Took out a loan to transition to full-time trading. 24 years old.

[Redneck]

he said thats the price to pay... and he hung up.

Best thing he could have done for you - though likely you're think differently right now

Need..concrete..advice.

Do not declare bankruptcy

Get a job.., or two.., even three

Pay off your debt

Should you decide to continue trading - learn to be a damn trader before going live next time


====================

This is no where near the end of the world - and it not what happens to us..., rather how we respond to it - which ultimately defines us

Come out the other end a better person..., with a healthy appreciation of the risk inherent in our business

RN

 

[conduit]

When in doubt bust your account multiple times because "it's very common"??? That is your best advice? Ouch

OP, when in doubt refer to post #285. Ignore the trolls.

 

[wabu27]

i thought P2P loans would be discharged if i declare bankruptcy but after searching the internet, i don't think it will be. what the hell did i get myself into.. no words can describe the stupidity i have shown then past 2 months. but please if you can give any advice about my current situation that is credible, please i am listening.

 

[conduit]

it is not even established that anything you said is true and not a hoax and fun story. No way you turned from an arrogant prick who listened to nobody in a whining boy. Sorry, zero emotional support from me. The whole story increasingly seems completely made up.

i thought P2P loans would be discharged if i declare bankruptcy but after searching the internet, i don't think it will be. what the hell did i get myself into.. no words can describe the stupidity i have shown then past 2 months. but please if you can give any advice about my current situation that is credible, please i am listening.

 

[benwm]

so after having my account drop below $25k i traded futures. my last day on my finance job was may 4th, and a month into my trading career my total cash available to use is less than $300. Need some serious advice right now.. im 24 and I have no idea what I've gotten myself into... next loan payment is coming up next week and i cant pay because I have to pay food. I cant pay other loan payments and i cant pay next month rent. Really screwed... I think I did all this because if things go down hard I thought my dad would bail me out even though he was pretty solid at telling me he will not support me anymore. Spoke with my dad today saying if he doesnt help me out i really seriously need to file bankruptcy and probably be homeless and he said thats the price to pay... and he hung up. Need..concrete..advice...direct messages are welcome.

Use your remaining cash to buy a gun. Make sure you have a couple of bullets just in case the first one doesn't do the job. You don't want to be in a pool of blood without having finished the job and no bullets remaining.

Seriously, get a grip. You need to get a job, do whatever it takes, flipping burgers, cleaning toilets, giving hand jobs to strangers if that suits you,... Remove your ego and you can turn this into a positive in the long run. YOU brought this all on yourself. Deal with the short term as best as you can, and remember that how you view the situation is just a state of mind.

Crucially you must plan for the long term, thinking logically about what you need to do to meet your goals. Do you even know your goals? What do you want to be doing in 5-10 years time? Asking your Dad for handouts? Or making him proud because you bounced back from a setback and making a lot of money because of the hard work and the skills you acquired learning a craft. Ultimately you need to make yourself proud, it's not your father that you need to be trying to please.

Be grateful that you're 24 and not 54 or 64 or 74 because when you get to this age the task of rebuilding from self sabotage is much harder. But you're only 24 and it's not uncommon for students at this age to have a lot of debt. So start planning today and take responsibility for your stupidity. Look at your lifestyle to make sure that you use your time wisely to speed up the recovery.

Many successful traders had setbacks due to personal failings so you're not unique in this respect. And no doubt that a couple of others also screwed up and fell into a ditch at the side of the road. Which one do you want to be? A winner, or the guy in the ditch?

Start with Paul Tudor Jones speech on "Perfect Failure":-
http://bclund.com/wp-content/uploads/2012/07/16588637-Paul-Tudor-Jones-Failure-Speech-June-2009.pdf

 

[onemoreshot]

Agree, I thought earlier this was a troll job, still think it might be.

 

[Georgii]

i thought P2P loans would be discharged if i declare bankruptcy but after searching the internet, i don't think it will be. what the hell did i get myself into.. no words can describe the stupidity i have shown then past 2 months. but please if you can give any advice about my current situation that is credible, please i am listening.

You've probably (hopefully) learned your lesson and don't need anyone else saying "You suck". Now it's 'eat humble pie' mode...

1. Get on medicaid ASAP, before you get sick or something bad happens to you. A medical emergency right now can only plunge you into more debt.
2. See if you can negotiate some debt relief to forestall bankruptcy proceedings. Lots of stuff to look up online.
3. Network like crazy to find new work. Make sure your linked in profile is up to date.
4. You were nice enough to write a check to your mom for $2000 when you should have been paying back your debt. Maybe, if your parents are together, mom can influence dad to give you at least a floor to sleep on and some ramen noodles to hold you over (I guess dad never heard about the prodigal son parable, but maybe he's trying to show tough love - family relations are complicated so I won't go there).
5. Learn the art of frugal. It will help you if you ever get into trading seriously again.
6. You can get out of this. You live in the United States. If you lived in some third world country and borrowed from a loan shark you wouldn't have such good chances right now. Be thankful for what you have, it will prevent you from wallowing in self pity and push you to get moving.

Good luck, God bless, and never, ever, ever, ever, ever repeat this mistake again. Ever.

