The End?

Posted by Deb | Day Trading Journey | Wednesday 3 August 2011 5:17 pm

Well, it happened. I wiped out my account today.

I had a bad feeling when I begun, but I decided to trade anyway. I begun a short position, but the market went against me. Instead of thinking rationaly (or carefuly) and backing out as soon as I can, I let the loss go far too much, so that my account got under the $1000 I need to have there in order to continue trading.

Then I just made more and more stupid moves, and just got things worse, till I went over my $700 loss permitted per day. So I have now about $600 in my account, which means I will not be able to trade in the near future, until I add some more to it.

I am not sure what I should be doing now.

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7 Comments »

  1. Comment by Trading systems — August 10, 2011 @ 10:24 am

    Trades are really affecting lives now days. So it’s really necessary to check every trade alert.
    Trading systems recently posted..Trading signals| Trading systems| Trade alerts

  2. Comment by Hugh from The Forex Trading Blog — August 16, 2011 @ 3:52 am

    Hi Deb,

    I would recommend paper trading from here on out so you do not lose any more money. I know it may seem boring, but if you are committed to becoming a good trader, this is what you have to do. In addition, to trade future, you really do need at least $25,000 in your account to trade safely. If you don’t have that much to trade, then you might want to check out other markets where you do not need too much money to start trading.

    Best of luck!!
    Hugh @ The Forex Trading Blog recently posted..An Interview With Pro Trader Rudy Leder

  3. Comment by Deb — August 16, 2011 @ 10:06 pm

    Thank you for your recommendation. Paper trading is a possibility (though I will need to pay for the Sierra charts or something similar – is ther some free charts program?). Knowing myself, I will not be able to do that for long.

    Your figure of $25,000 sounds high. I started out with $5,000, and looking back that is a small account. In a lecture I heard during this year the lecturer said the first year should be dedicated to build an account. I didn’t know that, and drew out from my account my first profits (about $2500), and then started to lose.

    I may have to think about forex.

  4. Comment by Tod Seisser — August 31, 2011 @ 2:44 pm

    Hey Deb,

    Life surely teach us lots of lesson and they sometimes came in a hard knock.Trading is really am a risky thing to do. But I really appreciate your guts. Sharing your experience also give me something to look forward into. Thanks dude.

    Tod
    Tod Seisser recently posted..Push Button Fat Loss

  5. Comment by Deb — August 31, 2011 @ 11:02 pm

    Thanks!

    I know sometime I will be back trading (and updating this blog), but for now I know I need some time off this. I was getting too impulsive in my trading, and this is what made me lose. Good luck to you.

  6. Comment by maxhine29 — September 20, 2011 @ 8:09 am

    I just read your blog today. And I felt bad for what happen. Will sometimes we lose and win in a trading games. Just like in our daily life. The only thing is we learn how to stand after our fall, right?
    maxhine29 recently posted..Winning Lottery

  7. Comment by Deb — September 20, 2011 @ 10:53 am

    Thank you for your empathy. You are right, I hope I am learning. I do intend to get back to trading some day, but now I am still on a break.

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