You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
I Blew Up - What Now?
- Thread starter heynow
- Start date
StreamlineTrade
Guest
Seeing as 90% say dont borrow money, thats exactly what I would do! Remember the crowd is usually wrong.
If we go back to basic theory and the price of a derivatives contract, we notice that interest rates are factored in to the price as it is assumed the underlying was purchased with money borrowed from someone else. Was that borrowed money a credit card or was it an overnight loan from GS, or xyz. Does it make a difference? The idea is that most big purchases aren't done with spare cash
If you do borrow the money, just make sure you wont go under if things don't go your way.
Good luck
If we go back to basic theory and the price of a derivatives contract, we notice that interest rates are factored in to the price as it is assumed the underlying was purchased with money borrowed from someone else. Was that borrowed money a credit card or was it an overnight loan from GS, or xyz. Does it make a difference? The idea is that most big purchases aren't done with spare cash
If you do borrow the money, just make sure you wont go under if things don't go your way.
Good luck
That's good advice Austin gave you. You should listen to him, really.
Take a break from trading real money. Get a job, or find a short term career that will allow you to save up some money to fund your trading endeavors once you are totally confident you have an edge and have the consistent discipline to execute on it.
This may take 6 months or 3 years, you have plenty of time. I was just speaking to a friend, whom is over 60, that has been trading about 20 years. He told it will take a good 3 years, if you are daytrading, to become consistently profitable, on average. You are very fortunate you began your trading career early in your 20's. At 40 you will most likely know what it took most till their 60's to know. Hey it's Friday your in NYC, go have a little fun and give yourself a break.
Dan
Take a break from trading real money. Get a job, or find a short term career that will allow you to save up some money to fund your trading endeavors once you are totally confident you have an edge and have the consistent discipline to execute on it.
This may take 6 months or 3 years, you have plenty of time. I was just speaking to a friend, whom is over 60, that has been trading about 20 years. He told it will take a good 3 years, if you are daytrading, to become consistently profitable, on average. You are very fortunate you began your trading career early in your 20's. At 40 you will most likely know what it took most till their 60's to know. Hey it's Friday your in NYC, go have a little fun and give yourself a break.
Dan
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.
If you come from a wealthy family, don't get a cash advance, sell something, i.e., personal property of some sort. Losing $300 in electronic digits isn't going to mean anything. Losing $300 that you obtained by selling something material is more likely to make an impression.
Or you may decide that you'd rather keep what you'd be selling rather than take further risks. Which would likely be all to the good.
LC
Sorry about your blowout.
In the immediate present, you should consider yourself incompetent to trade. I mean that literally. You are not competent to trade money. Knowing that, don't borrow money from friends or family, and don't put yourself in debt using credit cards. Act like an adult.
As for what to do, I think it is simple. Either get the correct training and start the process again when you are competent or choose another path. You should also consider the possibility that you don't have the talent for this work.
Good luck
Steve
In the immediate present, you should consider yourself incompetent to trade. I mean that literally. You are not competent to trade money. Knowing that, don't borrow money from friends or family, and don't put yourself in debt using credit cards. Act like an adult.
As for what to do, I think it is simple. Either get the correct training and start the process again when you are competent or choose another path. You should also consider the possibility that you don't have the talent for this work.
Good luck
Steve
I can only speak from my own experience.
I was trained by folks who made money. They still make money. All of them are in their 60's, and 70's by now and have significant estates, the result of their efforts working in financial markets. They were (and still are) professionals and they took the work seriously.
I made this my profession and have made a living at it for a little more than 15 years now.
Basically Ripley, you are a simpering little dilletante who could cut it and can't stand to see others making a go of it. I am sorry but that is reality. I hope you find something that you can make a living at, or you may find yourself pushing a shopping cart down the highway, wearing a cap made out of aluminum foil.
Steve
I was trained by folks who made money. They still make money. All of them are in their 60's, and 70's by now and have significant estates, the result of their efforts working in financial markets. They were (and still are) professionals and they took the work seriously.
I made this my profession and have made a living at it for a little more than 15 years now.
Basically Ripley, you are a simpering little dilletante who could cut it and can't stand to see others making a go of it. I am sorry but that is reality. I hope you find something that you can make a living at, or you may find yourself pushing a shopping cart down the highway, wearing a cap made out of aluminum foil.
Steve
I stand by everything that I have said in the past and everything that I'll say in the future no matter how out of place, extraordinary, irrational or stupid they may or may not seem to be. I tend to do everything a little different than the masses.
