Wednesday, May 5, 2010

2010-05-05 I will still blog/trade

I don't want to say anything and I wanted to hide somewhere, but later on I thought I'd be honest, trading is part of the life and it's interconnected closely. If it doesn't blow up here, it blows up somewhere else. This time it happens in both trading and real life.




What's funny was, I always had a short bias in the market, no matter which market I was looking like, eur/usd aud/usd usd/jpy spy cl gc... In fact I just sold almost all my 401K last week. But now I cut my account 80% by this long trade.

1: there was no plan before the trade, well, there was, "to make money back".
2: there is no trend following.
3: no stop loss
4: There is mentally disruption from real-life-crisis.
4: There is really just one reason for it, No-Risk-Control.

Risk-Control is the only reason I have this blog, as it's still now my #1 problem, I won't close this blog or hide anywhere, I will continue blogging until I get the problem fixed.


BTW: this account is the 3rd one I blow up, so it's not a new thing to me, the size wise is the BIGGEST one. At least now I have a trackable record for it, as of the previous 2, I don't even remember when/how it blow up.
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4 comments:

  1. shiroMay 5, 2010 at 8:31 AM

    Don't worry dude, i blew my account twice and my third is on the brink of blowing(hope that doesn't happen lol). Learn what went wrong and do not repeat it again. I am sure you will emerge as a better trader, it may make you feel better if you know that the greatest traders in history and now have at least blown their account once, but they learn from it and most importantly they never gave up. Every situation in life teaches us something, take it that this lost was a small fee for the lesson learned. There are millions to be made so don't give up and push further. Control your hope,fear and greed. Three greatest enemy of trading. Remember when you control them you are in control, when you don't the market is in control. Best wishes, and good luck.

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  2. Oanda scalperMay 5, 2010 at 8:43 AM

    I wish you the best. If it'll make you feel better, you are not alone. I have the same problems (and majority of traders).Im too, too impulsive (in my life, in sport and trading).

    Once again wish you the best and have nice one..

    ReplyDelete
  3. FFXDMay 5, 2010 at 9:43 AM

    I wish you good luck too.

    ReplyDelete
  4. FXMay 5, 2010 at 1:48 PM

    Well this week is really a bloodbath. When I see your chart I remember some of my charts few years ago and feelings that accompany it. Probably the hardest thing for us is to let go this forex/trading thing. So no matter what happens after some time we find a will to trade again and fund account.

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