True enough. I have been profitable for a while now trading stocks and indices, unfortunately a greedy moment of madness in a market I'm less familiar with has cost me big. I'll be back with a very different perspective no matter what the outcome of this is.
Moderator please change the title of the thread. lachie74 wasn't "Screwed by IB" he completely screwed himself. First things first, close your IB account ... they are a brokerage with an institutional mindset that gives retail traders access to virtually unlimited markets at all times of the day/night. The upside is that there is always a liquied market you can trade and make money, downside of that is NO HAND HOLDING. *** You've made so many mistakes, many of them noobish, no one can really defend your position. Everytime you made a mistake it was like driving your car down the wrong lane ... you're responsible for your actions here, no one else. So any mods, about that title ... *** Oh yeah, if you still want trade after this, KISS, don't overleveage and trade very simply. You aren't ready for the other stuff. Good Luck
Thanks. Either way I'm looking forward to looking back on this week in a years time and laughing about it.
You DO realize this is tatamount to a perp saying "in a moment of passion I pulled out the knife and stabbed the guy in the head 17 times Officer ... so anyway, where's my lawyer?" :eek:
I fully admit my idiocy in the first place caused this. But I don't think asking for an explanation how a 4 lot order got executed when my account was busted or why I was given incorrect information on the phone is asking too much.
That's exactly what you need to do. Walk away and come back a year from now and tell your friends the story. I suffered a devastating loss like this a few years ago and I get a good laugh about it now. You'll come back a much stronger trader having been through this experience. My devastating loss was based on 10% inexperience and 90% stupidity. The good news is both were pretty easy to fix. The sweetest form of revenge is recoverng your trading losses through solid trading. Good luck!
Do you have to use the Title "Screwed by IB"? I knew the outcome even before reading the thread; we have seen this type of thread title enough times. Feel free to borrow it... <img src="http://webdisk.planet.nl/splin004/publiek/album/eritrea653409.jpg">
Thanks for your eloquent retort, LOL. The perp, er, excuse me the trader said he was: a) overcome by greed b) has no experience in the market he was trading, much less leveraged products c) probably has no idea of how trade futures, manage risk, or keep his eye one the overall W/L ratio d) placed a maket order when his limit order didn't go through (this should have been an absolute RED LIGHT signal for him), which was readily accepted e) compounded error on top of error on top of error on top of error ... the last of which was even starting this thread. Hmmm, you're right, I'd say he has a very good case, I think you should plead it with him. LOL, best wishes.