I agree, all traders can learn from this and take something away That may help, like all losses start small (keep them that way) most donât want to take a loss for fear of being wrong so they will sit and watch and wait for the market to come back just to prove they where not wrong, using stops and sticking to them is the most important tool we can use when trading, I can understand most of the traders from ET are thinking this video is funny and I hope this is not real money so I can get a kick out of it too, someone tell me he was using a SIM. So I ask the traders from ET to take a moment to think, does he use technicalâs to trade, if so where was his support?? Where was resistance?? Where was he wrong in the trade?? And at what level is a breakdown?? He may or may not have known these # but lets say he did where they any good to him When he got in the trade, we know the answer to that NO He let his emotions take over so what good was anything he had In regards to his charting software, his intelligence, his setups, Or experience with the markets when he lets his emotions take over when he enters a trade. I did a short vid on you tube about (Behavioral Trading) check it out it you want Also on my blog I post # for the indexes every day break out and break down As well as something I noticed about 6 months ago is the YEN/US index futures markets, that is what I think helped this market go down so much, take a look at the chart on my blog if you need more info on that setup let me know you can PM me. Take Care, Joe Baker http://www.youtube.com/profile?user=TradePilotPro http://tradepilotpro.blogspot.com/
i have been there right with this guy, and still I would not laugh at him or kick him when he is down. I have lost my fair share to know it does not feel good. I feel sorry for him, he sounded like he hada good head on his shoulders when it came to the markets. He was more astute than the daytrader that IM'd me one day asking me what and ECN was....... I feel his pain, especially if that was all his capital, its a tough way to take the ship down on one trade.
What is the ES you all refer to trading? I used to trade at prop firm almost 7 years ago and am considering getting back in. I have much to catch up on.
<i>"In my opinion, no real trader would find any joy in this guy's blowup."</i> His was a lesson most traders experience and learn from, but most don't survive it mentally & emotionally. Two years of confidence blown away in mere hours' time. False confidence? Sure. Top fishing, Bottom fishing, averaging down... inevitable losing propositions. No professional trader "gambles" an all-or-nothing play. He got whacked on Friday and threw his account at the market into the close. The market gladly accepted his generous, emotional offer. Looking back, a -$7,000 loss was easily survivable. On a 10-lot that is merely +7pts net gain. The way tapes are flying around now, +7pts in the next trade or three was a layup if he's any type of skilled at working the ER. Pity, no joy in watching that, but happens multiple times daily, every single day. Easily avoidable, but human behavior is what it is.
I could definitely relate. That's the worst feeling in the world and the really bad thing is that you KNOW you are f****** it up.
He was honest about being in a simulated trade. I can't imagine though why someone would have CNBC blasting their noise at them whilst trading.
This guy's reaction is nothing compared to what I'm capable of. I have been much more embarrassing myself even on smaller losses or even on trades that ultimately go my way. I'll scream and curse as loud as I can and come up with the most obscene, blasphemous combinations of words you can imagine. On multiple times things are broken: chairs over the table, drinking glasses, and more. There would be shock and disbelief here if a video of me in action were ever released. Seeing his reaction just reminds me how I have to get myself into control. I'm surprised and glad he posted the video.
ES is the mini futures contract for the S&P 500 1 point $50 cost about $1000 for intraday margin ES has a range of 32-40 points a day as of late It usually has a range of 12-16