestro is just envious of my success. See how I have done? You'll get the exact same information from that worthless thread.

 

Maybe if you lose most of your account you will discover how to learn here, rather than creating 1,000s of accounts and demanding people teach you and give you attention. Or better yet, sort out your psychological problems in your life, not through trading.

 

Man, I can't stop pissing my pants I'm laughing so hard. Can u come on every Friday, say....4 or 5-ish CDT?