Forex Tutorial
May 28, 2017

Loss Story

Not retarded at all. Time is the one thing that cannot ever be returned (next to your life of course). Learning to master something obviously takes a great deal of that asset and as we have very little of it to begin with wasting it is foolish.

“Screen time” or experience is a valuable asset for sure and cannot be overlooked however time taken to learn a principle and move on is extremely important. If you are confronted with the same or similar situation over and over and do not learn the lesson intended, then you must waste more time repeating the lesson, over and over, until you learn the lesson.

For me that lesson was that “screen time” or “market knowledge” is relatively unimportant next to learning to make the right decisions and be disciplined in my approach and execution of my edge. Finding the edge itself took only a few weeks. Disciplining myself to follow that edge has taken me 10 years. Now you tell me was the last ten years of repeating the same stupid mistakes valuable as “screen time”…not in my opinion. THAT was retarded.

Again, the answer was in the mirror and I just couldn’t see it. I dare say it is the same for anyone who as suffered a grievous loss, whether that loss is money or time or just sanity. The solution to the puzzle is YOU.

$5672 – on GBP futures.

I was using ninjatrader and it had a feature to close out all open trades at a certain time. Since I mainly daytrade, I had it set to close all trades at 3:00pm EST. Apparently it did not close out one trade and it was a couple of weeks before I started reviewing my daily sheets and noticed something was amiss.

I called the broker and bitched like crazy – they told me, and rightly so, that they send daily balance sheets and I have 24 hours to notify them of any discrepancies.

Once I discovered it, I started to trade against my position to minimize the loss – I was doing ok with that until ninjatrader closed all my open positions at 3pm – causing me to take the loss.

In the end I know it was my fault. That one error caused me to lose my edge and was the start of a slow death. I was so infuriated that every day when I sat down to trade all I could think about was that loss.