As long as you learn from this, it's not cash wasted. If you repeat these actions you might as well let it all circle the bowl. So learn from this, make changes and be the best you can be. Good luck, Red
I rarely offer advice , but I think you should take some time off. Unless you possess extremely strong discipline the likelyhood of revenge trading is extremely high. Do something for a week or two which you really enjoy and then you will hopefully return in a good state of mind. Also if in a certain type of market you do the best wait for that type of market instead of fighting a market you don't do as well in.
Losing 28% of your account on one trade due to poor discipline is shit trading. That 28% loss was over 60% of last years profits. It would be a bit different if it was due to an event outside your control. Can you not work out of a prop firm where a risk manager can monitor your daily P/L or something like that? I have never worked at a firm, but i met someone recently who does, they told me if they are down a certain amount during the day they get a phone call and are told to stop trading and go home for the rest of the day.
did you start off on abad foot last year then made 400 some %?.. hey if it makes you feel any better im not getting off on the best foot myself.
I am a risk manager.. I can help you manage risk. Its exactly what the person above me said, I call the trader and tell them there risk percentage has been reached. If interested, I can help. PM Me
Wrote a new title for you Taking 310K to 4million by Year End 2010 I love the roller coaster! Go get 'em!
Me too, i was down 16% of my account in the first week of this year. But that was after about 15 trades and i was risking 2% per trade. Neke can come back from this, but this seems to happen too often to him, if he carries on like this then one day he will blow up, that's why i hope he gets some sort of external risk manager.
I would suggest, just as an experiment, stop out and reverse at the zone where a trade's intended direction is breached. With BIDU as an example, on Thursday it opens and makes a new high around $450, stalls and pulls back a bit, you buy puts, BUT you stop out if there's continuation and price hits $451, AND you buy calls. If it's a false breakout, you close out the calls and buy puts again. You WILL end up catching the correct move and the worst case scenario is a manageable loss.