Blowing out is a gift. A huge burden has been removed from your shoulders. Now move on with your life.
Thanks to all of you for your support , honestly I don't blame anybody but me. Doesn't matter if it's rigged or not , I should of known it better. My main problem was overtrading , and selling good positions and keeping bad. Emotional side is huge in decision making , you try to correct your mistakes , but adding more .......what can I tell you , as my wife told me some people got it ,and lots of others don't.
Im 22 years old...started trading IN April 08, Had 39,000$ account...all my savings ( 4 years worth) ...by September I was down to 3k. I was mad/sad/depressed etc. but that shit didnt get me anywhere, I learned a big lesson the hard way, I felt more like I was gambling, I used to avg. down and hope for comeback, with my stupidity , ibought Fannie Mae in august... lost 15k on that.....in september I bought WaMu on the same day before it got b/o by JPM ...lost 10k there... thsts 25k on 2 trades, 70% of account wiped. Now Im slowly trying to make money back...its hard, def. not easy makin 100$-300$ gains here and there..take an occasional 150$ loss. etc. When I started I thoughto f the market as a get rich quick scheme...ima be a millionaire by the end of the year, while all my buddies work their asses off.....shit hit the fan now i dont got shit anymore...buteventually ill make it back, i have been reading/practicing/ analizing alot...im def. much of a better trader now than before, still tryin to work on my fear problem of losing money, since my confidence is way down below. but i take it as a expensive tuition for something I plan on sticking with my entire life time, so its not that bad, im only 22...about to get a job after college, so it will all come back eventually. I just wish I listened to my g/f who told me to put 5k max in the opening account, not everything I had.....
Neverall , I know you'll make that money back. When I was 22 , I had no idea about wall street. You're young and you learned that this is tough buisness, I know lot of retired people who got wiped out , accounts from 1mil down to 0. And ,I find that women are much smarter about money than men. My wife told me long time ago , that this was BS buisness , you make today and you lose twice that much tomorrow.
I think less you trade , better it is. I made a mistake to switch to very cheap broker just2trade , cheap commissions make you trade more.
Right now My account is at about 4,000$, I decided not to add anym ore money, and just work from what I have now, back to where i was. I dont trade many stocks anymore, I trade mostly ETF's, like SPY SRS FAS FAZ DXD DIA , and RIMM GS AAPL POT. All i need basically. It just sucks knowing / seeing I had 9x more a few months ago...my parents still dont know I blew all my money, it wasn't theirs anyway, but I know they are concerned about my portfolio performance...nothign I can do about it now, the worst feeling/depression is far gone by now, Also what fooled me the most, was that when I started last spring, everything seemed soo "easy" it was just too easy to make money, I got caught up in the Solar wave... made alot of money on CSIQ / SOL /SOLF / JASO etc..... I woke up next day I was up 3k ... it was paradise...little did I know what tricks the market had up its sleeve....
if you're a retiree with an account that got smashed (and if you were told by someone you trusted that you were in safe investments), then you can make a case that the system is rigged. playing with a high volatility stock like DRYS and then losing money...i can't say i really have a ton of sympathy for you. you should have known the risks going into it. you're a trader...remember the line from the godfather...he says,"this is the business we have chosen." going forward, watch your position sizes more closely. there's not too much harm in being wrong if you can at least accept the fact that you are wrong and cut your losses. and there's nothing wrong with trading stocks like DRYS if you can handle the losses. no one ever knows anything to a certainty...the people who lose in this game, imo, are the people who think they DO know things to a certainty. remember, trading is probability-based. trading as if there is only one possible outcome can destroy you.