I would not classify that as a blow UP unless you only have 10000 to your name. You can easily come back from that draw down if your strategy has the edge.
Nothing ventured, nothing gained. I bet the kid's father that lost 500k on that play is still very well off. So what, he gambled and lost that one. I bet he has made trades in the past netting millions over the years. He has my respect.
You come across as a smug little asshole mde2004. He already told everyone that he was looking to pay bills with his profits, so the amount probably represents a subtantial amount of his trading capital. The fact that he went so far in the hole also tells us that whether he does have an edge to his trading or not, he completely ignored it was trading based purely on emotion, hopes and prayers. He shouldn't be trading live again for quite some time (at least six months) ... and a moron like you shouldn't be posting your asinine drivel on this thread. Jimmy Jam
If losing $5800 has caused you to almost blow up it sounds like your account is around $10k maybe less. Is It???!!!! If it is...there is no way you should be trading that big & risking so much. If you really want help and not just FLUFF you have to spell out exactly what you are doing. You obviously are doing several things WRONG and you are kidding youself by saying you are a good trader because you are not! Yes, losing money can be part of the process to becoming a good trader but only if you change what you are doing and become better and make improvements. Blowing up is not necessarily part of the process just because many have gone that route. Either Soros or Buffet were quoted as saying Rule #1: Never lose money Rule #2: Never lose money Rulle #3: See rule #'s 1 & 2!
NY_HOOD said he was a good trader but deviated from his rul of not holding overnight. had he not dome that he would not be in this mess. give the poor guy a break. i give him credit for starting the thread as we have all been there.
He seriously needs to re-think what his trading means to him. If footlose and fancy free (like me), you can screw around as much as you want to and the only person you're going to hurt is yourself. The worse thing that's gonna happens is that you're going to reach that pot-of-gold at the end of the rainbow much later than sooner. If you have other responsibilities, you have to play the game differently, much less margin for error, build your stake slower, less time to R&D and to really develop your trading skills ... boy I honestly don't know how you guys with families do it, but my hat's off to ya. Good trading, JJ Edit: I'm very serious about what I said. You have to consider the feelings of your partner ... because if you don't she (basic assumption) won't be your partner for too much longer, and in NYC they'll fly the coop in, well, a New York minute. And the kids don't have a choice, so as far as they're concerned, you don't have a choice either.
i see you are a sponsor, so probably way more experienced than i; however, i think your advice is wrong. the most important capital is the psyche and you can really do some damage by continuing to firce things. there is nothing wrong with considering a break.
i disagree here as well. i agree with reardon metal - forcing yourself to take your best trade everyday enforces discipline, it also builds confidence... it is solidifying the trading plan; and once the plan is successful on a smaller scale, the trader can increase size and/or number of positions. if you take your best trade everyday for months and cant make money, then you need to go back & tweek the trading plan - no reason to up the size or frequency of trading.