 

[wrbtrader]

i thought P2P loans would be discharged if i declare bankruptcy but after searching the internet, i don't think it will be. what the hell did i get myself into.. no words can describe the stupidity i have shown then past 2 months. but please if you can give any advice about my current situation that is credible, please i am listening.

You had a job in finances and then you took out the high interest loans to trade. Next, you started losing in trading while still holding the job. In fact, you said a few times you were trading from work (a no no) and that they probably know and do not care. Then you disappear for awhile and now come back to say things got so bad that you "quit your job" (the backup plan to pay your loans) and you switched to futures and lost it all except for $300 dollars ?

The solution to your problems is SIMPLE if this isn't a fake situation.

Get another job and don't be picky. Thus, it doesn't matter if you hate the job...get another job and start paying your loans because nobody is going to help you until you're employed beyond a homeless shelter and a food bank.

Heck, get two jobs...day time and night time. Also, after you get your two jobs, call up your creditors and make arrangements or get help from one of those free services that helps people consolidate your debts into manageable payments based upon your two job income.

Lastly, stay away from trading.

P.S. You sound like you're young, with a college degree and finance background. Join the military. You'll be an officer, decent pay and it just may teach you some responsibility, discipline along with getting you away from the markets. At least you won't be able to be sneaky and trade from work.

P.S.S. I personally know someone just like you...that implies there may be a little truth about your story. He too traded from work instead of trading only before work, after work or in active markets that didn't conflict with his job. He was losing lots of money. Then he panicked and quit his 125k per year job.

Result, lost his marriage, lost the respect of his parents and friends, foreclosed on the two homes in which one was the family vacation home and then eventually bottom when he lived out of his car for two months. It was crazy, he just couldn't bring himself to getting a job until he was forced to live in his auto. Guess what, he eventually took a night job as a pizza driver and a day job as a grocery store clerk until he found out the job was hiring from within only for managers. 1 1/2 years later...he becomes manager of a popular grocery store chain. Now 5 1/2 years later...he has an eye on regional manager position along with being golfing buddies with the owner.

My point, don't view a low paying job as the end. It could be a foot in the door to something else much bigger. Yeah, he stays away from trading...it was December 2008 that did him in.

 

[conduit]

I like the point about military. I will surely send each of my future sons to serve in the armed forces. Possibly even to Israel. Heck, in most countries it is a mandatory service to one's country. And it can only do good to a young man. I am talking about a limited time service. What they do after that, college or continue to rise up through the ranks is entirely their choice of course

You had a job in finances and then you took out the high interest loans to trade. Next, you started losing in trading while still holding the job. In fact, you said a few times you were trading from work (a no no) and that they probably know and do not care. Then you disappear for awhile and now come back to say things got so bad that you "quit your job" (the backup plan to pay your loans) and you switched to futures and lost it all except for $300 dollars ?

The solution to your problems is SIMPLE if this isn't a fake situation.

Get another job and don't be picky. Thus, it doesn't matter if you hate the job...get another job and start paying your loans because nobody is going to help you until you're employed beyond a homeless shelter and a food bank.

Heck, get two jobs...day time and night time. Also, after you get your two jobs, call up your creditors and make arrangements or get help from one of those free services that helps people consolidate your debts into manageable payments based upon your two job income.

Lastly, stay away from trading.

P.S. You sound like you're young, with a college degree and finance background. Join the military. You'll be an officer, decent pay and it just may teach you some responsibility, discipline along with getting you away from the markets. At least you won't be able to be sneaky and trade from work.

P.S.S. I personally know someone just like you...that implies there may be a little truth about your story. He too traded from work instead of trading only before work, after work or in active markets that didn't conflict with his job. He was losing lots of money. Then he panicked and quit his 125k per year job.

Result, lost his marriage, lost the respect of his parents and friends, foreclosed on the two homes in which one was the family vacation home and then eventually bottom when he lived out of his car for two months. It was crazy, he just couldn't bring himself to getting a job until he was forced to live in his auto. Guess what, he eventually took a night job as a pizza driver and a day job as a grocery store clerk until he found out the job was hiring from within only for managers. 1 1/2 years later...he becomes manager of a popular grocery store chain. Now 5 1/2 years later...he has an eye on regional manager position along with being golfing buddies with the owner.

My point, don't view a low paying job as the end. It could be a foot in the door to something else much bigger. Yeah, he stays away from trading...it was December 2008 that did him in.

 

[R123]

I do not know if I can talk you off the ledge. I funded a trading career with a much larger home equity loan 14 years ago. I survived and still trade full time, but I got to visit some very dark places I never want to return to. Your dying to trade, but starting with borrowed money makes much more blind to Risk than you would be having to earn every dollar at some job. Risk control and money management is 95% of the battle and your plan has a failing grade on both. Doing it all over again: I would have stayed working, cut my expenses as much as possible , picked up a second job , and started by trading very small consistent with my account size . The river is always running and every day you can come to fish, but with your loan your wearing some lead waders ( suit). A few slips on the markets mossy rocks and you will join the multitude of others on the bottom trying to get there heads above water. Excuse the corny analogy, but if you spent sometime on the bottom , its not that corny.