Holy crap @wrbtrader you are giving me gold info. i love it and really did not expect to get military info from anyone in this site. thank you and i really appreciate it. i will look more into it online and ask more questions to my recruiter. Never even considered graduate school until you brought up "hedge fund". So many things to look into. You just made my quarantining life 100x more interesting. THANK YOU!!
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Took out a loan to transition to full-time trading. Now 27 years old.
- Thread starter wabu27
- Start date
Long time lurker here and wabu's thread is what's making me post for the first time.
You remind me of me when I was your age. I blew my entire net worth back during the financial crisis but my drug of choice was bank options and FAS/FAZ. Made all my money (~$75k) on employee stock options working for a tech company (which ironically completed it's M&A a week before Lehman went down) and blew it all over the next 6 months trading, breaking ever trading rule in the book (and negatively affecting my day job performance).
Today, I am thankful that I ONLY LOST $75k. If I was where I was in life back then and was trading (I'm an exec at a public tech co)...I probably would have lost $1m and my wife would have divorced me. I tell myself that the $75k I lost was a cheap lesson in trading. I casually trade now and averaged $200k/year last 3 years through two factors 1) bigger bankroll and 2) RISK MANAGEMENT. (I trade mostly option spreads and swing trade index futures based on macro theses).
As others have said, go back to focusing on your career. Military is interesting but I don't think your personality can handle it. If I were you as an investor I would just turn into a boring Boglehead and use the trader energy on improving your life skills, career, relationships, etc. There is no such thing as fast money. You only earn it through time. You "only" lost $5,000. I think you know this and are grateful for it.
You remind me of me when I was your age. I blew my entire net worth back during the financial crisis but my drug of choice was bank options and FAS/FAZ. Made all my money (~$75k) on employee stock options working for a tech company (which ironically completed it's M&A a week before Lehman went down) and blew it all over the next 6 months trading, breaking ever trading rule in the book (and negatively affecting my day job performance).
Today, I am thankful that I ONLY LOST $75k. If I was where I was in life back then and was trading (I'm an exec at a public tech co)...I probably would have lost $1m and my wife would have divorced me. I tell myself that the $75k I lost was a cheap lesson in trading. I casually trade now and averaged $200k/year last 3 years through two factors 1) bigger bankroll and 2) RISK MANAGEMENT. (I trade mostly option spreads and swing trade index futures based on macro theses).
As others have said, go back to focusing on your career. Military is interesting but I don't think your personality can handle it. If I were you as an investor I would just turn into a boring Boglehead and use the trader energy on improving your life skills, career, relationships, etc. There is no such thing as fast money. You only earn it through time. You "only" lost $5,000. I think you know this and are grateful for it.
4/20 +$272
My goal was to get $100 today but NG charts were being nice to me and was going my way each time i went in the trade. Played it safe, not trying to get couple ticks more before exiting, yet ended with a lot of profits. Markets still going and im on a roll but its approaching 9am PST; less volume and another trading pattern I have is I usually make money in 1st half of the day (6:30am - 8:30am PST) and tend to lose most, if not all and some more of my daily profits during 2nd half of the day. So will be satisfied with what I earned today and will call it a day. I have a peace of mind too getting off trading early - something that would not have been possible for the old me. But than again, it is only, day two. hahahahaha
My goal was to get $100 today but NG charts were being nice to me and was going my way each time i went in the trade. Played it safe, not trying to get couple ticks more before exiting, yet ended with a lot of profits. Markets still going and im on a roll but its approaching 9am PST; less volume and another trading pattern I have is I usually make money in 1st half of the day (6:30am - 8:30am PST) and tend to lose most, if not all and some more of my daily profits during 2nd half of the day. So will be satisfied with what I earned today and will call it a day. I have a peace of mind too getting off trading early - something that would not have been possible for the old me. But than again, it is only, day two. hahahahaha
4/21 +$321
Wow NG went really high yesterday. I was targeting NG to go to 1.911 level, maybe even higher, within next 2 days (today and tomorrow) but really didn't think it would go all up to that level in a single day (yesterday). Super surprised and a little disappointed that I missed out, yet maybe it's a good thing that I missed out - I suck at riding breakouts and tend to lose money on those days. Today I called the NG fairly well. Called it to touch 1.870 level (I think it touched 1.869) but I thought it could possibly go down to 1.856 level - maybe a sudden spike down and right back up - i was watching and hoping patiently that it does that but it didnt. Missed the semi-big ride up from the 1.870 level completely. However made some good short trades today and ended with a good result. Ending it early again. 8:30am pst. I think I have a good track record for first half of the day and for the 2nd half, very random results. When I make money during 2nd half of the day, its usually not that significant but when i lose money, i don't lose big; I lose HUGE. Like I'm praying constantly that I'll never do this kind of trade again... but the Lord knows I'm lying because he knows all and even I know I'm probably going to do the same trade again in the future. So will be satisfied with what I have and call it a day.
