Need desperate help (Lost life savings)

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

  1. How much was your life savings, i.e., how much did you lose in total? And you lost this trading what exactly?

    Cheer up, pal. At 28 you're still young and have plenty of time to make it back. It would have been way worse if you were an older guy and literally had no options or time. Mark D. Cook, market wizard featured in Jack Schwager, lost it all and even went into debt quite a bit. Incredibly, he spent the next years paying back his debt and getting back into the markets and came through successfully in the end.

    To be honest, though. Succcess in this business really is for the few, so might not be a bad idea to consider doing something else. The best advice would probably be to get an actual job in the industry. That's what I would have done if I were young and found the opportunity.

    Good luck either way. :)
     
    #41     Feb 17, 2021
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  2. JSOP

    JSOP

    Ok I will pretend this is not a troll post and will attempt to answer your questions.

    I am a little confused about this one. So you revenge-traded and lost $25K and then you revenge-revenge-traded by depositing everything from your life savings and now you lost the first $25K AND the rest of your life savings from two revenge-trading?? Anyway, it's not important. I was just curious.

    You need help from gambling AND trading. Gambling first if you think it's gambling that made you deposit your life savings after losing $25K. But it wouldn't hurt if you learn a little more about trading too.

    You tell them the TRUTH, EVERY SINGLE OUNCE OF IT! Do NOT hold anything back, do not sugar-coat anything, do not omit anything, do not skimp over any details. If it helps, you just copy and paste your post here from this thread and just text or email your family. If this person is going to marry you and spend the rest of his/her life with you, he/she deserves to know all the truth about who you are especially about your financial management. You are only 28, chances are this won't be the last of your trading and if trading is going to be part of your life, your future life partner needs to learn how to deal with your trading losses. I will tell you trading losses is a very common and normal part of trading as any traders here will tell you. If your future life partner doesn't think he/she can handle that then it's best to walk away now. A marriage with somebody who can't and/or is not willing to handle trading losses with is extremely painful for both you and him/her. It will even affect negatively your trading performance as well. Better to avoid it now, for both of your sake.

    Don't worry everybody has been there and done that. Just need to take some time off from trading for now, work hard to build up some savings and try again. Next time just don't revenge-trade ever again!! The market didn't do anything to you. There is nothing to revenge upon!!
     
    Last edited: Feb 17, 2021
    #42     Feb 17, 2021
  3. JSOP

    JSOP

    Glad you had such a supportive family to help you deal with the losses.
     
    #43     Feb 17, 2021
  4. Arnie

    Arnie

    Last thing the OP should do is try to get back into trading. Sad truth is he is not cut out to be a trader, at least not now.
    Dollar cost average into some blue chip ETF, get married, have a life and give your self time.

    There's a great story ( in "Pit Bull" I think) where he talks about taking a big loss in a market and the waiting patiently like a Scillian for revenge. Minus the revenge part, that's what you need to do.
     
    #44     Feb 17, 2021
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  5. nursebee

    nursebee


    I'm willing to go either way on this.
    Anytime I've blown out, or anything similar, I could not string coherent sentences together for a while. I sure as hell had no freaking clue. It took weeks to not have catatonia and look back on things with any semblance of objectivity.

    if the OP is telling a real story, it seems like he wants back in the game quick. He/she is not telling a tale akin to the poster that vomited. Like literally, his potential marriage is on the line and he is talking about some book to read to get back in the zone.

    25k LOL!
     
    #45     Feb 17, 2021
  6. SunTrader

    SunTrader

    I've made baaad trades ... still do on occasion. I've revenge traded ...once. I've never lost everything in my account and then some... and never will.

    But if I had that would be it. Put whatever I had left in an IRA and 4getabowit.
     
    #46     Feb 17, 2021
  7. destriero

    destriero


    Women love gamblers? I am convinced that 90% of ETers are incels. C'mon. Imagine her reaction when he tells her. He traded (gambled) their nest egg. May as well be lottery tickets or heroin. I hope for his sake she doesn't, but 90% of women would leave before the wedding.

    There is no teaching moment in being hit by a car. The problem here is that the OP only feels alive when he's losing.

    OP you're a degenerate gambler. You could be handed a foolproof edge and still go bust. It's cognitive dissonance--the market is wrong and you're right and you're going to show 'em!

    Get out of the markets. You have no edge unless it's the goal of producing tax losses. Get a job doing whatever and get your degree.
     
    #47     Feb 17, 2021
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  8. destriero

    destriero

    Pit Bull guy got old and decided to short puts or whatever. Lost $30MM being an idiot.
     
    #48     Feb 17, 2021
  9. In your "rebuilding", you'll need to learn to identify "good probability trades" (probability of being correct and risk/reward is favorable)... Price TA is the key to that. You'll also need to develop discipline to take only good trades and to use stops for when they don't work out. (Almost impossible to succeed at trading without discipline.)

    Right now sounds like you have neither, but those things can be learned.
     
    #49     Feb 17, 2021
  10. DevBru

    DevBru

    Exactly this. It might not be what you want to hear but this is the truth.
     
    #50     Feb 17, 2021