Massive Loss Live - Trading-Lab

Soverus Khan · #1 01-22-2008, 11:11 AM

This dude.....

we've all been there to some extent.

Started to feel sorry for him, but as he steadily blamed the markets...his enemy is really him.

Easy to cast stones I guess. Just glad it is not me this time.

http://www.youtube.com/watch?v=rCtQL5b_rCM

tightwad · #2 01-22-2008, 11:38 AM

Yea we've all had that experience. I also felt for him ultil he started ranting and sounding like he never had a plan. I trade in my prop's office so I get to hear these situations fairly often.

daytraderB · #3 01-22-2008, 11:46 AM

in the end, it's just money, guys. and if you allowed a trade to turn into a $25K losing trade, you are not really caring about money anyway

Soverus Khan · #4 01-22-2008, 12:07 PM

The psychological process displayed is something to behold. Especially for those new to trading.

Couple of good trades and the euphoria is like a drug. Couple of bad trades and the pain creates an imprint that can effect every entry in the future (fear).

A while ago I held overnight to wake up to a massive loss on a downgrade. I had made some respectable gains by doing this in the past even though it was acomplished while breaking my own rules. That little nugget of memory "helped" me convince myself to hold overnight as I had been successful in the past (purely luck).

Deviating from my plan did not show "nerves of steel" or "acceptance of greater risk", but a foolhardy choice in a market that owes me nothing.

Trade setups wil be massive today. "Noise" will do it's part to effect the mental calculations outside the plan and if deviated from, could be very, very risky.

No worries though.....trade the plan.

Leth · #5 01-22-2008, 12:31 PM

Im thinking that if he used good money management, he may not be taking it so bad. Maybe he was averaging down before it got way out of hand. I dont know for sure since i couldnt hear him very well on my computer. Can anybody give me the gist of what he said? is it possible that was staged in a simulator?

Thanks
Michael

Luvnrio · #6 01-22-2008, 12:35 PM

That was the most pathetic thing I have seen, since the trial of OJ, trying on the glove and the jury buying it. Who in their right mind would video such a blatant act of idiocy. Not all of us have experienced this, and so long as I am control of my mind, this will never happen. I almost have to believe that was staged, but then again, maybe not... Pathetic....

Soverus Khan · #7 01-22-2008, 12:44 PM

I don't believe it was staged. He posts a blog and records his actions. Maybe some "self-mutilation" in posting the vid.

He broke all the rules. 10 contracts of ER2, averaging down, blaming the market, holding overnight, etc., etc., etc.

I would bet a sizeable amount he has had some large wins by doing this same thing. I would also bet that he broke his own rules on those wins and that effected his decisions.

Averaging down in daytrades is very risky.

Holding daytrades overnight is very risky.

Edit: Leth, he said f!@# a lot. That is what you missed.

The dear in the headlights look was way to real to be staged. If it was staged, I see an Oscar.

Breaking your rules and creating emotional pain is very risky to your future trading.

Alchemist · #8 01-22-2008, 12:48 PM

It was probably NOT staged. I have seen people lose more than that doing the same crap.

Leth · #9 01-22-2008, 12:49 PM

Excellent post khan!!...benefits all

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#1 01-22-2008, 11:11 AM
Soverus Khan Senior Member Join Date: Dec 2007 Posts: 306	Massive Loss Live This dude..... we've all been there to some extent. Started to feel sorry for him, but as he steadily blamed the markets...his enemy is really him. Easy to cast stones I guess. Just glad it is not me this time. http://www.youtube.com/watch?v=rCtQL5b_rCM

#2 01-22-2008, 11:38 AM
tightwad Junior Member Join Date: Dec 2007 Location: NYC Posts: 8	Yea we've all had that experience. I also felt for him ultil he started ranting and sounding like he never had a plan. I trade in my prop's office so I get to hear these situations fairly often.

#3 01-22-2008, 11:46 AM
daytraderB Member Join Date: Jun 2007 Posts: 63	in the end, it's just money, guys. and if you allowed a trade to turn into a $25K losing trade, you are not really caring about money anyway

#4 01-22-2008, 12:07 PM
Soverus Khan Senior Member Join Date: Dec 2007 Posts: 306	The psychological process displayed is something to behold. Especially for those new to trading. Couple of good trades and the euphoria is like a drug. Couple of bad trades and the pain creates an imprint that can effect every entry in the future (fear). A while ago I held overnight to wake up to a massive loss on a downgrade. I had made some respectable gains by doing this in the past even though it was acomplished while breaking my own rules. That little nugget of memory "helped" me convince myself to hold overnight as I had been successful in the past (purely luck). Deviating from my plan did not show "nerves of steel" or "acceptance of greater risk", but a foolhardy choice in a market that owes me nothing. Trade setups wil be massive today. "Noise" will do it's part to effect the mental calculations outside the plan and if deviated from, could be very, very risky. No worries though.....trade the plan.

#5 01-22-2008, 12:31 PM
Leth Super Moderator Join Date: Oct 2007 Posts: 621	Im thinking that if he used good money management, he may not be taking it so bad. Maybe he was averaging down before it got way out of hand. I dont know for sure since i couldnt hear him very well on my computer. Can anybody give me the gist of what he said? is it possible that was staged in a simulator? Thanks Michael __________________ Nothing is more difficult than the art of maneuvering for advantageous positions. - Sun-Tzu Trade with the trend, Ride winners, Cut losers, Keep bets small, Use Stops - Old School Last edited by Leth : 01-22-2008 at 02:38 PM.

#6 01-22-2008, 12:35 PM
Luvnrio Member Join Date: Dec 2007 Location: Rio de Janeiro Posts: 93	That was the most pathetic thing I have seen, since the trial of OJ, trying on the glove and the jury buying it. Who in their right mind would video such a blatant act of idiocy. Not all of us have experienced this, and so long as I am control of my mind, this will never happen. I almost have to believe that was staged, but then again, maybe not... Pathetic.... __________________ "Lead, follow, or get out of the way." Thomas Paine "Insanity is doing the same thing over and over again and expecting different results." Albert Einstein

#7 01-22-2008, 12:44 PM
Soverus Khan Senior Member Join Date: Dec 2007 Posts: 306	I don't believe it was staged. He posts a blog and records his actions. Maybe some "self-mutilation" in posting the vid. He broke all the rules. 10 contracts of ER2, averaging down, blaming the market, holding overnight, etc., etc., etc. I would bet a sizeable amount he has had some large wins by doing this same thing. I would also bet that he broke his own rules on those wins and that effected his decisions. Averaging down in daytrades is very risky. Holding daytrades overnight is very risky. Edit: Leth, he said f!@# a lot. That is what you missed. The dear in the headlights look was way to real to be staged. If it was staged, I see an Oscar. Breaking your rules and creating emotional pain is very risky to your future trading. Last edited by Soverus Khan : 01-22-2008 at 12:46 PM. Reason: content

#8 01-22-2008, 12:48 PM
Alchemist founder of Trading-Lab Join Date: May 2007 Location: New York, NY Posts: 296	It was probably NOT staged. I have seen people lose more than that doing the same crap. __________________ Happy Trading!

#9 01-22-2008, 12:49 PM
Leth Super Moderator Join Date: Oct 2007 Posts: 621	Excellent post khan!!...benefits all __________________ Nothing is more difficult than the art of maneuvering for advantageous positions. - Sun-Tzu Trade with the trend, Ride winners, Cut losers, Keep bets small, Use Stops - Old School