Horrible trading. Please help!

Everyone knows how trading has been of late and it was horrible for me. I just blew out my account for the first time and it is a terrible feeling. I am trying to figure out how to get back from this and I am hoping that I can. This has really been a terrible experience from me and the least I can do is learn from it.

Any advice from you guys would be greatly appreciated as well.

Thank you.

I have blown out 4 times, if it were easy everyone would be day traders, hang in there and you'll get it back. This isn't a thing that can be mastered in a few months. Maybe you should try options on SPY instead of the ES .50 cent on one option contract is a lot easier than 10 ES points for the same move. I Hang in there, it gets better after years of practice.

I am doing paper trade till i get a hang of it, and as Joe mentioned this is definitely difficult than regular trading (stocks) i think.

I did paper trading first and then jumped to real trading. Made about 75k too before I lost it all. So it was not as if I did not know what I was doing. Just need more discipline I guess.

New kid ,backin the day (80"s) i turned 10,000 into 200,000 and lost it all!, WENT BROKE AGAIN O/N MY SECOND ATTEMPT.Ididnt give up however, i learned to keep it simple , only trade a fraction of what i have availiable so theres no pressure of a bad day or two wiping me out, and trust my indicators , not talking heads, other traders(yes, even like me!). Dont give up!

The fact that u made 75 large means u CAN do it! YOU NOW ONLY HAVE TO LEARN HOW TO KEEP IT!

Newkid - I have found some of the info at the link below helpful - in fact I have found the traderfeed blog to be very helpful...this forum seems to be an excellent place to watch how some successful traders operate..I am very appreciative of that

http://traderfeed.blogspot.com/2008/09/introduction-to-trading-learning-how-to.html

This is my first post on this website, I joined after listening to Koolblue's webinar type presentation on Saturday...

New Kid,

Blowing up your account is pretty much par for the course. It's happened to everyone at least once if not more than that.

Having a set of rules can really help (as long as you don't waiver from them). Here's a few examples.

Having a fixed percentage of what amount of your account you can trade with will keep your account alive for those times when you run into a string of bad luck. This way as your account gets smaller you have to trade less contracts.

Having a daily loss limit where if its reached you quit trading for the day.

Having a daily stop out limit where for example if you have 3 stop outs in a row you quit for the day.

These rules can help you preserve an account and keep you from trying to get even with the market (no one ever fared well trying to get even with the market)

And remember an account is a lot like the market it goes up then pulls back then goes up then pulls back etc.

NewKid you made 75K thats very impressive! Am sure you will get back in the game in no time :-)

I remember reading "You are a risk manager first then investor/trader second, never risk more than 1-2% of your total equity".

Koolblue has posted some encouraging posts, its really nice to see people like him on this forum.

NewKid listen to the Shadowtrader webcast, it's free every morning starting @ 9:15 he doesn't call emini trades per say, but does trade ES himself while talking, he'll tell you good trading principals, great for rookies or struggling traders here's the link http://38.98.140.164:8000/

Thank you all very much for your kind words of support and suggestions. I shall definitely keep trying to ensure that I become a successful trader once again.

Kool, you really are an inspiration and I really appreciate your advice.

Myptofvu, thanks a lot for your suggestions. I shall definitely get these rules into my system and ensure that I follow them. They are extremely sensible and useful. I was NOT following them.

Wsjalerts13, thank you for your kind words as well.

Staylor455, thanks for the link. I shall see if I can listen to it. The thing is that I have a full time job 8-5 and so it is hard for me to track the markets very well. That is why I usually try to trade over night or in the morning just when the markets open.

Joe, thanks for your words of support as well. I really do appreciate it.

Thank you all for your support and kind words. I really do appreciate it. I shall continue tracking the markets and do some more paper trading before I jump in again. I shall continue to follow the rest of you and learn more. I shall try and educate myself more and get better at this.

Thanks once again.

Thank you pt_emini, this is the kind of knowledge i won't get from any books. For now i am also learning not how to make money but how not to loose money :-)


Thanks again.