I didn't have a mentor, actually I had many, but none that could teach me anything...
My trading career goes like this: I wanted to make a lot of $$$, and that was my primary and sole goal. I was obssessed. But, I doubt if the obsession was really about money, it was really about something much deeper. It was about figuring something out. A mystery, it was about winning, it was about finding yourself. Looking yourself in the face and going after it each and every single freaking day.
It was really hard on me from an emotional and a personal standpoint. But, I wanted to make the sacrifice early in my life, as early in my life as possible for the greener pastures that may not've been there had I waited for it. I wanted to go after it with all my might and will I had.
I have read almost 2,000 books over that period. I know it is such a high rate of books per day rate. But, I was really at it and I had a abnormally high reading speed. I read EVERYTHING in the last 5 years related to markets, all the newspapers, magazines, journals, websites etc etc. I tried out all the gurus, methods systems etc and I have finally reached a point where I can truly SEE. I have finally reached that true pinnacle of understanding that oh so eluded me before hand & most everyone else meandering around here. Everytime I thought, I may have reached there.. it was just wasn't.
So, TODAY is the day that I can finally say, all that toil and sacrifices weren't in vain. I finally figured out myself and what I want. They say, the market is only an extention of youself.. but, if that is TRUE and it is, then I am well on my way.
In conclusion: I am the best trader I know, and most likely in these boards. So what if I am inexperienced, and hadn't made any significant money quite yet.. I can assure you that I will have one of the most productive trading careers by anyone's set of standards.
I didn't have a mentor, actually I had many, but none that could teach me anything...
My trading career goes like this: I wanted to make a lot of $$$, and that was my primary and sole goal. I was obssessed. But, I doubt if the obsession was really about money, it was really about something much deeper. It was about figuring something out. A mystery, it was about winning, it was about finding yourself. Looking yourself in the face and going after it each and every single freaking day.
It was really hard on me from an emotional and a personal standpoint. But, I wanted to make the sacrifice early in my life, as early in my life as possible for the greener pastures that may not've been there had I waited for it. I wanted to go after it with all my might and will I had.
I have read almost 2,000 books over that period. I know it is such a high rate of books per day rate. But, I was really at it and I had a abnormally high reading speed. I read EVERYTHING in the last 5 years related to markets, all the newspapers, magazines, journals, websites etc etc. I tried out all the gurus, methods systems etc and I have finally reached a point where I can truly SEE. I have finally reached that true pinnacle of understanding that oh so eluded me before hand & most everyone else meandering around here. Everytime I thought, I may have reached there.. it was just wasn't.
So, TODAY is the day that I can finally say, all that toil and sacrifices weren't in vain. I finally figured out myself and what I want. They say, the market is only an extention of youself.. but, if that is TRUE and it is, then I am well on my way.
In conclusion: I am the best trader I know, and most likely in these boards. So what if I am inexperienced, and hadn't made any significant money quite yet.. I can assure you that I will have one of the most productive trading careers by anyone's set of standards.
Quote from heynow:
3.) Find a job. This is the way I want to go. I think taking a long break and swing trading would be best. However, it will be extremely hard for me to find a job if I'm honest about my day trading and my failure at it.
Everything is what you make of it and how you put it on a resume. Sounds like you need some help, so I would seek out a resume writing professional that can help you construct your resume in a way that makes the last 2 years sound GREAT, not a terrible waste of time.
For example: you owned your own business the last 2 years which shows motivation, determination, etc. This in turn developed your management and people skills... etc, etc, etc.
Quote from Ripley:
In conclusion: I am the best trader I know, and most likely in these boards. So what if I am inexperienced, and hadn't made any significant money quite yet.. I can assure you that I will have one of the most productive trading careers by anyone's set of standards.
Let's be practical, don't you think you would have put at least one profitable year out of the five, if you really thought you had a shot? Most of what I learned came after making a decent amount from the markets, over a period of years, thinking I had it "all figured out", and then giving most of it back. How will you react to that, the first time it happens to you?
Basically it comes down to this: can you separate what is random from what is edge? Will you know, before the time comes, the difference between brains and a bull market? Are you ready to walk away from the table, and admit the latter, even after you've banked your first seven digit year? Are you sure Ripley, that you've already learned everything you'll need?
The road doesn't end after profitability, it is just more pleasant scenery on the way to your destination.