My Story Trading as teenager, lost $50000 daytrading futures

marketsurfer · Mar 26, 2017

Visaria said:
Hold on Surf just yet....I do use price action or TA, call it what you will, just that i don't use it solely...i look far more at fundamentals a lot these days.

There's some value in some TA when used in combination with other methods.

peilthetraveler · Mar 26, 2017

wrbtrader said:
P.S. You may not be aware but the way you reply suggest you may be a troll especially considering I notice you don't reply to those that suggest you stop trading and to get a job. Thus, you seem to only reply to those comments as if you're looking for advice to continue trading.

Thats a painful suggestion to take. In my experience traders who lose money do not want to hear that advice until that is the only choice left.

I'll give some different advice if he doesn't want to get a job. Take some of that money, maybe a few thousand, and actually take some classes on how to trade. And when I say take classes on how to trade, I don't mean give money to those guys that give you "picks". Find one of those day trading schools where the teachers will critique your trades. I mean, if you keep going the way you're going, you'll lose the full $20k anyway, so it doesn't hurt to actually try to get some help.

RichTrader98 · Mar 26, 2017

peilthetraveler said:
Thats a painful suggestion to take. In my experience traders who lose money do not want to hear that advice until that is the only choice left.

I'll give some different advice if he doesn't want to get a job. Take some of that money, maybe a few thousand, and actually take some classes on how to trade. And when I say take classes on how to trade, I don't mean give money to those guys that give you "picks". Find one of those day trading schools where the teachers will critique your trades. I mean, if you keep going the way you're going, you'll lose the full $20k anyway, so it doesn't hurt to actually try to get some help.

Okay, Can you suggest someone. Is Online Trading Academy any good?

recession2016 · Mar 26, 2017

marketsurfer said:
Pay no attention to the trolls, most are habitual losers who can't even imagine having $50k, let alone losing it.

With that said, Visaria is adding much wisdom to this thread. Don't dismiss him because it goes against what the market wants u to believe thus the losers on this site parrot it.

Read "evidence based technical analysis" and be very cautious making decisions based on any form of past price analysis.

surf

stop commenting on trading; you're a terrible trader; your futures trades are all losers

the only reason you're not totally broke is because you sell bullshit to suckers

MoneyMatthew · Mar 26, 2017

RichTrader98 said:
Okay, Can you suggest someone. Is Online Trading Academy any good?

LOL, you are such a troll! RichTrader98 is part of the new class of "time waster" trolls. Let me guess your next questions RichTrader98, "What is a good computer to go online with?". "Is America Online a good ISP for trading?". "Should I use a Limit Order or Market Order?" LMAO! Comedy Gold!

marketsurfer · Mar 26, 2017

recession2016 said:
stop commenting on trading; you're a terrible trader; your futures trades are all losers

the only reason you're not totally broke is because you sell bullshit to suckers

As you can see Rich, this guy still thinks there was a recession in 2016. No wonder he is ticked off. LoL!

Overnight · Mar 26, 2017

RichTrader98 said:
I didn't see it as wrong at that time when I was just a beginner. I though bigger positions = bigger profits.

This is where your fell down, and what inexperience (and part ignorance) serves up.

Sure, bigger positions = bigger profits. 2A+2B = 2C (-2D)

But it goes the other way on every trade. Bigger positions = bigger losses.

I am telling you... For the love of all things Holy, if you are intent on continuing your futures trading with real money, then from here on out do it in the micro markets until you build up a trading plan/strategy/technique that suits you. I highly recommend MGC for micros.

RichTrader98 · Mar 26, 2017

marketsurfer said:
As you can see Rich, this guy still thinks there was a recession in 2016. No wonder he is ticked off. LoL!

We should try to avoid negative comments and people.

wrbtrader · Mar 26, 2017

RichTrader98 said:
Because I want positive affirmation I don't want to fuel negative responses.

Hmmm...seems like you're looking for advice that can keep you trading and remotely possibility of you making back that money.

Go to college, get a part-time job and start paying back the money assuming it was only a loan and not a gift of 50k.

That is a positive comment (nothing negative) and it allows you to mature about money.

Does your old man trade or work in the financial markets ?

Did he know what you were going to do with the 50k ?

RichTrader98 · Mar 26, 2017

Overnight said:
This is where your fell down, and what inexperience (and part ignorance) serves up.

Sure, bigger positions = bigger profits. 2A+2B = 2C (-2D)

But it goes the other way on every trade. Bigger positions = bigger losses.

I am telling you... For the love of all things Holy, if you are intent on continuing your futures trading with real money, then from here on out do it in the micro markets until you build up a trading plan/strategy/technique that suits you. I highly recommend MGC for micros.

Okay will trade some micro's. I think they will be better than paper trading.