And you lost 10k the day before, you can't just disregard your bad days with the excuse of "I didn't follow my rules" or something else. Btw: this is paper trading, right?
A year ago, my answer is: No, the 10k loss is real. A day or two later, my answer is: No, the 10k loss is real. A day or two later, my answer is: No, the 10k loss is real. Three times.
Tuesday, 5/17: +132. Did a few trades, some of them broke the rules. So can't say the result is a reflection of the method. The rule-breaking part is shorting the resistance. I naturally gravitate toward it, it seems a good entry, but it is not part of my method. note: on a different note, why would anyone try to save 50 dollars by having free sex with an ugly immigrant refugee from a west African nation, while spending 3000 dollars a night on a hotel room?
I quit, my day trading went horribly wrong today, lost $12k in one day. Here is what happened: After a few weeks of demo trading, I got a little confident, so I wired $25k into the real account yesterday. I was ready to trade both futures and stocks. I had the CL chart up this morning and was watching closely after the pit opened. Suddenly it dropped, didn't go in. I wanted to enter a trend. I learned that trend is your friend. Then it dropped again, then again, I thought: this is a down trend, so I will enter at the pullback. So I waited until 10:30 and noticed the pullback, so I pulled the trigger and shorted 2 contracts at 97. It went up, at 98, I shorted 2 more contracts, then 1 more. But oil price continued to go up. I held until the broker liquidated 3 contracts, and then, in disgust, I covered the other 2 contracts, losing a total of $12,500. That's half of the money I just wired into the account a day ago. So I quit. Day traders just lose.
I proceeded to lose another 5k shorting oil in the past week, even though I was trying to be very careful.
I forgot to tell you roll over week is bad for trading, next week, option expire week is bad for trading, after that end of month end of quarter is bad for trading. Trade on good trading day only.
I don't mean to insult you in anyway, as I have done all you errors in trading in my early beginnings. But you don't understand how and why Price moves. I am not a huge student of Elliot Wave Principles, but the basics are so important in the beginning of Market Price Study. The only two of three books I ever recommend for trading are by John Hill, he wrote them in late 1970's. The one you should read is called "Stock & Commodity Market Trend by Advanced Technical Analysis 1977, These books he wrote were before P/C's, so charting was done by hand as I had learned. Read up on Elliot and Hill has many other outstanding chapters on Price Action. The other book he wrote is called "Scientific Interpretation of Bar Charts", both books are fairly thin, but I reread them 3-4 times a year as I see price action differently as I age. I would love to watch you trade, as you are a pure emotional trader who has no displine, I would be doing hundreds of contracts going the other way. You need to go to for hypnotize for several sessions as you lack concentrate skills. Also, never ever open an account for more than $5,000, if a market is expensive to trade, do a one lot of a mini. Trader beginnings is not supposed to make you money, it is about working hard to be a breakeven trader first every single day, yes there will be some days where you make some money, but if you are going to last in this business, you have to fight for every nickel you can. It is best not to start doing more than a one lot for several months, your account size is NOT to be taken inconsideration of market education.
Come on, handle. you know it, I know it, we both know it. If you want to share, pm me with one word. The word that every trader should know. If you don't want to share it, that's fine.
Don't mean to be a a**hole but. This is hilarious... Oh i lost 12.5k... a week later...lost 5 k....2 weeks later....i lost all my money oops. Learn risk management for petesake.. If you lose 50% of your account in a few days STOP TRADING AND FIND OUT WHY. Your purely gambling. Why don't you come up with a proper system? For example, only take trades with 4:1 reward to risk. Then you only need to be right 30% of the time to make money. Just tell me the one word...oh give me a break... I lost 3 maybe 4 accounts when I started learning. But when I made my first mistake in the first account, I learnt from it and tried not to do it again. What possessed you to trade 10 contracts of oil on a 25k account? 10% of your account is gone in 25 cents of movement. Your are right. you arent cut out for this business. quit. Sometimes a refresher is always nice.