"The blackest day in my career as a trader."

Discussion in 'Trading' started by raik07, Aug 15, 2021.

  1. tango29

    tango29

    Good for you paying back your parents. I have a friend, and still is, who jumps on just about every fad, and scam. He's not a bad guy, but found one of those property scam conferences and bought into all the way. He ended up taking money from some of our friends in this "deal" and bought some crap industrial properties for development. It went bad fast and all the money was gone. He and his partner were sued by other investors, but our friends just wrote it off. they never got a dime from him to this day. All parties act like nothing happened, which is kind of crazy.
    Sadly he is still trying every get rich scheme, but with his own(family) money. He has lately been trying the various funding sites and trading based on signals from guys claiming to make everyone money. The signal guy and the funding sites are the only ones making money. He has yet to make it to funding. He calls me and keeps asking about it and I keep telling him it's a scam operation on both ends. He has family wealth which keeps him going, but I have to believe it runs out at some point.
     
    #11     Aug 16, 2021
    raik07 likes this.
  2. raik07

    raik07

    I lost a total of $ 35,000.

    $ 20,000 was from the loan my parents took.
     
    #12     Aug 16, 2021
    murray t turtle and fan27 like this.
  3. raik07

    raik07

    Thank you!

    That is why I was motivated to share my story so that many would identify with it and not make the same mistake.

    It seems something so incredible but the truth is that it is more common than many people think.

    Every day many novice traders are financially ruined so I try to raise awareness by telling my story.
     
    #13     Aug 16, 2021
  4. raik07

    raik07

    That's how it is.

    It's very common.
     
    #14     Aug 16, 2021
  5. raik07

    raik07

    Thank you!

    that's the goal.
     
    #15     Aug 16, 2021
    Nobert likes this.
  6. raik07

    raik07


    Hi there!

    It is indeed my personal story.

    I dared to write my story now because I was finally able to gather all the money and pay it to my parents.

    my parents took the loan from the bank, when I lost all the money they gave me a boost of confidence so that I did not go into a strong depression. They took charge of paying the debt to the bank.

    Since I started working at the bank, my only goal was to save as much as possible to one day return all the money that my parents had paid to the bank, so I saved a lot for more than 4 years to return the money.
     
    #16     Aug 16, 2021
  7. raik07

    raik07

    It's amazing that your friend after going through all that is still on those relatively easy paths of seeking riches.

    I hope that one day your friend puts his feet on the ground and learns to invest wisely.
     
    #17     Aug 16, 2021
    murray t turtle likes this.
  8. wrbtrader

    wrbtrader

    Thanks for the clarification about the loan...I understand now.

    wrbtrader
     
    #18     Aug 16, 2021
    raik07 likes this.
  9. Good detailed post.
    The best risk management is useless with the'' banana peel of pride'''
    ''Make a fool out of Warren Buffet ??'' Good thing about being young /may have time to learn and avoid arrogance. I had great parents also; but seldom borrowed anything from them but books............................................................................................................Congrats on bank job, my dad was a banker.:caution::caution:
     
    #19     Aug 16, 2021
    raik07 likes this.
  10. .

    Hi raik,

    You story reminded me strongly of the one below.

    There is considerable evidence that the prefrontal cortex of our brain doesn't become fully developed until we're in our mid-20's. This region is very important for decision-making and for impulse control. Was thinking about that too...

    Glad you overcame the early setback; hope that others learn from your example.

    https://www.elitetrader.com/et/thre...to-full-time-trading-now-27-years-old.337749/
     
    #20     Aug 16, 2021
    raik07 likes this.