The Stock Market Ruined My Life
January 24, 2008 by Trader Rich
The video below takes place on Martin Luther King Day, one day before the market opens down Tuesday morning, January 22nd, 2008. The futures trader in the video went long 10 ER2 contracts (mini Russell 2000 index) the Friday before. Unfortunately, the market gapped down and took the poor guy for his life savings. The video is pretty disturbing to watch and contains a lot of profanity. If anything, it should teach us to expect the unexpected and also that the market is unforgiving.
The Video
Stock Future Trader Gets Slammed
The Traders Website
http://highprobability.blogspot.com
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Stolen video my ass.
That’s on hell ‘ov a lesson but he won’t be the last.
DUMBASS…EVERYBODY KNOWS YOU DONT BUY HIGH,,dUH!!!
Unfortunately all I could do was laugh, while he destroyed his workstation, poor guy. He can look on the bright side, he didn’t cry on camera and he still has $10,000 left. Also taking a large position before the close of a long weekend doesn’t seem to fit any prudent risk managemenet strategy I’ve read, esspecially w/record volitility.
I feel for the guy as I’ve been in a similar position when I first started trading in 2001/2002. All you can do is either cut your losses (very hard for a young inexperienced trader to do) or sit there, swear at your computer and pray that the market swings back in your favour.
In the long-term he’ll hopefully come out of this a far better trader, as I did, and will undoubtedly have learnt a very valuable lesson.