I Blew Up - What Now?

I'll start looking for a job. When I say go into credit card debt what I really meant was take a cash advance of $300 to get the futures account back up above 2k to fund one last shot. I've refunded the account before but never with credit card money. I always did really well after refunding, its just that I would lost the respect for risk and discipline after being 'in the money' again.
Technically, I wouldn't be in debt until my whole net worth goes to zero.
I'm lucky to come from a very wealthy family. They've offered my money (not for trading but for other RE related business ventures) but I've always refused.
I'm really not concerned about the money. I just feel stuck at an age (late 20s) when I feel I should be making fast progress. I have made a lot of progress in terms of education, wisdom, maturity, etc. - but none of that has yet translated into material prosperity.
 
Get a part-time job, preferably in the evening so you can trade in the morning.

For me, I thought about taking some consulting assignment just to break the monotony. It's important to keep a fresh outlook on trading. Spending some time away from trading may help clear the mind.
 
Quote from heynow:

I'll start looking for a job. When I say go into credit card debt what I really meant was take a cash advance of $300 to get the futures account back up above 2k to fund one last shot. I've refunded the account before but never with credit card money. I always did really well after refunding, its just that I would lost the respect for risk and discipline after being 'in the money' again.
Technically, I wouldn't be in debt until my whole net worth goes to zero.
I'm lucky to come from a very wealthy family. They've offered my money (not for trading but for other RE related business ventures) but I've always refused.
I'm really not concerned about the money. I just feel stuck at an age (late 20s) when I feel I should be making fast progress. I have made a lot of progress in terms of education, wisdom, maturity, etc. - but none of that has yet translated into material prosperity.
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You can't trade for a living, with only 2k funding your account. I suggest you get a job, something that pays well, so you are able to save up enough to give you a decent shot at making it in this business. Meanwhile, spend your spare time honing your edge, until you are near certain that you found something that you can consistently use to generate income.
 
Quote from heynow:

I'll start looking for a job. When I say go into credit card debt what I really meant was take a cash advance of $300 to get the futures account back up above 2k to fund one last shot. I've refunded the account before but never with credit card money. I always did really well after refunding, its just that I would lost the respect for risk and discipline after being 'in the money' again.
Technically, I wouldn't be in debt until my whole net worth goes to zero.
I'm lucky to come from a very wealthy family. They've offered my money (not for trading but for other RE related business ventures) but I've always refused.
I'm really not concerned about the money. I just feel stuck at an age (late 20s) when I feel I should be making fast progress. I have made a lot of progress in terms of education, wisdom, maturity, etc. - but none of that has yet translated into material prosperity.
More...

In all honesty 2K isn't going to really help you get things back. Just leave your money in your account and go get a job. Stick every bit that you can into that account. Then when you are ready go for it again. You made it about 1 year and 10 months longer than a lot of people do. Nothing to be ashamed of. IMO

Good Luck
 
Work for a year, paper trade and refine your technique until you hit a milestone, like 10 good trades in a row, or a certain amount of profit. Within that year, save $100 per week, which is not that tough if you budget. Then next year you will have 5 grand to either open a futures acct, or go back to your prop firm.

Think in the big picture, and the feeling of failure will be a lot smaller. You have plenty of time to get it back together. Plus in the time you take, you will be able to re-educate yourself without losing money.
 
The most important lesson I've learned about trading is use of the behavioral stop. Once you have a good plan that works, if you ever deviate from the plan the right then and there you have to close out your position and call it a day (assuming you daytrade a futures market). This the only way to build and continue to build discipline, discipline on top of discipline reinforcing discipline. 100% confidence.
The next most important lesson is that you give your self X amount to risk everyday, and never risk more than that.
As far as how much you need to become a trader, WHEN you don't know what you're doing even 10 million can never be enough. And WHEN you know what you're doing being 50k in credit card debt is all you need. KNOWLEDGE and the DISCIPLINE to act on it is the source of all profits not your capital base.
7 Billion wasn't enough for Amaranth. But 2k in credit card debt was enough for PHD dropout and cab driver Bruce Kovner.
 
Quote from Ripley:

I would go with 1. Because that is what I did.

Greatness is when you made all the mistakes.

Go with 1, and then after that 3... (and possibly 2)

I did everything.. all of them & in that order.

There is a saying in the hardwoods... To be a great basketball player, you must play against people that are better than you.

Thus, it also holds true in trading. To be the best, oftentimes, you must do the IRRATIONAL... what nobody in there right minds would do. Common sense isn't all that common they say. Adversity builds character & nothing else can.
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If this is true, I salute you. Rare to find guts like this today.

I wish you much sucess.
 
Quote from ddunbar:

If this is true, I salute you. Rare to find guts like this today.

I wish you much sucess.
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You may want to look at his "It is IMPOSSIBLE to make money in the markets" thread . . .

LC
 
<i>"<b>I'm really not concerned about the money. </b>I just feel stuck at an age (late 20s) when <u>I feel I should be making fast progress</u>. I have made a lot of progress in terms of education, wisdom, maturity, etc. - but none of that has yet translated into material prosperity."</i>

Everything else you said is irrelevant, compared to this paragraph above. You will be ready to trade seriously, with sustained success only after mastering respectful fear of loss for your capital, and mature patience to understand that progress is neither fast or slow... those are the wrong measurements.

Define your edge, stick to it religiously, control risk, accept the fact you will make mistakes... and keep them small.

If you have a true edge AND self-discipline to apply it thru all market conditions (even adverse times) you can be successful. By your own words, you ain't there yet. Refunding the account will merely result in same results... sooner than later.

Take a break from real money, apply your lessons learned and study hard. In your 20s, you are blessed with youth. There is no hurry to lose more money in the markets. Take the advice given here by others who've been down the road (including me, several trips too many) of self-education and hard knocks.

The market extracts a steep price for each lesson learned if you trade real money thru the curve. There is no "free education" in our profession... that is the biggest fallacy of all.

Study hard, mock trade until you're nauseous from massive paper-trade profits, then begin with real money again w/one contract at a time.

Ah, to be in my 20s again with the wisdom & experience of current 40s. Am I the only man here who would like to merge those two?

You'll be fine. Enjoy the break.
 
Quote from Lamont_C:

You may want to look at his "It is IMPOSSIBLE to make money in the markets" thread . . .

LC
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HA! So his post was sarcasm then?
 
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