You are probably right but most 20 something, like our kids, won't listen. Been there done that myself when I was a 20 something. I practiced "up or out" when I had my day job. After a few "out", I finally realized I would be much better off stayed in place instead of having to prove myself at a new place over and over again. Faster "up" often is not a better "up" if I were gunning for a top job.
All nonsense...they aren't referring to stops. They even did a study on hedging and stop losses performed worse than hedging with puts or heading with futures...I can't find the article. BUT there is another article showing that if you bought spy at the worst times in history...ie before the great depression...before the financial crisis etc you would be up huge now if you just held. I'd rather be down 5k on a position than be stopped out 50 times @ a $100 loss. Personally I like the quote that a stop loss doesn't prevent a loss...it guarantees one.
I once tried to estimate the amount of damage - in financial terms - my failed adventure costed me (I was around 28 back then and ‘lost’ 4 years). Trying to estimate this with all the butterfly effects is ofcourse a rather foolish attempt, but if I had to put a number on it.. it would be that I would probably live in a house ~20-25% of higher value (other re and nlv not taken into account) now And you don’t know the difference between a corrugated iron roof and a cardboard one till you experienced it
One very big advantage of your failed adventure is no regrets later in life. Instead of keep wondering all the what ifs in your old age, you can honestly tell yourself that you had tried and therefore, no regrets. A 20% bigger house in the grand scheme of things is insignificant. I had many failed ventures, adventures, but at this stage, no regrets because I tried many harebrained ideas I cooked up when I was young. None, including the current day trading, turned out too well but that satisfied my itches.