Wow NG went really high yesterday. I was targeting NG to go to 1.911 level, maybe even higher, within next 2 days (today and tomorrow) but really didn't think it would go all up to that level in a single day (yesterday). Super surprised and a little disappointed that I missed out, yet maybe it's a good thing that I missed out - I suck at riding breakouts and tend to lose money on those days. Today I called the NG fairly well. Called it to touch 1.870 level (I think it touched 1.869) but I thought it could possibly go down to 1.856 level - maybe a sudden spike down and right back up - i was watching and hoping patiently that it does that but it didnt. Missed the semi-big ride up from the 1.870 level completely. However made some good short trades today and ended with a good result. Ending it early again. 8:30am pst. I think I have a good track record for first half of the day and for the 2nd half, very random results. When I make money during 2nd half of the day, its usually not that significant but when i lose money, i don't lose big; I lose HUGE. Like I'm praying constantly that I'll never do this kind of trade again... but the Lord knows I'm lying because he knows all and even I know I'm probably going to do the same trade again in the future. So will be satisfied with what I have and call it a day.
4/22 +$222
NG! Today was the day the big boys prove they are big boys, and losers can go suck it. If you sat on the sidelines, go practice some more and come back - needing more practice isn't something to be embarrassed about; thinking you're ready and getting owned is what you want to avoid.
I thought I was ready and I got owned.
wait, what?
Flashback to yesterday going in early before any pattern formed and starting the day off red. Told myself not to do that again and like 2 minutes later made my first bet - down. And down did it go... deep red down crap like $600-$700 down. Hm. This feels familiar.
There is an old saying in Korea - even if you are in a tiger's cave, if you ball the fuck up than you will make it out (Not necessarily these exact words). So I figured, I'm fucked anyways.
I entered my short thinking man it will be so unnatural for NG to go straight up to 1.930 level (my possible high point for today) so it will dip first, gather more strength, and than go up. Love these futures - they give "0" shit about common sense. NG starts rising. I'm calling BS. NG rises more. I still call BS. I would've entered 2nd short.. glad I'm poor and can't afford it. NG rises even more, approaching 1.930. It's at 1.920 and now im just thinking "wow I actually rode this all the way up. Might as well stick around it's only $100 more". And it hits 1.930.
Back to the Korean saying. I decide to gather my balls and with fresh mindset from not trading for 2 months, I decide to ball up and call the tops and bottoms of this benevolence. Not random entry/exit points, but actually trying to act like I'm making decent, educated calls. And it's working. (?) Not sure why it's working, but I'm reading the chart and playing it fairly well. I make all my losses back, and make some more profits. When I hit +$200 I just wanted to quit for the day because I apparently forgot I'm going for small profits now. Very lucky today that instead of NG hangout out at the top without much movement, it kept giving out multiple small spikes back and forth, which gave me room and time to make my trades.
Not gonna lie I feel like I'm going to be posting here in like 2 weeks saying I lost it all. Maybe I shouldn't have boasted so much yesterday to my Dad, who thinks I suck at trading. He thinks I need to be more humble. Another old Korean saying: There is nothing wrong coming from old people's comments. Crap. I think my Dad is right.
NG report tomorrow so really going to play like I just need $100 and I'll be happy for the day. But hey: $1159 in 4 days. Started with $4808. 24% gain in 4 days. For all my haters: let me have this moment of joy. I promise I'll be humble tomorrow.
