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

[jsmacksem]

It was his existing high student loans, other financial debts and the high interest (26%) loans, quitting a secure job and then switching to markets he had no prior successful trading experience that did him in.

2 - 3k will blowup more quickly and he'll just do another 2 - 3k and then another and then another until he reaches the large amount of debt or trade losses.

My point, I didn't see anyone in this thread recommending to him to take on a 40k trading account with all that debt that came with it when he borrowed the money. Simply, its really not an issue about proper capitalization because he had too many other problems.

Sure. I agree. But maybe a couple of low 2k account wipes might peak his interest. It might inspire him to 1) develope a well-tested trading plan. And 2) hopefully develope a trader's mindset.

Maybe he might even SIM for a few months to ensure his business has positive expectancy.

3 2k wipe outs is better than the 50k he gave out.

 

[wrbtrader]

Sure. I agree. But maybe a couple of low 2k account wipes might peak his interest. It might inspire him to 1) develope a well-tested trading plan. And 2) hopefully develope a trader's mindset.

Maybe he might even SIM for a few months to ensure his business has positive expectancy.

3 2k wipe outs is better than the 50k he gave out.

That was recommended to him but he didn't care...essentially the problem. He ignored lots of good advice.

 

[RRY16]

That was recommended to him but he didn't care...essentially the problem. He ignored lots of good advice.

Since your so concerned about Wabu why not give him a subscription to your trading room and a year of mentoring on the house or offer him a marketing gig, that should get him back on track.

 

[conduit]

I am not talking from own experience. You only have to do a simple search on this site to figure out that it ain't what you are saying

Sounds like you were only at the bottom of the barrel prop firms. All the ones I've been with have assumed the risk. The type of firm you are allowed to trade with is usually indicative of how well you can trade. There are indeed scams out there, but if the trader had good performance as he claimed, he could have easily been recruited into a top firm with a very fair agreement where the firm assumes most if not all of the risk with their capital. . .

 

[wrbtrader]

Since your so concerned about Wabu why not give him a subscription to your trading room and a year of mentoring on the house or offer him a marketing gig, that should get him back on track.

First of all, there's NO subscription to a trading room. Secondly, I don't do mentoring and never have. If he ever meets a mentor, the first thing the person should tell him is to quit trading and find a job to take care of priority number one...start paying back those high interest loans before it ruins his life.

Last of all, my only concern is that others think that its OK to take out 40k worth of high interests loans on top of other big loan obligations to trade markets they had no prior success including quitting a secure job (backup plan) just in case things go wrong.

Simply, he should not be trading and I'm a little shock by all the people that thinks his problem is trade strategy or that he needs mentoring. The fact is that some people just are not suitable for trading. I believe strongly that he's one of those types of people based upon what he disclosed in this thread assuming its not a troll thread as others highly suspect.

 

[Gotcha]

Since your so concerned about Wabu why not give him a subscription to your trading room and a year of mentoring on the house or offer him a marketing gig, that should get him back on track.

You're an idiot. But for the sake of actually saying something useful, I will use to this opportunity to say why you're an idiot and maybe even you can learn from it.

If you did your homework, you would actually see that what wrbtrader does, which no one else does, is show you his trades. Are they all winners? Certainly no. Are they all perfectly timed? Not by a long a long shot. But if you do you homework, you would see that what he is doing is approaching trading with a methodical plan.

The secret to trading is in the consistency. And this means consistency with taking profits, taking losses, and always being ready to take the next trade. If you look at any failed trader, you would see how one of these areas is always lacking. Maybe their losses are too big to cover their profits. Maybe after a few losses they stop being able to take trades for fear of losing again. Maybe they are risking too much in relation to the size of their account. Whatever the reason, when you have full access to see the ups and downs of every trade, its becomes pretty apparent that failure or success is a mathematical guarantee. We can see failure in the original poster's trade history. In contrast, successful trading is apparent in wrbtrader's trading history.

There is much to be learned from what wrbtrader provides so lay off.

 

[RRY16]

You're an idiot. But for the sake of actually saying something useful, I will use to this opportunity to say why you're an idiot and maybe even you can learn from it.

If you did your homework, you would actually see that what wrbtrader does, which no one else does, is show you his trades. Are they all winners? Certainly no. Are they all perfectly timed? Not by a long a long shot. But if you do you homework, you would see that what he is doing is approaching trading with a methodical plan.

