My Story Trading as teenager, lost $50000 daytrading futures

RT98,
A fair amount of good advice has been offered to you here, but ...

If you want serious help, redact the personal info with a black marker on your brokerage statement and simply prove your losses and sincerity. Otherwise you are not moving yourself or good ETs ahead.

T
 
RichTrader98 said:
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.
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Why would your father give you, a teenager, $70,000 of his money to trade futures? I think this is the part which most people here don't understand. Is your family wealthy? If you want people here to believe you, scan your trade history statements into JPG and upload them. First black out all of your personal information regarding name, address, phone, account numbers, etc...

Where did you take your advanced technical analysis course? How much did you pay for this course? What are the details for this course?

Chances are you will probably not get your $50K back. It would be best if you did not trade futures (or options or FOREX), especially since you are a beginner. See my other post here.

One thing I did not mention in my other post was I read Technical Analysis Explained (Third Edition) Hardcover – 1991 (Barnes & Nobel info) and Martin Pring on Market Momentum Paperback – May 1, 1997, both twice while taking notes. I also read Technical Analysis of the Futures Markets by John Murphy I did not want to make the technical analysis introduction overly long. Here are their latest books: Technical Analysis Explained, Fifth Edition and Technical Analysis of the Financial Markets. Even though Pring's Momentum book is out of print, I still recommend it.

Because you are young and have the time, I recommend you go through all 3 of the above books and all of the other books I recommend in my other post. Take notes in dedicated 120 page spiral notebooks. Here is a free PowerPoint presentation Pring made in Feb 2014 which MTA is storing. Download the PDF and view it locally. It will be faster.

If you are attempting to write some sort of automatic trading system, I wouldn't. There are all sorts of conditions an automatic trading system needs to take into account. I believe it would also need data streams from many different market areas. Only someone with years of coding experience and who has a robust data package would be successful. This is where the large Wall Street firms have the advantage. They have the best tools and hire only the best programmers. These programmers are known as quants. Quants know several languages and have advanced degrees in physics and math. If anyone here is running a successful automatic trading system please let us know. I would like to know.

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All of my posts are for educational purposes only. They are my personal opinion. They do not represent any trading advice. I am not responsible for any trading losses.
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My 5 monitor computer system.
 
I don't think I'm in the position to give you any advice, but I blew my $25K account two months ago. I believe your story, and I understand how you feel.

I also started a thread when I lost 48% in one day by trading es, many members suggested me stop trading, but I didn't listen, then I lost another half by trading cl and ym. I lost the left 1.5K by trading options (I couldn't trade any futures with such a small fund).

I strongly suggest you stop trading, but I don't think it's possible. You should at least make some rules and abide by them strictly. I just come up with a smaller fund to start again with the following rules:

1. Only trade one lot.
2. Follow the trend.
3. Stop trading for one month if I lose $1k.
4. Maximum daily loss is $300, stop trading today and the next day if reached.
5. Maximum loss of one trade is $100, if I have a full losing trade, stop trading for 15 minutes to cool out.

Be realistic, don't expect to earn big money, try to lose less. I hope I can have a winning trading system before I blow up my account again.
 
Overnight said:
This is the one of the best suggestions ever.

End of line.
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Exactly. Losing that much in one day, or like the OP in a few days means overleveraging and likely averaging down into margin call, the biggest reason why new trading accounts blow up but this truth is hardly talked about or reported. It's possible the OP can get more money to trade. But frankly, he is DONE and the worst thing would be getting more funds and getting back into it right away. It's best he get a job or education and stay in sim accounts or at the very least trade the smallest scale possible, until he can figure out his own way.

In the other case, he could still likely be a troll. Hard to believe a family would let a teen trade. How could he even apply for a margin account. Asking for documents is ludicrous as no one's foolish enough to post personal financials on a public board. nor is anyone foolish enough to give away their edge they've developed after years just because of a thread.
 
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hurricane_sh said:
3. Stop trading for one month if I lose $1k.
4. Maximum daily loss is $300, stop trading today and the next day if reached.
5. Maximum loss of one trade is $100, if I have a full losing trade, stop trading for 15 minutes to cool out.

Be realistic, don't expect to earn big money, try to lose less. I hope I can have a winning trading system before I blow up my account again.
More...

You learned the hard way, but you have a good plan to work on your edge while managing future losses. Exactly, the first question is about losing less and keeping losses small and what losses can be afforded rather than thinking how much can I win.
 
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