Well this is my first thread on ET. Unfortunatley its under bad circumstances. Im a 19 year old trader who lost his first account today. Im considering a blown account as it now sits under 1,000. I feel as though i learned a lot this year even though i lost my account roughly a little over 10,000. This was my first year in the market as of next month and i feel as if i learned a wealth of information. The only regret i have after what i consider a large loss is not so much the monetary aspect but the fact i started to grasp the fact i could trade. I truely believe this is only a set back in my pursuance of trading. As it stands now im a sophmore in college and for the rest of 2008 im going to work save and start over again. My goal is to become a professional trader equities/ futures trader.
Lost my account
- Thread starter CollegeTrader
- Start date
All you gotta do is remember "preservation of capital"
Unfortunately I really didnt "get" what that meant until i had blown a few accounts. Your lesson so far as cost you 10k. My lesson cost me about 40k. Funny thing was that i heard people say "preservation of capital" all the time and i really had no idea what they were talking about or "how to preserve it" when trading (or any other investment in life) Once you get that, you dont have to worry about getting wiped out.
I think its pretty normal to drop anywhere from 30 to 100k before you realize how to make money in this game...but its still an expensive lesson.
Unfortunately I really didnt "get" what that meant until i had blown a few accounts. Your lesson so far as cost you 10k. My lesson cost me about 40k. Funny thing was that i heard people say "preservation of capital" all the time and i really had no idea what they were talking about or "how to preserve it" when trading (or any other investment in life) Once you get that, you dont have to worry about getting wiped out.
I think its pretty normal to drop anywhere from 30 to 100k before you realize how to make money in this game...but its still an expensive lesson.
Hey bro, don't sweat it I feel like I was recently in your shoes. Your in college, watching the markets and dreaming of the potential. Buy low, sell high, how hard can that be? I've lost my share in the beginning. I made a few dismal trades. (Buying UAL puts the day after the market opened on Sept. 11th) ha! In fact I kept on getting my ass kicked for years after that. My advice to you is to get out of the market for a while and go find a firm to work at, they will teach you the tricks of the trade and guide you every step of the way. It's a long and costly process, look at this as paying your tuition. But save yourself some grief and find a firm to work for or intern at.
Good luck man!
Good luck man!
You can take a look and see how other people do it...
Spydertrader's Jack Hershey Equities Journal
http://www.elitetrader.com/vb/showthread.php?s=&threadid=38777
Put this on a cover letter along with your resume and you will get a job. Emphasize what you learned. Go the extra mile and, on a different piece of paper, tell your story. Cover letter, resume, story, hired! Good Luck!
Next time...get with a prop firm, trade 100 shares max until you show consistant profits. Set yourself a daily stoploss of 1% of your account.
Thank you for posting this! I just started two months ago with 11k, and right now I'm licking my wounds at about $9700. Some days are just so discouraging and today has been one for me.
Your post reminded me that losses are normal when starting and reading everyone's encouragement to you was like reading it for myself as well.
I must say that I am impressed (and a little jealous
) that someone as young as you is having this experience. Sounds like you've got a good head on your shoulders and I have a feeling you'll come roaring back when the time is right.Thank you collegetrader, and thanks to everyone else for an encouraging thread.