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I was trading GBP when that happened. This lad made several deadly mistakes. #1 was going all in like that. #2 was adding to a losing position. I almost made mistake #3-which was having a manual stop in place. I was REALLY worried that upon the vote being cast, it would SHOOT UP PAST my stop (I was up almost $1000 on the trade...shorting /6B) if the news was being factored into the decline all day. So, right before the vote was read I took out my manual stop and had my finger on the trigger to BUY market...JUST IN CASE. I've been bitten in a fast moving market before when the market moved right over my stop price and I didn't want that to happen this time.
GOOD THING! I was able to get out of it with a small profit. Had I not done that, I too could had had a substantial loss. Now, it certainly would not have been catastrophic because I don't trade carelessly, but it would have stung a bit (especially after being up $1K).
Holy crap, I thought I messed up by loosing $1300 in one day by not following the rules and adding to loosing trades. Learn from the mistakes but I will never trade any amount that I would not be willing to loose. Not saying that I want to loose any amount but I do have a hard set daily loss limit I will never again break.
It takes time to recognize it but this can be a very a positive and pivotal point of that trader's life. Deeper and bigger the rock bottom is, greater chance to create a solid fundamental ground. After denial and anger subsides a bit, hope that person has a chance to take a look at things surrounding him to be thankful.
failing at a one task do not make the person a failure.
its all gambling to an extent, the whole point of an edge is to put things in your favor slightly but there is still a probability that you are wrong.. probabilities = gambling.
-P
"Truth is not what you want it to be; it is what it is, and you must bend to its power or live a lie"-Miyamoto Musashi
