Trading to fund sudden huge medical fee for a family member-Just burnt 1st trade a/c

C

clevechan

I got into trading because I needed an extra income stream to handle an unbelievable and rising amount of medical fee for a love one.

Therefore, I recently started my account with Gain capital trading currencies.

With, I guess , the most imperfect knowledge, and anxiety to win, matters got worst.....I just got my first trading account completely wiped out.

However, I am not giving up as I am confident that if I am more informed, I will be able to seek the investment returns I am looking for.

Will any kind souls out there be willing to be my mentor and give me advise on how to:

1) use trading softwares to automate my trading so that I do not have to slog through the night with my trading and go to work the next day red-eyed and pondering my previous night losses. I would appreciate recommendation of the best software to use and relevant cost to set things up.

2) advise on how to design my trading scripts so that I don`t have to drain my emotions every night.

3) advise me on what other instruments I can consider, that my average intelligence can handle, besides currency.

4) Charting softwares if necessary, because the charting software on Gain Capital (forex.com) does not seem to be very good.

5) all other things you will tell you kids if they first started to trade.

Any help is definitely appreciated.

After going through this forum, I am confident that there are a lot of kind souls out here.

Thank you in advance.
 
Quote from clevechan:
I got into trading because I needed an extra income stream to handle an unbelievable and rising amount of medical fee for a love one.
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Obviously, it's not working out so you should start trading after your financial burden gets resolved. I would say that working extra hours to gain some overtime pay or getting a second job is more appropriate than to take the risk of losing money.
Therefore, I recently started my account with Gain capital trading currencies.

With, I guess , the most imperfect knowledge, and anxiety to win, matters got worst.....I just got my first trading account completely wiped out.
More...
As mentioned above, trading is about RISK. Without RISK there is no REWARD. The question is how well do you understand it, apply it and control it.
However, I am not giving up as I am confident that if I am more informed, I will be able to seek the investment returns I am looking for.
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... OK... this statement got me to reply to this thread. Ask yourself one thing... why are you not giving up???? Is it for your loved one? To get your money back (redemption mentality)??? or simply for you own self-esteem???

From the flow of the passage, seems like you're desperate on self inclining reasons.
Will any kind souls out there be willing to be my mentor and give me advise on how to:

1) use trading softwares to automate my trading so that I do not have to slog through the night with my trading and go to work the next day red-eyed and pondering my previous night losses. I would appreciate recommendation of the best software to use and relevant cost to set things up.
More...
How did you develop that model? Do you have any quantitative or programming background?
2) advise on how to design my trading scripts so that I don`t have to drain my emotions every night.
More...
First thing you need is the ability to test your models. Same question as above. Before you go off imagining what "makes money" or "developing trading models" you have to be able to test your ideas so that it works in real world conditions.
3) advise me on what other instruments I can consider, that my average intelligence can handle, besides currency.
More...
Any kind of market is fine. I like index futures and equities when I trade discretionary. In terms of systematic trading, everything is the same for me.
4) Charting softwares if necessary, because the charting software on Gain Capital (forex.com) does not seem to be very good.
More...
???

Why would you need charts if you are going to systematic / automated trades.

1. You need clean and accurate data.
2. You need a darn fast real-time market datafeed.
5) all other things you will tell you kids if they first started to trade.
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They wouldn't have made a single trade. They would be acquiring the prerequisite skills and putting all their efforts towards being proficient in all the work involved in trading.

1. Trading is a business.
2. Trading is a profession / career. Not a job.
Any help is definitely appreciated.

After going through this forum, I am confident that there are a lot of kind souls out here.

Thank you in advance.
More...

Good luck to you and especially your loved one.
 
Quote from NTB:

Seriously, stop now before you get into deep trouble. No joke. I have 20 years in the business.
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Between NTB and myself it's 40 years of experience telling you to ... STOP NOW.
 
1) Stop trading immediately

2) Get a second job.

3) Negotiate the shit outta the medical bills. If your loved one is a fee-for-service cash paying patient they can probably negotiate them down to 25 cent on the dollar....maybe lower. Happens all the time.

4) Stop trading immediately



BTW: 18 yrs in the biz
 
I've seen many such desperate threads like this, and I will not presume the writer is joking regarding the illness.

All the advice above is from those more experienced than I. One point I remembered, never trade with what you cannot possibly afford to lose.

Best of luck to you.
 
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