My Story Trading as teenager, lost $50000 daytrading futures

[JSOP]

This is my story
I lost $50000 trading futures and the majority of those loses were incurred day trading Crude Oil and Natural Gas futures. I want strategies and suggestions to recoup the loss. I don't have a job. I lost my father's money. I want suggestion. I have been trading since about more than a year.

The title of your thread states that you are a teenager. If you are a teenager, how can you trade? As far as I know, teenagers are not allowed to enter into contracts on their own and trading requires contractual agreement.

If you are able to trade, then you are not a teenager or at least not one that cannot hold jobs. Then my suggestion to you is to go out get a day job to earn some regular earnings, meanwhile do some research(there is PLENTY on the web and in the library for you to learn how to trade), go back to drawing board to redesign your trading strategy/system, trade in demo UNTIL you are able to make CONSISTENT profit and then trade part-time until you accumulate enough capital to allow you to trade full-time to gradually recoup your losses. It may take you a long time but it IS doable.

Good luck!

 

[Overnight]

( @vanzandt There's usually a time and place for many scenes from it. I think this thread is a good example. )

 

[dealmaker]

https://www.elitetrader.com/et/threads/redditor-yoloing-on-aapl.306307/

I am reminded of the above thread when I read this post, it turned out it was a prank.

 

[Overnight]

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

@RichTrader98

Here's your chance. MGC open in 4 minutes. Go ahead and start establishing your positions.

 

[marketsurfer]

I'm not trying to give you a hard time or be sarcastic, but wouldn't this be the perfect time to suggest buying a copy of Beat The Machines? I'm just trying to help you get your sales up. You paid for vendor status, start plugging. ABC=Always Be Closing.

Nope,

This "RichTrader" kid has blown thousands of dollars in bad trades. Go buy a copy of Beat The Machines. If you can't even buy a single copy of Beat The Machines then why should anyone believe you?

I don't understand your point. Most people lose trading and many far more than $50k. What's your point?

 

[MoneyMatthew]

Nope,



I don't understand your point. Most people lose trading and many far more than $50k. What's your point?

My point is you just lost an opportunity to share your knowledge AND profit at the exact same time by suggesting that he buy Beat The Machines. If he wants the knowledge then he has to buy your book right? He lost $50k trading so why not spend a few more bucks on a book that could help him out right?

 

[trickshot]

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

Positive affirmation isn't going to make you a successful trader, what you need is a reality check.

You blew up because you are a daydreamer, only daydreamers trade with 1:40 leverage, these are the people who think they can make multiple times of their capital a year. The reality is that nobody, not even traders with over 10 years of experience can make that kind of returns with any sort of consistency over the long run, you will blow up at some pt if you trade with such high leverage. Quit dreaming and get a job, you are not going to make more than minimum wage with only 20k left.

 

[comagnum]

I would hand over that money back to your father pronto and write up a payment plan and get on focusing on a career. Some of the losses are absorbed slowly by the capital loss carry - that needs to go to the father. You are young, paying back $30K is not that difficult - you simply live below your means and knock it out. Once you have a healthy base of your own capital maybe you can reinvent your trading plan and go the distance next time, with sound risk mgmt.

 

[JSOP]

https://www.elitetrader.com/et/threads/redditor-yoloing-on-aapl.306307/

I am reminded of the above thread when I read this post, it turned out it was a prank.

Of course it's not real. The moment I read he used credit card as margin, i knew it was just a joke. NO trading firm would EVER allow anybody to use credit card as margin. LOL You used to be able to fund your account with credit card for Forex and even that is banned now by the CFTC/NFA.

Still an entertaining read. The guy thought Apple is the next Blackberry.

 

[peilthetraveler]

Of course it's not real. The moment I read he used credit card as margin, i knew it was just a joke. NO trading firm would EVER allow anybody to use credit card as margin. LOL You used to be able to fund your account with credit card for Forex and even that is banned now by the CFTC/NFA.

Still an entertaining read. The guy thought Apple is the next Blackberry.

Actually I knew a guy that did that. He took around $22k or so of cash advances from his credit card and put it in a trading account. Then he traded on margin. Put all the money in LU (lucent technology) at around $40 per share or so. This was right as LU was starting its decline. I guess you couldn't call it trading...he only bought that one stock and it just went down.

We mocked him hard and he stopped coming into work once the stock went to the low $30s.