My Story Trading as teenager, lost $50000 daytrading futures

First thing you should do is stop trading. You need to open a paper trading account to develop your skills. If you can't be profitable in a paper trading account then there is no reason to attempt trading live.

When/if you ever are profitable in a paper account then I would suggest you sign up for TopStepTrader's combine. If you can't pass their funded trader program then go back to paper trading and work on it some more.

I see some things you should probably change. The first is your expectations. Your handle is "RichTrader" which tells me you are probably attempting to hit "home run trades" instead of steady "base hits".

Why are you attempting to trade CL and natural gas? Those markets require quite a bit of futures trading experience. I have heard them called "experts markets". My suggestion is to concentrate on one futures market and learn how it moves. Don't try to trade two futures markets AND attempt to trade stocks. I looked at all the markets when I first started; I settled on the 6E and have not traded anything else.

How in the world did you lose 10,000 in a day on a 50,000 dollar account? You really need to have some sort of trade management plan. Any monkey can enter a trade. The key is understanding you WILL BE WRONG regularly and how to admit you are wrong. "Hope" can kill your account as you have found out.
 
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wartrace said:
First thing you should do is stop trading. You need to open a paper trading account to develop your skills. If you can't be profitable in a paper trading account then there is no reason to attempt trading live.

When/if you ever are profitable in a paper account then I would suggest you sign up for TopStepTrader's combine. If you can't pass their funded trader program then go back to paper trading and work on it some more.

I see some things you should probably change. The first is your expectations. Your handle is "RichTrader" which tells me you are probably attempting to hit "home run trades" instead of steady "base hits".

Why are you attempting to trade CL and natural gas? Those markets require quite a bit of futures trading experience. I have heard them called "experts markets". My suggestion is to concentrate on one futures market and learn how it moves. Don't try to trade two futures markets AND attempt to trade stocks. I looked at all the markets when I first started; I settled on the 6E and have not traded anything else.

How in the world did you lose 10,000 in a day on a 50,000 dollar account? You really need to have some sort of trade management plan. Any monkey can enter a trade. The key is understanding you WILL BE WRONG regularly and how to admit you are wrong. "Hope" can kill your account as you have found out.
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Thanks for the suggestion I will be joining the Top Step Trader Combine with 150k account.
 
RichTrader98 said:
BTW I am in my teens. And I lost $10000 in a day. $4500 another and $3000 another and lost $1000-1500 other countless times.
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if I were in your position, what I would do and the strategy I would use:

1. get a low commission/low margin broker where crude trades at most $800 per contract intraday
2. try to average +10 ticks per week with max contracts that's $1000+ per week; but you need to have good timing and a high win rate for this to work otherwise your account will evaporate fast (if your timing is bad this won't work)
3. wire out $5000 every time you get to $15000 in your account so your balance remains $10000
RichTrader98 said:
BTW I am in my teens. And I lost $10000 in a day. $4500 another and $3000 another and lost $1000-1500 other countless times.
More...

1) you need to identify a goal/purpose: how much do you want to make in one week? $1000, $2000, $5000? then build your strategy around the goal

2) daytrading isn't about making a huge amount in one day or week; it's about making a small amount each day so it adds up to your goal by the end of the week/month
 
RichTrader98 said:
BTW I am in my teens. And I lost $10000 in a day. $4500 another and $3000 another and lost $1000-1500 other countless times.
More...
I mean I think the only way to lose this way is if you try hard to lose, but really hard
 
recession2016 said:
if I were in your position, what I would do and the strategy I would use:

1. get a low commission/low margin broker where crude trades at most $800 per contract intraday
2. try to average +10 ticks per week with max contracts that's $1000+ per week; but you need to have good timing and a high win rate for this to work otherwise your account will evaporate fast (if your timing is bad this won't work)
3. wire out $5000 every time you get to $15000 in your account so your balance remains $10000


1) you need to identify a goal/purpose: how much do you want to make in one week? $1000, $2000, $5000? then build your strategy around the goal

2) daytrading isn't about making a huge amount in one day or week; it's about making a small amount each day so it adds up to your goal by the end of the week/month
More...

I already have a low margin/low commission broker. And I am thinking of starting to trade again with a new strategy.
 
RichTrader98 said:
Y

Thanks for the suggestion I will be joining the Top Step Trader Combine with 150k account.
More...
I would suggest you NOT join topsteptrader until you have worked out your problems trading a simple (cheap) paper trading account. You could start fairly cheaply with a free version of Ninjatrader and https://www.marketreplaydata.com/ it would cost you 7 dollars per month for replay data. (Topstep costs 150/mo)
 
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