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Today, I lost my savings and my career
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Today, I lost my savings and my career

  #41 (permalink)
Trading Apprentice
Bangalore+India
 
Trading Experience: Intermediate
Platform: MetaTrader and Tradestation
Favorite Futures: Forex and Stocks
 
Posts: 40 since Aug 2015
Thanks: 5 given, 23 received

It happens..!


Grantx View Post
Found this on Reddit last night soon after the vote. Not sure if its legit but still sounds traumatic.

A really successful Hedge Fund Trader from an extremely successful Hedge Fund, quit the Hedge Fund, opened his own, collected about 100 Million and lost it all and returned about 100K to all the investors and said "Sorry".

You know 20K is not huge as I have lost 30K when I wasnt even earning and for an Indian, 30K is equal to 6 Years of Salary. What do you do..? You just know that there is nothing below this and climb back up. All you are doing is restarting at the bottom and its a good thing because suffering makes you stronger.
Go ahead and consider tomorrow to be a new life and start.

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  #42 (permalink)
Elite Member
Lisbon Portugal
 
Trading Experience: None
Platform: NinjaTrader
Favorite Futures: Emini ES
 
Posts: 13 since Nov 2017
Thanks: 4 given, 39 received

Plan of action

1- call your broker and ask to block your account for at least 3 months.

2- find a job non related to trading and work as many hours as possible to value all the money you make

3- if You want to come back to trading again in 3/6 months invest in big cap stocks ( MSFT, amz, etc)

4- only come back to futures when You are willing to lose for example 20k and that Does not affect You significantly ( monetary and emotionally)

5- if find all of this overwhelming seek professional help. You may start going to an AA meeting and Everytime you hear the word "alcohol" replace it with "trading" , you will learn a lot about yourself.

Take care and don't do nothing stupidd

Miguel

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  #43 (permalink)
Elite Member
Westlake, Oh
 
Trading Experience: Beginner
Platform: NinjaTrader
Favorite Futures: CL
 
Riverend's Avatar
 
Posts: 357 since Jun 2009
Thanks: 1,498 given, 212 received

get help


@Grantx
I to suffer from depression. You have to get this taken care of right away. When your in this state all decisions you make are directly or indirectly the result of your depression. I learned the hard way.

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  #44 (permalink)
Professional Guesser
Reading UK
 
Trading Experience: None
Platform: Sierra
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Riverend View Post
@Grantx
I to suffer from depression. You have to get this taken care of right away. When your in this state all decisions you make are directly or indirectly the result of your depression. I learned the hard way.

It wasnt me. I found that post on Reddit.

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  #45 (permalink)
Elite Member
Green Bay, WI
 
Trading Experience: Intermediate
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Favorite Futures: NQ
 
Scottiep's Avatar
 
Posts: 66 since Aug 2011
Thanks: 26 given, 13 received

Day Trading is a Scam

The reasons you cite, are precisely the reason I finally quit after 11 years. Retail Traders- Paper- get eaten alive by Institutional Traders. Odds of making money: 3% to 10%, at best. It's a fool's game. Stay out of it. Destroyed my "life" as well. Dishonest, corrupt "business". The 'trading gurus' trade in SIM and make money off their Bullsh*t 'classes. Day Trading should be taught be Universities with accreditation so a new trader knows the truth, and the obvious risks. The gurus have one thing in common: they all lie.

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  #46 (permalink)
Elite Member
Thailand
 
Trading Experience: Advanced
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Scottiep View Post
The reasons you cite, are precisely the reason I finally quit after 11 years. Retail Traders- Paper- get eaten alive by Institutional Traders. Odds of making money: 3% to 10%, at best. It's a fool's game. Stay out of it. Destroyed my "life" as well. Dishonest, corrupt "business". The 'trading gurus' trade in SIM and make money off their Bullsh*t 'classes. Day Trading should be taught be Universities with accreditation so a new trader knows the truth, and the obvious risks. The gurus have one thing in common: they all lie.

I am happy to see that your lack of success left no marks of bitterness and anger on your mind.

"The mind is its own place, and in itself can make a heaven of hell, a hell of heaven." - Milton
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  #47 (permalink)
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Reading UK
 
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Scottiep View Post
The reasons you cite, are precisely the reason I finally quit after 11 years. Retail Traders- Paper- get eaten alive by Institutional Traders. Odds of making money: 3% to 10%, at best. It's a fool's game. Stay out of it. Destroyed my "life" as well. Dishonest, corrupt "business". The 'trading gurus' trade in SIM and make money off their Bullsh*t 'classes. Day Trading should be taught be Universities with accreditation so a new trader knows the truth, and the obvious risks. The gurus have one thing in common: they all lie.

Trying to buy your knowledge from educators doesn't work. I agree. The market itself is not a scam though. It represents opportunity for a daytrader and I feel that as a small time speculator, I have certain advantages over larger hedge funds and money managers.

You should read Roger Lowenstein - America’s Bank: The Epic Struggle to Create the Federal Reserve

You'll realise how important money and the market is.

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  #48 (permalink)
Elite Member
Green Bay, WI
 
Trading Experience: Intermediate
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Favorite Futures: NQ
 
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Posts: 66 since Aug 2011
Thanks: 26 given, 13 received

The Truth is The Truth


Anagami View Post
I am happy to see that your lack of success left no marks of bitterness and anger on your mind.

When 90%-97% of Day Traders lose money, and have for almost 30 years- documented- yet we are sold a bill of goods by dishonest people who often use 'God' and Jesus' and 'Christianity' in their sales pitch, just to line their own pockets, the Truth should be made known to help other trader 'wannabes' to avoid this scam. If YOU have a proven method that works, please share it with me, or the other members as I can assure you'll be helping 90% of the 'Day Traders' who have experienced major loss at the hands of very unscrupulous dishonest Liars. I'd love to learn from an honest source. If you can share- please do so and prove to us it really can be done. You'll be helping many!! Thanks in advance!

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  #49 (permalink)
Elite Member
Green Bay, WI
 
Trading Experience: Intermediate
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Posts: 66 since Aug 2011
Thanks: 26 given, 13 received

would love to get back in the fame with Rogers' book

But risk capital is gone

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  #50 (permalink)
Elite Member
Westlake, Oh
 
Trading Experience: Beginner
Platform: NinjaTrader
Favorite Futures: CL
 
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Posts: 357 since Jun 2009
Thanks: 1,498 given, 212 received



Grantx View Post
It wasnt me. I found that post on Reddit.

Sorry for the confussion

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