Blown up accounts

Mate rich bugger, out £120k into the stock market to have a mess, he was trading telewest, £1.10 area, taking small profits, no SL, the started going under, dropped to 8p in no time, refused to sell, put the rest of his account in at 8p i think it was, average 50p area, got just short, i was ringing him up daily to bail, more bad news straight down to zero.

Blew 120k just having a play, didn't really seem to care, too much money.
 
I blew up one. I took 64 K to >160K in less than a year, maybe two. Then to zero in a year,maybe two. Traded all over the place with methods/markets/madness.

Trading boss stuck by me.

I leaned into the pain, adapted.

It's all good now.
 
Cmoss said:
I'm on my third and it's getting harder and harder to convince the boss to let me have more money. Each account brings new lessons that I believe you can only learn when real money is involved.

How many accounts, paper or real, did you blow up before moving on to something else or finding your successful method?
More...

You shouldn't be asking your wife, other family member or friend for money to trade. That's your responsibility via getting a job, second job to refund your trading capital when ever you have a blow up unless the wife is rich and she enjoys giving you money...a sugar mama. In contrast, if she's not a sugar mama, eventually resentment will begin to show up in your relationship with her that can impact everything in a negative way between you and your spouse.

Also, its possible, if you had to work a job or another job to refund your own account...you may learn a lesson involving discipline when trading because you know its "your hard earned money" and you'll try extra hard not to lose it considering most folks lack respect for money when its just given to them.

With that said, I'm a strong believer that after "several blow ups"...its time to find a in person trading partner to help you when trading via help enforcing those lessons that needs to be learned to protect your trading capital and possibly become a successful trader. For example, he can stand next to you with a "baseball bat" (intimidation purposes) or he can hook you up to electrical shock treatments with him controlling the box with the red button (you think I'm joking ?). :rolleyes:

I don't know how much money you're talking about but if trading is more than just a hobby to you...it'll be worth your time to find an in person trader to sit with you to help enforce whatever it is you're trying to fix.
 
Last edited:
Turveyd said:
Correct, your wifes money is your money and her money, so no need to ask :)
More...

Most couples (not all) that's above middle-class level have agreements (e.g. prenups) that strongly disagree with what you said. :rolleyes:

Why cause the relationship stress when there's other ways to refund an account that teaches a valuable lesson...something he has stated (about lessons) is worthwhile to remember ?

Regardless, if she's a willing sugar mama...she'll give him another allowance to refund his account but she won't give him her bank account...just a small withdrawal to keep him happy with his hobby.
 
  • Like
Reactions: d08
There are no hard and fast rules for this.
The account I blew up was not money I earned.
It was very expensive tuition and I adapted.
There was never a bad word exchanged, my mate is wonderful.
>1M + since then, my mate is happy!
 
Cmoss You might wanna create Google / Power Pt. Slides, put daily charts with mistakes you commit & revise them daily.. thus, you'll make sure you don't repeat the mistakes.

Money Management remains they key..
 
wrbtrader said:
You shouldn't be asking your wife, other family member or friend for money to trade. That's your responsibility via getting a job, second job to refund your trading capital when ever you have a blow up unless the wife is rich and she enjoys giving you money...a sugar mama. In contrast, if she's not a sugar mama, eventually resentment will begin to show up in your relationship with her that can impact everything in a negative way between you and your spouse.

Also, its possible, if you had to work a job or another job to refund your own account...you may learn a lesson involving discipline when trading because you know its "your hard earned money" and you'll try extra hard not to lose it considering most folks lack respect for money when its just given to them.

With that said, I'm a strong believer that after "several blow ups"...its time to find a in person trading partner to help you when trading via help enforcing those lessons that needs to be learned to protect your trading capital and possibly become a successful trader. For example, he can stand next to you with a "baseball bat" (intimidation purposes) or he can hook you up to electrical shock treatments with him controlling the box with the red button (you think I'm joking ?). :rolleyes:

I don't know how much money you're talking about but if trading is more than just a hobby to you...it'll be worth your time to find an in person trader to sit with you to help enforce whatever it is you're trying to fix.
More...

I'll add some clarification. My wife and I are equal partners in our relationship and spending money on a hobby, as I cannot call this a profession, is something we discuss on amounts over $100

I have a great job full time with a F500 company with an incredibly high trajectory given my age/experience

I agree having a trading partner is definitely an added benefit. My mentor used to be really active on here but he has much bigger issues on his plate. HE is the one who has helped me identify and then understand my position sizing issue.
 
Cmoss said:
...I agree having a trading partner is definitely an added benefit. My mentor used to be really active on here but he has much bigger issues on his plate. HE is the one who has helped me identify and then understand my position sizing issue.
More...

You don't need an online mentor...just an in person enforcer...someone that can easily man handle you to force discipline. Heck, due to the fact that your spouse helps you with the funds...tell her to put on a nuns outfit and give her a ruler to smack you. No kinky stuff. o_O
 
You must log in or register to reply here.
Back
Top