When I was 28 I had been trading on the side having spent my youth around the market. My father made his living trading grain futures off the floor for large grain houses and I had a great education in options clerking for brokers and market makers aged 16 - 22 summers, breaks, and for a year out of college in a different role in market making firm. Then I went into being a teacher administrator etc for various reasons but kept trading on the side mostly option plays. I thought I was good took on some money from friends. And then one shitty day I was legging out of a wheat spread in Minneapolis wheat and wasn't filled on the short calls that were left naked. Bitch went lock limit up that night and I blew out the account and all of my friends money as well. I puked outside my office, shook all day, and had the sweats. I had to cough up my own 403 b to hit the margin call and make my investors whole as even though they knew the risks I wasn't asking them to take the hit. Was trading their accounts as POA. I learned a lot from this experience. I felt awful telling my investors what happened and then started to reflect on what the fuck was I doing trading other peoples money when I didn't have a very long track record of making my own and then trying to do it while working a full time job IMing my broker during my prep period. Anyway you learn from it and go on. My dad helped. We had a beer and a cigar and he told me about the first account he blew out as well. My uncle who was a CIO for a mutual fund called and gave me a similar story. I learned that what I enjoyed was the excitement of the trading. I made the decision my life should be exciting and my trading boring and went about educating myself to that regard. We're human we have emotions and managing them and understanding them is part of learning. Telling my wife. I never did. We're divorced now. Go figure. Friends for the kids sakes though. We all have our own shit to work on.
A fair amount of the trading desks in Hong Kong are fleeing to Singapore. Consider getting a non trading entry level position and soak up every bit of knowledge you can. The GIC generally has dozens of entry level opportunities. Many of the desks in that part of the world run World trading hours.
Should one completely quit trading if the situation is this bad or try to find some solutions of recovering the loss. What say?
Would you mind posting the trade log to detail your entry and exit points etc of the trades you took during this? Scrub that acct no, and any other crap, just the facts? Thanks. A screenshot of your chart, any indicators, etc, for some period of time or two during would also be most helpful.
Tell your gal the truth n then go for court marriage. Lavish weddings are a waste of money anyways for a single day. Tell her the 25K recouped from efforts here n there will be all hers and she can spend it as she wishes. If she balks then gal has problems which will show up later on also. Do not try to recoup 25K quickly via aggressive trading. Rather try to work an extra job or side business etc. 1k saved a month will have you recoup everything in 2 year or less. Amount is not that big and you are young, so just reveal the defeat to inner circle folks, take advises and plan a turnaround. Best !!!