My Story Trading as teenager, lost $50000 daytrading futures

peilthetraveler said:
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.
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Unless something really happened to him, why would he stop coming to work now that he's ten's of thousand's of $$'s in debt and if he put ALL the money he had into that stock, personally bankrupt? Wouldn't he needed the job more than ever to survive now?
 
JSOP said:
Unless something really happened to him, why would he stop coming to work now that he's ten's of thousand's of $$'s in debt and if he put ALL the money he had into that stock, personally bankrupt? Wouldn't he needed the job more than ever to survive now?
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Good point, and why be a jerk give the guy a hard time? He probably quit his job at Burger King to get away from peilthetraveler and upgraded to a new role at McDonalds.
 
CBC said:
Sori to ask but why do you think he is a troll?
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I'm beginning to think his daddy is a very wealthy man who wants his son to start his apprenticeship trading. Throwing $50,000 at him is peanuts for the old man and his way of showing him that you either gonna sink or swim, and losing 50k was to be expected and would teach son some possible lessons and humility.
In my opinion there are two ways to learn, the hard way (that's been me) or to be professionally mentored and having deep pockets for the coaching.
 
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JSOP said:
Unless something really happened to him, why would he stop coming to work now that he's ten's of thousand's of $$'s in debt and if he put ALL the money he had into that stock, personally bankrupt? Wouldn't he needed the job more than ever to survive now?
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Some people who believe they can trade usually have big egos. Since he broadcasted his position, he cannot lie to protect his ego. Some people value ego more than wellbeing, I believe these are the traders that lose the most.
 
My humble advice to you is to not lose the remaining $20K. By this, I don't imply that you should stop trading for good, but instead I would like you to find a way to trade that would preserve your capital in the long run, before you place another trade.
 
Please try to understand that this is the real thing. Really lost $50k of my dad's money. Many of you are having a good time mocking one another and having fun with the situation. But I joined EliteTrader expecting a genuine solution in a humble way.
 
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