Don't be this guy! Not tomorrow, not ever!

(No, this isn't me. ) I don't know the story behind these videos, but maybe some of you can learn something from them:

Warning: Strong Language

http://www.youtube.com/watch?v=87OnSTN3SHk

What happens when you don't cut a loser?
http://www.youtube.com/watch?v=rCtQL5b_rCM

No matter what happens tomorrow, don't lose your cool. Stick to your plans and remember what past experiences have taught you.

I don't know what this guy saw in the market on Friday... his screen shows he had 10 ER2 long contracts... WTF?! Over a 3 day weekend? When the market has been how it has? WITHOUT A STOP?!?!?! *goes crosseyed* That is the perfect recipe for disaster! That aside, if he would have just kept his cool, he could have even sold his original 7.5k loss, shorted another 10 contracts, and make back the loss and PLENTY MORE!

Once again people, don't lose your cool and don't get emotional!

Another thing was... he was definitely over-leveraged! See the dangers? Learn from it!
Leverage isn't the problem. Irresponsible use of it created the problem. High leverage + no stop =


PS: I finally checked his blog and he says that he finally sold after the loss amounted to 31,000!

I can only assume he blew a big portion of his account (if not all of it... or... *gulp* could possibly OWE money) because he says in the second video something like "well there goes my entire life savings"... followed by the F-bomb.

I had a lot of laughing smilies up there, but I do feel bad for the guy. He just seems more like a gambler than a trader to me. His blog says he's been doing this for 2.5 years.... well we've been in a bull market for the last few years... anybody can make money then. The real test is what happens to everybody now. This is where the real traders are separated from those who thought they were.

Risk management people, let's see some!

Here is his blog post for the entry of the position:
http://highprobability.blogspot.com/...eculating.html


Well, I really don't want to talk about today. I thought I was using my stops wisely, but after looking at my P/L, it isn't pretty. I have on a large bet that I'm holding over the weekend. I'm speculating/gambling, call it what you want.
IF things turnout in my favor next week, I'll tell what happened today.
If things turnout for the worst, I will likely go into a raging fit, become depressed, write a post about the death of my account, stop trading, and begin to hate my life.

My goals for tonight are not to review my charts or my screw-ups, because I already know what I did wrong.(I pretty much just starred at my P/L for an hour and was thinking about all the stuff that could happen between now and when the market opens on Tuesday.)

My goal for tonight is to get DRUNK.
Avoid getting a DUI.
Have fun.
And forget about this bad day.

Have a great Weekend.

This is the Classic Club song,
and goes well with my Trading position (DONT STOP BELIEVEN,,,by Journey)




Talk about someone who wanted to fail...