NG! Today was the day the big boys prove they are big boys, and losers can go suck it. If you sat on the sidelines, go practice some more and come back - needing more practice isn't something to be embarrassed about; thinking you're ready and getting owned is what you want to avoid.
I thought I was ready and I got owned.
wait, what?
Flashback to yesterday going in early before any pattern formed and starting the day off red. Told myself not to do that again and like 2 minutes later made my first bet - down. And down did it go... deep red down crap like $600-$700 down. Hm. This feels familiar.
There is an old saying in Korea - even if you are in a tiger's cave, if you ball the fuck up than you will make it out (Not necessarily these exact words). So I figured, I'm fucked anyways.
I entered my short thinking man it will be so unnatural for NG to go straight up to 1.930 level (my possible high point for today) so it will dip first, gather more strength, and than go up. Love these futures - they give "0" shit about common sense. NG starts rising. I'm calling BS. NG rises more. I still call BS. I would've entered 2nd short.. glad I'm poor and can't afford it. NG rises even more, approaching 1.930. It's at 1.920 and now im just thinking "wow I actually rode this all the way up. Might as well stick around it's only $100 more". And it hits 1.930.
Back to the Korean saying. I decide to gather my balls and with fresh mindset from not trading for 2 months, I decide to ball up and call the tops and bottoms of this benevolence. Not random entry/exit points, but actually trying to act like I'm making decent, educated calls. And it's working. (?) Not sure why it's working, but I'm reading the chart and playing it fairly well. I make all my losses back, and make some more profits. When I hit +$200 I just wanted to quit for the day because I apparently forgot I'm going for small profits now. Very lucky today that instead of NG hangout out at the top without much movement, it kept giving out multiple small spikes back and forth, which gave me room and time to make my trades.
Not gonna lie I feel like I'm going to be posting here in like 2 weeks saying I lost it all. Maybe I shouldn't have boasted so much yesterday to my Dad, who thinks I suck at trading. He thinks I need to be more humble. Another old Korean saying: There is nothing wrong coming from old people's comments. Crap. I think my Dad is right.
NG report tomorrow so really going to play like I just need $100 and I'll be happy for the day. But hey: $1159 in 4 days. Started with $4808. 24% gain in 4 days. For all my haters: let me have this moment of joy. I promise I'll be humble tomorrow.
Okay, forget my previous post. +$347 for the day.
Made my post. Re-read it. I liked it. Before closing my browser, looked at the chart once more. Who doesn't, right?
OMG
Chart is about to bounce. Like it's like literally about to bounce like right now. I take a minute to double check my assumption. Compare/analyze the charts. Omg I think I'm right. I enter. LOL. I enter. Just like that. And while I have an idea of how this will play out until EOD today, there are also possibilities that it will do slight variations which will require me to sit in and keep watching the charts until EOD. Something I don't want to start doing. So I exit. And now, I'm REALLY done for the day. Making this post 8 minutes after my previous post. Omg I need a doctor.
Made my post. Re-read it. I liked it. Before closing my browser, looked at the chart once more. Who doesn't, right?
OMG
Chart is about to bounce. Like it's like literally about to bounce like right now. I take a minute to double check my assumption. Compare/analyze the charts. Omg I think I'm right. I enter. LOL. I enter. Just like that. And while I have an idea of how this will play out until EOD today, there are also possibilities that it will do slight variations which will require me to sit in and keep watching the charts until EOD. Something I don't want to start doing. So I exit. And now, I'm REALLY done for the day. Making this post 8 minutes after my previous post. Omg I need a doctor.
Not true generally speaking.
Agreed.
Fresh MBA grads from top b-schools (HBS, Stanford, Wharton, etc.) get roughly $250K package right out of the gate. This includes base, sign-on bonuses, etc. After a few years, $500K-$700K is not uncommon. These are NOT partner level.
Partners comp runs well into the 7 and 8 figures. So, I wouldn't say they are cheap.
Private equity is a cheap bunch of fuckers for anyone who isn't a partner in my experience
Fresh MBA grads from top b-schools (HBS, Stanford, Wharton, etc.) get roughly $250K package right out of the gate. This includes base, sign-on bonuses, etc. After a few years, $500K-$700K is not uncommon. These are NOT partner level.
Partners comp runs well into the 7 and 8 figures. So, I wouldn't say they are cheap.
