My Story Trading as teenager, lost $50000 daytrading futures

RichTrader98 said:
I have successfully completed a course on advanced Technical Analysis
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Here's a story for you: when i was a trader on the exchange floor, a broker was made redundant by his company (i think he worked for Barclays). He took a course on TA and then went back into the pit to trade for himself. Happy ever after?

Nah, he blew up by the end of the week and was physically thrown out of the exchange.

I read in a newspaper, just by chance left in a pub, that he committed suicide a few months later. I still have a cutting of that article somewhere.
 
wrbtrader said:
If a father gives his son 50k to trade (not invest)...I'm sure he must have known the risk of losing some or all the money. If he didn't, the broker reminded you of that risk when the account was open...same by the data/charting vendor along with most forums on trading.

Therefore, give the remaining 20k back to your father and explain you're not a good trader due to your inexperience about trading and money management.

If he ask for the 30k back (the money lost)...you and your dad have a serious communication problem because some sort'uv an agreement must have been discussed when the money was given to him...an agreement he's choosing to not mention.

1) Stop trading and don't listen to those that try to encourage you to trade again via them making suggestions about other markets to trade or tweaking your trade methodology.

2) Get a job or go to college...then get a degree that gets you on wall street or into a financial institution if you really love the financial markets that much.

3) Don't ever borrow money again and never get a loan / credit for the purpose of trading.

The above will keep you out of trouble because right now you have no financial maturity. This should be already obvious and you coming to this forum with your story just doesn't add up because there are too many missing pieces unless I missed a post by you.

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.

P.S.S. If your story is true, this is why I've made the suggestion at this forum many times that traders should have to pass a test about money management, understanding leverage and then must pass a simulator account prior to being allowed to trade with real money with any broker.
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Because I want positive affirmation I don't want to fuel negative responses.
 
Visaria said:
Here's a story for you: when i was a trader on the exchange floor, a broker was made redundant by his company (i think he worked for Barclays). He took a course on TA and then went back into the pit to trade for himself. Happy ever after?

Nah, he blew up by the end of the week and was physically thrown out of the exchange.

I read in a newspaper, just by chance left in a pub, that he committed suicide a few months later. I still have a cutting of that article somewhere.
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This is not the type of response a mature person would give to a teen who has lost money. It's indirectly telling him to do something he should never do. Life is precious. More precious then even $50 million.
 
RichTrader98 said:
Because I want positive affirmation I don't want to fuel negative responses.
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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
 
marketsurfer said:
Pay no attention to the trolls, most are habitual losers who can't even imagine having $50k, let alone losing it.

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

surf
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Thanks for the suggestion will buy it today.
 
Also does anyone have a suggestion for a good broker. I already have a personal account with one. But I have recently incorporated an LLC for the purpose of trading. Any good one's that open company accounts.
 
Hold on Surf, no need to suck my cock 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.
 
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