Need desperate help (Lost life savings)

Discussion in 'Psychology' started by Needdesperatehelp, Feb 16, 2021.

  1. Have been trading for about 8 years. Last night and I revenge traded the fuck out of everything, deposited life savings after my ~25k account went to zero from revenge trading.

    I think I might need help from gambling, I couldn’t stop until my account become zero and deposited all life savings. Well fuck.

    I’ve read trading in the zone etc. But need desperate suggestions and help. I plan to at least work on my psychology for the remaining of this year before I get back to trading.

    I’m 28 and was saving up for my wedding, literally lost everything that I’ve earned since I started working. Not a fucking clue on how I’m gonna tell my family.

    What should I look into? Gambling or trading psychology. I’d still want to make it as a full time career (trading), but really need to spend at least this year fucking analysing my mistakes.

    But, fuck. Me. Feels fucking horrible.
     
    ChipShotTrader likes this.
  2. fan27

    fan27

    The good news is you are still young and can recover from this financial setback. Forgot about a fulltime career in trading for now. Start to rebuild your savings and dollar cost average into boring index funds.
     
  3. Yea, thats the plan. But really scary..
     
  4. Fess up to your girlfriend as soon as possible and be prepared for the hell it will bring. She will get over it and you have learned a lesson. Hopefully.

    Look on the bright side you could have gotten ran over by a car and spent way more in medical bills than you lost learning that the market is no place for you to be.
     
    ITM_Latino, VPhantom, treeman and 2 others like this.
  5. The biggest problem I see here is your greed. And just about everything wrong you did stems from your greed. Which is why some never make it trading. When you can learn to trade with a careless attitude with a careless amount of money on a stock that you believe in, you will do better. You need to have the emotions of a zombie, not caring about making or losing money.

    It's a boring way to trade but it's also the best way to trade. Start with an amount you don't care about losing and slowly build your confidence again. Because if you try trading again in the mindset you are in right now it's inevitable you will fail. I would first take a break from trading all together and clear your mind and start fresh
     
  6. Tell the story to your girlfriend. Otherwise she will find out that you are keeping (important) secrets for her, which is not a good basis for marriage.
     
  7. Sorry to hear. I feel for you. Had similar situations happen. Do I understand right that you lost 25K and then deposited even more and lost it? How much are we talking about? If you are 28 and have 25K+ more to trade, I assume you are well compensated and can build that up again reasonable quick. Is that right? Not suggesting you trade with it, just hoping you have a good income and can replenish quickly. As far as the revenge trading, I think you have to look deep and analyze what you were feeling and why it led you to do this. It sounds like there's a pretty strong trigger in there and perhaps you could benefit from looking at what that exact trigger is more. Sorry to hear.
     
  8. Learn to hedge tail risk, you could have cut your risk way down just with OTM puts. Also, those with huge 401ks loose like 100 K during market crashes.
     
  9. maxinger

    maxinger

    You posted this in the right forum.
    We made silly mistakes and we still make silly mistakes.

    are you doing mind exercise, mind centering,
    mind management, mindfulness exercise, psycho cybernetics,
    mindful meditation, reprogramming subconscious mind,
    tapping Meridian points EFT ....
    every single day without fail?
    It is a prerequisite and compulsory thing to do for trading.
     
    Last edited: Feb 16, 2021
    damnpenguins, yc47ib and Sprout like this.
  10. Yea, I’d say thats a part of it, had dreams to make millions but now I’ve got to work on what you’ve said. Any recommendations?
     
    #10     Feb 16, 2021