The secret to trading is in the consistency. And this means consistency with taking profits, taking losses, and always being ready to take the next trade. If you look at any failed trader, you would see how one of these areas is always lacking. Maybe their losses are too big to cover their profits. Maybe after a few losses they stop being able to take trades for fear of losing again. Maybe they are risking too much in relation to the size of their account. Whatever the reason, when you have full access to see the ups and downs of every trade, its becomes pretty apparent that failure or success is a mathematical guarantee. We can see failure in the original poster's trade history. In contrast, successful trading is apparent in wrbtrader's trading history.

There is much to be learned from what wrbtrader provides so lay off.

I never questioned his trades but something must be askew if you come running to his defense like a little whinny chick...what I do question is why would someone with his wisdom respond to a bullshit troll thread? In order to be a successful and consistent trader you have to be a skeptic and be able to ascertain bullshit and this thread smelled from the get go... Save your crying for your wife you piss ant.

 

[conduit]

Could you point me to his journal please? Thanks

You're an idiot. But for the sake of actually saying something useful, I will use to this opportunity to say why you're an idiot and maybe even you can learn from it.

If you did your homework, you would actually see that what wrbtrader does, which no one else does, is show you his trades. Are they all winners? Certainly no. Are they all perfectly timed? Not by a long a long shot. But if you do you homework, you would see that what he is doing is approaching trading with a methodical plan.

The secret to trading is in the consistency. And this means consistency with taking profits, taking losses, and always being ready to take the next trade. If you look at any failed trader, you would see how one of these areas is always lacking. Maybe their losses are too big to cover their profits. Maybe after a few losses they stop being able to take trades for fear of losing again. Maybe they are risking too much in relation to the size of their account. Whatever the reason, when you have full access to see the ups and downs of every trade, its becomes pretty apparent that failure or success is a mathematical guarantee. We can see failure in the original poster's trade history. In contrast, successful trading is apparent in wrbtrader's trading history.

There is much to be learned from what wrbtrader provides so lay off.

 

[Gotcha]

I never questioned his trades but something must be askew if you come running to his defense like a little whinny chick...what I do question is why would someone with his wisdom respond to a bullshit troll thread? In order to be a successful and consistent trader you have to be a skeptic and be able to ascertain bullshit and this thread smelled from the get go... Save your crying for your wife you piss ant.

I do agree with you that this is a troll thread. And I do also wonder why he sometimes wastes his time. But we are both guessing its a troll thread, and he must prefer to wait for facts to come in before he passes judgement.

As for the rest, I would just like to state that in my opinion, your reply had the flavor of calling him out on his trading room (which it isn't exactly), and suggesting that a marketing gig could help the OP make his money back, as if to suggest that the only income wrbtrader makes from trading is via marketing and the supposed Trading Room, and not from his actual trading.

This is the impression your post gives, and hence my reply. If you would like to provide me with a different impression or reason behind your post, I am more than willing to change my mind.

 

[RRY16]

I do agree with you that this is a troll thread. And I do also wonder why he sometimes wastes his time. But we are both guessing its a troll thread, and he must prefer to wait for facts to come in before he passes judgement.

As for the rest, I would just like to state that in my opinion, your reply had the flavor of calling him out on his trading room (which it isn't exactly), and suggesting that a marketing gig could help the OP make his money back, as if to suggest that the only income wrbtrader makes from trading is via marketing and the supposed Trading Room, and not from his actual trading.

This is the impression your post gives, and hence my reply. If you would like to provide me with a different impression or reason behind your post, I am more than willing to change my mind.

I do agree with you that this is a troll thread. And I do also wonder why he sometimes wastes his time. But we are both guessing its a troll thread, and he must prefer to wait for facts to come in before he passes judgement.

As for the rest, I would just like to state that in my opinion, your reply had the flavor of calling him out on his trading room (which it isn't exactly), and suggesting that a marketing gig could help the OP make his money back, as if to suggest that the only income wrbtrader makes from trading is via marketing and the supposed Trading Room, and not from his actual trading.

This is the impression your post gives, and hence my reply. If you would like to provide me with a different impression or reason behind your post, I am more than willing to change my mind.

zero interest, best of luck bangwagoning his trades.