Maybe too much money in one position, or over-leveraged, or trading at a time ("Sunday night" he said) when liquidity was poor. But he is young. He can get a real job, slaving away for some boss (from a Dutch word meaning "master"), until he has saved up some more risk capital, a poorer but hopefully much wiser speculator. In any venture, the most important question to ask is not "how much can I make?" but "how much can I lose?"