LOL of course anyone overleveraged up the ass is gone but I wanted to see if anyone would admit they ignored all risk management and let a 400 point DOW drop which is now 288 wipe them out
I vote this as the GREATEST post ever on ET. And yet another reason why this website is a total joke!
with leveraged instruments like the dow futures with ETF's etc. there is no reason whatsoever a trader can;t do as well or better on a day like today, than on any other day frankly, today was one of my best days all year trade the tape and all days offer opportunities - whether narrow range or wide range (like today)
I think it would be interesting to see how many accounts do go bust in this country on a daily basis, but brokers like to keep that number a deeply guarded secret. given the facts: if 70% of traders fail the first year, then out of every 100,000 accounts, by years end, only 30,000 will remain. I'm being generous.
ES was so fast today I don't think it was even possible to just make 1 point.. As soon as I hit the enter key my positions moved 1.5 points in either direction. Days like today you have to widen your stops and go for more points.