Yes, the accounts I managed were up over 180% average for the previous three years so this was a big hit but just part of the game for our style of trend following. - Curtis
I have to say that although it is unfortunate that your losses were so big that day, as an outside observer for whom Market Wizards was one of my major introductions to trading, it is pretty cool in retrospect that if you were going to lose 11MM, at least you got to lose it for Richard Dennis. Best Regards
Richard dennis is an awesome trader with up and downs like the rest of u. shoot he was even dubbed The Prince of the Pit by the ny times. His impact on the futures markets go to be so great that just the rumor of his presence caused prices to fluctuate. if you did this back in 87, this must have been right when he was losing alot of money for his customers. He ended up losing like 30 million in trading losses before closing down. Didn't he retire from trading in 88 promising to never again trade customer funds? Think he came back like 5 years later stronger than ever with his terend system to identify trading opportunities.
Some day in feb 2006. was down $2000 2 mins after I entered a trade...Wanted to short INSM but placed a buy order by mistake. The stock was already up 50% premarket. The price went down some 30% after the open lol. The second I realized the mistake I should have closed the trade and taken a loss. Like a smart ass I was hoping that the price will come back to where I bought. I had to close half of the 40k shares I bought. Luck was on my side later and the price went up some 50% from my buy price.... Long story short...Admit that you screwed up. You won't get screwed up a lot.
I´ve got a pretty aggressive MM approach.. Back in my volatile days in lost nearly 9000$ or 50% of my account in one day. (Was a decent amount for a student at university lol) Can´t remember the exactly the day, was trading NQ holding a few shorts overnight when the market gapped and continued to rallye the whole day. I was in some state of shock, saw my account ticking down 1000$, 2000$,3000$, 4000$....etc. and wasn´t able to pull the trigger. Funny thing was I ordered a car before that day but surprisingly I had not enough money left to buy it. I decided to get drunk and rant, cry and blame the market a little bit. One the next two days I traded like a maniac to recover from my previous losses. Was able to make 8000$ in these 2 days(and paying about 1000$ in comish). Was a very weird experience. Has also affected my health. Felt like I had passed a marathon and slept 16h in a row after that.
During my newbie days prob around 6-8k. Biggest one day drop 9k, multiple times actually since it's my daily monetary stop limit. Anek