Trading is such a unusually challenging profession/business. There is no guarantee that one would succeed no matter 1) how hard you work; if hard working can do, there are people who are willing to spend 10-16 hours studying the market for 10000, 20000h and they would succeed; 2) No matter how much money you can afford to lose, if there was a quota that if you lose 100K or 200K or 500K then you would succeed, then plenty people would do that, because you can make it back so soon once you truly master it; 3) No matter how smart you are. If REGULAR intelligence is required to make it work, then tons of MIT, Harvard students would jump at that rather than learning 200K most of their life.
You can read my original comment welll before this started taking place that taking out loans at 25%+++ was just insane
Does it say something about the youngsters of today ? Suicide bombers all over the globe and now we have our very own suicide trader. Has he thought out his exit strategy ? I doubt it. Perhaps when he is broke he has a crafty plan ? But I doubt it.
OP , Lending club having troubles today. Go short lending club max leverage with your borrowed funds from lending club LMAO JK , pay back your loan man. We should give cnbc or bizinsider this thread, they'd have a hayday with it on what people are actually using Lending Club for. LendingClub CEO Resigns Following Loan Sales Review
He went to a job interview in norcal over the weekend, may not be trading today. Looks like he got your interest. I for one am rooting for him.
Here is an interesting math problem. If the average survival rate among daytraders is 5%, what would that rate be among those who take a 26% APR loan to get started in this business?
now that phase 1 is complete and he wiped 27% of his account in a day, it's time for phase 2 -- emotional revenge trading that will lead to more bad decision making and steeper losses until he develops an edge and practices sound risk management, he's not going to get anywhere, and for his sake it's better to stop trading
Day 20: Beginning of day: $31733 End of day: $31826 P/L: $93; +0.29% Had an interview at 8:15 in the morning. Did not make it to the next round...ouch. Started watching the markets mid-morning and saw there wasn't much action. Typical, it seems like this is the norm now nowadays... saw an opportunity in WDC and took it. Pulled out too early... going to say due to low volume because one of the factors in my big loss last Friday was from a low volume chart... but i think perhaps because I didn't want to be in a position for a long period of time. Just wanted a quick in and out... scared? being careful? Not sure, i will have to see. Afterwards I saw VRX heading down weakly but surely... the chart looked like a good bounce play but VRX tends to defy the bounce timing and just continue to drop... which is what it did today. Urge to go in, yet didn't. Saw a good support in VRX and went in. Made a good return, but trying to make more at the end from VRX, I re-entered. The result? childplay compared to what I've been going through lately... hahaha... Giving myself 2+ stars for today's trading. Not bad on entry/exits. Just got really greedy at the end and telling myself $100 more, $100 more, eventually lost it all. Sorry late post today because I just drove down from norcal. Can't wait to trade seriously again tomorrow. My plan is to not go to big gains, but go for multiple small gains throughout the day and hopefully they will add up to something meaningful EOD. Before, I was trying to get 1%, 2%+ moves from a single stock. Now, I'll be satisfied with +0.3% for every entries. Even lower, just anything positive. Commissions will be costly, but I think it's nothing compared to the volatility my account is going through. We'll see how this strategy plays out tomorrow.