i've lost 400k the last 2 months i'm quitting

Quote from steve46:

This world is what you make it. The bad experience you have had is not going away, but you can make it a turning point in your life if you want to. What I learned is that every minute of the day, any one of us can make a decision to change and then put it into action.

You know the time is going to go by anyway. I am suggesting that doing something to try and turn this around might change the way you think, about the world, and about yourself.


Steve
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Very good advice.
 
Quote from alisa:

I inherited 110k, got margin calls, got credit card advances to cover those and finally closed account at -160k in damages. Don't even ask re methodology, there wasn't any. I had just come out of grad school and thought i was smarter than everyone else.
It took 1 year, from 2001-2002, I had just started trading and kept seeing all the all time highs on the tech stocks and kept trying to catch the bottom. Unreal when i think of it now. Anyway I quit in 2002-2003, got another job, but started actually reading books and learning about trading, and finally went back full time in 2003 thanks to another lump sum payment, much smaller this time though. 2003 I broke even, 2004 on I got my act together....and that's my life. Now i make a decent salary, not much, but enough, especially for this lifestyle and for a job i love.
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good effort! that learning/humbling curve can be a killer...
 
I think his story is very plausible. Furthermore I'll wager that the majority of successful traders have similar ones to tell. IMHO its generally par for the course to follow this route but what separates the success from the wipeouts is their ability to learn from mistakes and tenaciously fight back.
That said, a person with a gambling problem should let someone else trade on their behalf otherwise its akin to an alcoholic working in a brewery. Only a matter of time.
 
Coming back from a large sized blow out ýs not an easy task. It doesn't matter how competitive you are or how much your psychology/mindset/approach has changed. It's a pain in the ass. (especially if you don't have adequate funds to make that return).

The whole experience can fuck up your life (to a certain extent). On the positive side, It can always be worse you could live in Africa and have to walk 5 miles to get water.

Peace

ozzy
 
Quote from ozzy:

Coming back from a large sized blow out ýs not an easy task. It doesn't matter how competitive you are or how much your psychology/mindset/approach has changed. It's a pain in the ass. (especially if you don't have adequate funds to make that return).

The whole experience can fuck up your life (to a certain extent). On the positive side, It can always be worse you could live in Africa and have to walk 5 miles to get water.

Peace

ozzy
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As a matter of fact; I DO live in Africa, been at this full time for almost two years and I'm down 55%. Happily I have running water in my home. :)
 
Hedgeking - after reading through half of these posts and seeing what complete morons a lot of these guys are (so called traders) then maybe you should be happy that your leaving the business after all.

:D

Seriously though, things will work out BUT go and get yourself a STABLE, STEADY job for awhile even if the pay is low it is very important for your self respect and state of mind right now!
 
have you considered that the type of personality that makes you want to become a trader is the exact type of personality that will make you unsuccessful?

never combine buy and hold with margin. why? because every stock will get pulled down by the market no matter how strong the company's fundamentals. you think it will just come back up. well, yes, it will, in the long run (years). but in the short run, the market can easily take it down more than 20%. if you use margin you will not survive this.
 
Quote from Exodus:

Hedgeking - after reading through half of these posts and seeing what complete morons a lot of these guys are (so called traders) then maybe you should be happy that your leaving the business after all.
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Hey, who you callin' a trader! :p
 
Quote from hedgeking:

i've dropped 400k since may 10th and i'm throwing in the towell dead broke. i was long everything from mrvl to brcm and was margined huge. i just couldn't take a lose and now it's over. i wish all the best of luck
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YAWN
 
To the OP, not to be mean, just objective:

There is an 80% chance that your story is BS, and there is a 100% chance that you are an idiot. Again, I don't mean to be offensive, but:

1. You said you have been reading ET for years, and you haven't learnt anything???? You are either the biggest idiot or your story is a lie. I go with the lie...

2. Blowing so much money in such a short time, I am sorry but again, just classifies you as an idiot. No plans, no papertrades, no small account trades first, no diversification?? You just jump in and bet the bank on 1-2 stocks using margin?? How fucking stupid is that???

If it happened, you deserved it, I am sorry. In real life the stupid gets eaten.

By the way, assuming a 2 to 1 margin, would you care to show which stocks fell 50% in 3 weeks??? And if you had 400K, what did you need margin for???
 
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