Took the Maserati back to Palm Beach.
I have lost over half of my net worth/life savings trading forex.
- Thread starter boza
- Start date
As eloquent as your post is (I enjoyed reading it), it still is not clear what you find so bad about forex.
Over-leveraging and bucket shops are not a problem for anyone with a bit of common sense.
Waves and turbulence is the bread and butter of every trader. Im not in the market long enough to be affected by a black swan event and I couldnt care any less for anyone that is, thats their problem. Sure there are massive investments playing the month and year timeframe bleeding profits off other peoples retirment money, but so what? Idgaf what the supertrend is, what the market sentiment is, how unfair it all is, what the data means, who is manipulating things...etc.
All I need is the market to be doing something. As long as someone is making waves and it is moving then I can make money.
It has been well covered in other threads and there are a lot of nay-sayers, but take what you have left and put it in bitcoin. This is your opportunity of your lifetime. Tell your Dad to do it as well. In spite of all the non-understanding bubble-bubble people on this forum Bitcoin has not even started the vertical part of its long term chart. It is still in the flat-line portion.
The first year I traded, I lost my entire account.That was about $18,000, 1969-70. I saved up again, and in the next couple of years I lost about half of my account. It was 14 years (1984) before I had a profitable year. There was no Internet, no PCs, no pretty colored charts, no candlesticks. Commissions were about $150 per trade. Now, I think a person could become profitable in a year or two. BTW, I have not had a losing year since 1983.
Good luck.
Neat story thanks for sharing.
In my first month, I lost 10k daytrading futures and I sworn I would never have a bad month daytrading in my life. Seeing it now, I think the only way for me to fulfilling my oath is never ever daytrading in my life.
You can stay days and weeks being profitable, then one day you awake overconfident or stressed with something and lose all you have gained and more, then you become less confident and less stressed and the cicle begins again
After a time, you know you are not the kind of person that will face bankrupticy, but you also know that you're not the kind of person that will be rich. And you continue, because you're just too stuborn to try everything else.
You can stay days and weeks being profitable, then one day you awake overconfident or stressed with something and lose all you have gained and more, then you become less confident and less stressed and the cicle begins again
After a time, you know you are not the kind of person that will face bankrupticy, but you also know that you're not the kind of person that will be rich. And you continue, because you're just too stuborn to try everything else.
Geez, not to mention...You are 18 YO? Enjoy some of those fun youthful years! Don't bury yourself in this trading crap for a while, just enjoy these times you have now to be free, because they won't come again! Go wild when ye be young, because when you get older it is harder to go wild. Get cranky and start trading after you have had some fun! The shitness of trading will still be there for you, as you have already experienced. Ow.
This seems like bad advice. This is the time where he can afford to fuck up.
It is also a time where he can ingrain bad habits of screwing up that will follow him for the rest of his life. With age comes wisdom. So have the fun now, build up wisdom and maturity. This way the screw-ups become easier to overcome (and more affordable), when one has said wisdom to know how much they can afford to lose? How to not panic when one has screwed up like this one apparently is?
Different strokes for different folks of course.