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The more you watch the market the more random and unpredictable it becomes. It's not the release of data, it's the interpretation of the data- and the feel of what may or may not come next that makes these random swings.
Spikes like that, especially on a one minute chart, throws the Efficient Market Hypothesis out the wall street window.
Was this price movement truly "account Killing?" That depends, all of the previous comments about being aware of news releases are absolutely valid but I would also want to know what happens, typically to the instrument I am trading when volatility abruptly increases. Put that day in replay and watch the DOM and T&S for that time period. I would bet that if you had a stop in on ZN, it would have taken you out of the market with little slippage. But you need to know if that is the likely turn of events because, There can be spontaneous news events that introduce extreme volatility. Volume can increase during a volatility increase or liquidity can dry up as everyone steps out of the market. The latter is the account killer if your position is left on while everyone else has stepped out. That is when the broker closes you out on a margin call at what ever price they can get and the warning you saw when you opened your account, "you can lose more than the value of your account," might becomes a reality. And that is truly a shame because most of these spikes are mean reverting. Some are not.