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

  #1 (permalink)
Professional Guesser
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Grantx's Avatar
 
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Today, I lost my savings and my career

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


Quoting 
Before I start i know this will be downvoted to oblivion. I just want to post it here because i have nobody else to talk to. For the past few days I have been rage trading trying to recover from an almost 20k loss. I struggle with severe clinical depression due to a lot of other shit going on in my life which clouded my judgement. I was stuck in a losing position on gbp,i expected a heavy drop after the vote results. I saw an opportunity to make back the 20k and much more in a few minutes if the vote went my way and I added more to the losing trade, a horribly stupid fucking idea now that i think about it. It obviously did not drop. I was pushed into a loss even greater than I had before. While this wouldn't have been much of a problem as i had plenty of equity left(i trade(d) for a living), it shot up even harder and the gap skipped over my stoploss completely and margin called me. I saw my life drastically change in a matter of seconds. I have 3 dollars left in my account. i have no way of paying for rent, car insurance, car payments, phone, and a large amount of hospital bills and any other possible expenses , all the time i spent building that account from the ground up, blood, sweat, sleepless nights, extreme stress, all gone in 20 seconds, along with it went my career and savings. I have to face the possibility that i may be evicted within 2 weeks and have most of everything i lease repossessed. Life was ok 2 hours ago. Now there's a good chance i will be homeless soon. I don't know why im posting this. i just want you guys to be careful. please don't do the stupid shit i did, please trade smart. please dont be greedy and take what you have for granted because it can be gone at any second .have a good day everyone and i wish you guys the best of luck on your trading journey.


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  #2 (permalink)
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  #3 (permalink)
Market Wizard
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he fu*ked up,

but there is a lot to be learned from this.

1) he wasn't trading he was gambling on a vote
2) adding to losers is normally not the right thing to do "unless" your entire edge is about this type of trading
3) you have mental issues and should seek help if not then start working on your self,
4) you learned a great lesson on what doesn't work
5) don't trade without some sort of net
6) he forgot the rules to trading
* 1: don't lose money
*2: don't forget rule number 1

-P

"Truth is not what you want it to be; it is what it is, and you must bend to its power or live a lie"-Miyamoto Musashi
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  #4 (permalink)
the coin hunter
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revenge trading is bad but what really done him in was 500:1 leverage

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  #5 (permalink)
Professional Guesser
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MiniP View Post
he fu*ked up,

I really feel bad for whoever that is. It can happen to anyone but still...

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  #6 (permalink)
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If it's to be believed, it sounds more like a new aspiring trader than a "career trader" where it sounds like he built up the account in less than a year. Already in debt, overleveraged, and already at a big loss having failed to cut it off with some trade management, before gambling on more betting everything on a vague guess on fundamentals. If he's young, hopefully he can get through it and return after lessons learned.


Last edited by Cloudy; January 17th, 2019 at 03:37 PM.
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  #7 (permalink)
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Trading the news with foreseeing the risk of large vola is a no go. Point
Even better to throw some money out of the window to have at least some fun.

GFIs1

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  #8 (permalink)
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The real damage that he did to himself is internal.

When you're in a good place, you can make the money back... but being down just perpetuates himself. Negative thinking -> negative actions -> more negative thinking -> more negative actions. I bet this gentleman wasn't in such a great place even before he started trading.

"The point of departure for my values: out of lack or out of abundance?" -Nietzsche

"The mind is its own place, and in itself can make a heaven of hell, a hell of heaven." - Milton
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  #9 (permalink)
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1S2K4ES.BrexitVote?

The verdict...
https://imgflip.com/i/2r7oca

Forced trades and trade during news... deadly sin!


Find missing piece of the puzzle... Let's be amazing, be awesome in trading today!
iTS

Last edited by TraderTS; January 18th, 2019 at 07:50 AM.
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  #10 (permalink)
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Just sounds like a young person to me.

Losing $40k is hardly the end of the world.

You don't really have a trading career either just by not having a job and trading $40k of savings.

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