I would be curious to see an update. OP?
Took out a loan to transition to full-time trading. 24 years old.
- Thread starter wabu27
- Start date
Dead and gone...
I give wabu27 an A+ for commitment and honesty, but a D- for business planning. Never borrow money to trade, I hope this is excellent proof of that. And if you're going to do it, don't cut checks to mom or your mechanic with your daily profits, use it to pay back the damned high interest loan while your hand is hot. Finance 101 here.
As with any mistake, I hope wabu27 learns from it and never repeats it again.
And here's another clear example of why the pattern day trader rule sucks. If wabu27 didn't have the SEC throttling their chances, such a mistake might have been avoided.
the pressure builds up and admitting that he is below 25k is probably adding to the pressure. But a direct message to the op! It's gambling and you have to admit your mistakes or you will keep making them! Its just that simple. Unless your sick or on vacation?
P.S. I have a friend that lost 75% of his trading capital in one day a few years back while trading stocks. He got a phone call from his broker at the end of the day (no calls during the day while he was approaching 75% in losses) and ask him if things were OK.
That's crazy. How did he lose 75%? Hopefully not something like 75k.
Probably just vacation, sick or a self-imposed time out prior to resuming trading.
Don't know how but he was into IPOs and it was more than 75k.
Thanks wrbtrader. And to the OP (if you're still lurking around)
I too will be quitting my job soon and start trading. However, I already have over 10 years experience and have a good system in multiple market conditions that gave high positive returns. Furthermore, trading is a backup plan (ie job blew up) and is not a dream/fantasy of mine. I may quit, get fired, or just transfer or find another job. I'm still deciding.
Hope this helps you understand how far off your mindset is. One of the thing I would never do is take out a loan to trade and especially not lose it. I wouldn't have quit either with a recession that is developing. Seriously, OP you said you work in finance and you can't see the mistakes you made. It makes me not trust you to do something like be a financial manager. Honestly, OP you really screw yourself over. With tough love. I really do hope you make it. Good luck.
I too will be quitting my job soon and start trading. However, I already have over 10 years experience and have a good system in multiple market conditions that gave high positive returns. Furthermore, trading is a backup plan (ie job blew up) and is not a dream/fantasy of mine. I may quit, get fired, or just transfer or find another job. I'm still deciding.
Hope this helps you understand how far off your mindset is. One of the thing I would never do is take out a loan to trade and especially not lose it. I wouldn't have quit either with a recession that is developing. Seriously, OP you said you work in finance and you can't see the mistakes you made. It makes me not trust you to do something like be a financial manager. Honestly, OP you really screw yourself over. With tough love. I really do hope you make it. Good luck.
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.