Why homeless? Just go flip hamburgers or something
Took out a loan to transition to full-time trading. 24 years old.
- Thread starter wabu27
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Get another job ASAP. Can you go back to the last one ?
Sell all your books, DVDS's etc ......you won't get much but it's better than nothing.
Do you have a IRA or 401 K to cash out ?
Do you have a GF to sponge off ?
Good luck.
I am not sure I understand. Did you lose all $25k in 1 month of trading futures?
Well, you are not the first one to wipe your entire account clean. In fact, there is probably a large proportion of traders who have done it more than once. Advice? Get your old job back (or a similar one), and rebuild your finances from there.
Yes. Time to man up. Rebuild. You have a hard few months and years ahead of you. Face it head on.
Most importantly....when you're ready.....LEARN FROM THIS.
I've blown out my account more than once. Very common. The worst thing you can do is to build up a stake and begin trading again. Time off won't help either. My advice is to stop trading completely and spend your time developing and testing a fully automated trading system (that means learning some computer programming). Once you have accomplished that, which could take 1-3+ years, you should have some funds again from working and you can stick a toe back in the water using your automated system. It is very difficult to the point of being nearly impossible to adequately test and execute a manual trading methodology. Very few individual traders can pull that off. If you are on your own I think you need an automated system.
So you're smart enough to get educated and get a well paying job but then say f*** it, take 2 very high interest loans even though credit cards are handing out balance transfers including to yourself, interest free for a year or more, and only need to pay the 3% transfer fee. If you can get higher than 3% return its free money. Then quit your job, and instead of quitting at $25K, you go "full tilt" and seemingly lose it all in a month then not to ask for advice logically, last month, you decide to wait till extreme dire straits that no legal means can save you. I have mad respect for this whole topic and to come back but in all honesty what were you thinking as soon as you got in the hole especially after experiencing those 10K moves daily? You'd be emotional so quitting, a stable job, makes no sense, after witnessing that. That being said in 09', this one trader, traded futures and literally lost $25K from that Friday to the following Tuesday as the market was closed that Monday only for him to take a loss before the Fed lowered rates and futures spiked hundreds of points. Name was High Probability Trader or something. Do know everyone blows up their account at some point even a billionaire or two. GL
Go with Chase Slate, then get two jobs. Although not best thing on Earth, homeless shelter might be a good experience for you, life is how you look at it. You a big boy and relying on Dad rest of your life doesn't make you into a success. Go on your knees to company you were making the 60k, next time you want to try something like this again, remember what happened right now. Trading is a Business and takes years to become profitable on your own, you save up enough for three years of home savings times three and keep part time job going.
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This was your answer when I asked if you would pay back the loan after losing the money.
So that's what you should do.
You are capable of working and you are capable of paying the money back so I don't think bankruptcy is an ethical choice.
Get your job back and never trade again. There's a big difference between what you did and simply "blowing an account". What you did cant be fixed.
Don't ask for comfort. There are millions of hookers and prostitutes who sell their bodies for cash, either due to need or out if sheer pleasure. You have plenty choices but I think you are too stubborn and arrogant to learn without more pain. Unfortunately I am afraid to have to wish you more pain and to have your entire account depleted in order to wake up and stop your nonsense sooner than later. What a ridiculous way to get into trading. If nobody else has the guts to tell you what a dumb idiot you are then take it from me. Most guys here don't give a shit about you and are just in for the entertainment. Hence you are the only one at this stage who can help yourself though I clearly sense you gotta hit a wall before you wake up.
Good luck, you will need it
Good luck, you will need it
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