4/23 -$972
oh dear..
I don't play the report moves. My prediction was after the report, NG will shoot up and than trickle down until EOD. That was a rough rough prediction just based on the opening level of NG compared to the previous close. And that is exactly what happened during trading hours. So why did I lose so much money?
After NG report, NG shot up and high point was like 1.933. My target was 1.939. Yes, just .006 points off yet to me that was significant. Comparing my charts, NG had more room to fill on the upside before it trickles down. So I entered a position 1.914 and im just seeing it go down slowly, because I think it's a fake. NG needs to fill that "space" before it goes down. That's what I'm reading from the charts. NG does a small spike - I have a chance to exit for $30-$40 profit. I decide not to because I trust myself reading the charts. NG keeps on going down. My body is telling me to exit because this looks like it may go down a lot. It's playing how I predicted, yet I decide not to exit because I wan't to start following the chart analysis more than my impulse. NG is moving down like it's carefully trying to take out the stop level of everyone riding it, without triggering a big sell-off, and literally itching down. The worst patterns.
I get a crazy theory. I see the chart and I still believe my analysis. However, my account is bleeding more and more. Why would this happen? 1. I'm totally wrong. 2. Big boys trying to take out as many riders as they can, buying more contracts for themselves, because this NG is going to fly up for multiple days to come. Hm. I think my first theory has much high priority of being right, but for some reason I still think NG didn't fill that "space" so it needs to go back up. I decide shit what the hell im going to 100% trust my chart analysis this time, and possibly ride the break-out to the sky. So I keep in my position and see how I do. This move goes against almost all of my trading strategy - however, first time in my life I'm saying chart analysis > trading strategy. So very excited to see how this plays out. Right now I don't think I'm gambling. Very high.. very high risk. But I figure, for me it's always my instincts > chart analysis and I always miss out all the breakouts. Because breakouts are just what they sound like - breakout out of a pattern. And when the movement goes against the pattern, my mind is telling me to exit. I think if I ever want to be a really successful trader, I need to be able to ride the breakouts; trust my chart analysis and keep my balls intact while at it. So this is me. Going for it. YESSSSS
oh dear..
I don't play the report moves. My prediction was after the report, NG will shoot up and than trickle down until EOD. That was a rough rough prediction just based on the opening level of NG compared to the previous close. And that is exactly what happened during trading hours. So why did I lose so much money?
After NG report, NG shot up and high point was like 1.933. My target was 1.939. Yes, just .006 points off yet to me that was significant. Comparing my charts, NG had more room to fill on the upside before it trickles down. So I entered a position 1.914 and im just seeing it go down slowly, because I think it's a fake. NG needs to fill that "space" before it goes down. That's what I'm reading from the charts. NG does a small spike - I have a chance to exit for $30-$40 profit. I decide not to because I trust myself reading the charts. NG keeps on going down. My body is telling me to exit because this looks like it may go down a lot. It's playing how I predicted, yet I decide not to exit because I wan't to start following the chart analysis more than my impulse. NG is moving down like it's carefully trying to take out the stop level of everyone riding it, without triggering a big sell-off, and literally itching down. The worst patterns.
I get a crazy theory. I see the chart and I still believe my analysis. However, my account is bleeding more and more. Why would this happen? 1. I'm totally wrong. 2. Big boys trying to take out as many riders as they can, buying more contracts for themselves, because this NG is going to fly up for multiple days to come. Hm. I think my first theory has much high priority of being right, but for some reason I still think NG didn't fill that "space" so it needs to go back up. I decide shit what the hell im going to 100% trust my chart analysis this time, and possibly ride the break-out to the sky. So I keep in my position and see how I do. This move goes against almost all of my trading strategy - however, first time in my life I'm saying chart analysis > trading strategy. So very excited to see how this plays out. Right now I don't think I'm gambling. Very high.. very high risk. But I figure, for me it's always my instincts > chart analysis and I always miss out all the breakouts. Because breakouts are just what they sound like - breakout out of a pattern. And when the movement goes against the pattern, my mind is telling me to exit. I think if I ever want to be a really successful trader, I need to be able to ride the breakouts; trust my chart analysis and keep my balls intact while at it. So this is me. Going for it. YESSSSS