Some people would be embarrassed to post a video showing a live account loss from a Mental Error.
I’m not. We’re all traders. We all make mistakes. To become a Great Trader we all have to learn from those mistakes. As time goes on after you’ve become a successful trader…it’s still easy to become LAZY From Time To Time. This Video Shows A REAL LIFE EXAMPLE...Of What Can Happen....
As The Video Shows…I have a Highly Profitable System I am Trading in one of my accounts. I was simply Busy when I was entering in Orders for the Day….And out of Pure Laziness I did not place my Stop.
Then…A Statistical Anomaly that as Traders we see maybe once every 5+ years happened the very next day.
After over 3,000 views the first two days of releasing the video above...and all of the great comments and PM's I received...After reviewing the situation I created a follow up video that covers many topics to take in consideration for todays market uncertainties. vimeopro.com/user32804960/tradingview-indicators/video/117147544
I don't understand how this loss resulted from being lazy. You could have had your stop their, and you probably wouldn't have had the trade closed out. There was no market at that time, no liquidity. Your broker would have closed your position at roughly the same price you did. Although you didn't place a stop, this loss came from an anomaly like you said in the video, not from being lazy.
jangseohee
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putting a stop loss might not help if it gap up over the stop loss level, one of my friend here put in stop loss for USDCHF, the stop loss wasn't trigged!
UDAY_C_Santhakumar
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Great! This is what a respectable trader do. Share his mistakes so others can learn. Showing his winners can set people in a positive mindset to trade, but is not the best to learn.
ChartArt
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Thank you for being so open and transparent and sharing this really bad experience. I hope all of your awesome scripts will help you get that amount of money back very soon.
Trading Bitcoin where exchanges get a DDoS attack every few days to manipulate the price and prices swinging like crazy every few days anyway, I made it a habit to always add a stop loss, even it is far away and would be very costly, it's still better than no stop at all.
Don't let it get you down. Shit happens!
TASAVANT
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Sorry to hear that, it happens... even to the most senior of us. The most I learned from trading my P&L back from the gutter to unch. I now use a trading system that automatically puts in a stop at X% from my entry price and I can later adjust it. Good to post about the other side of trading stay strong and go get them!
ChrisMoody
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Hey Guys...Thank so much for all of your comments. Instead of replying to everyone I created a second video covering my answers to the majority of the comments that were made....and I cover a few major points that I meant to make in the first video...but didn't.
Several topics that are relevant in todays market environment were also discussed.
TY for the first and second video! Being totally honest to yourself is a quality of a great trader!
fxswing
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Thank you for sharing your experience.
Just a personal note:
In a "normal" trading environment, your point about stops would be VERY valid.
But this time, it was a communication failure from a central bank (SNB) that created a liquidity shock that no stops would have prevented, as people who had stops in place and ended with negative balance accounts demonstrated...
The only way to avoid this disaster would have been for all major central banks (FED-ECB-BOE-BOJ-BOC) to intervene together that day to mitigate the volatility / liquidity shock that happened from a very irresponsible decision in the era of HFT and over-leveraged bets.
This event is probably only a glimpse into the future.
The consequence of the totally irresponsible policies that central banks have embarked in, manipulating the markets discovery mechanism, faking wealth with non-repayable debt.
alex.a
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I admire your sharing this. A long time ago, a friend of mine who worked in Japan, told me that one day a bank got out of money by not placing the stop. ONE BANK. You are lucky only 1 lot. Even bank can close their door for not placing stop.