I find it hard to believe that his wife would insist on giving him more hard-earned money to trade after he has lost $17K without even informing her (that is the most severe ethics violation and breach of fiduciary duties btw. If he had been a professional fund manager, he would've been instantly terminated) and then losing $20K two times afterward. Chances he begged his wife and convinced her that it would be easier for him to make money if the account size is bigger most likely with the adage "it takes money to make money" and promise her and even swear to her that he will trade very carefully and not lose large amounts of money again. But that is impossible for him to do atm as he has no profitable or even well-planned and designed trading plan/strategy. Even he himself has admitted that he's a struggling trader so if he knows he is a struggling trader not being profitable trading small accounts, why does he think he could or should handle large six-figure account size? That is also very imprudent and irresponsible for him to do so, to take someone else's money to trade knowing that he won't be able to earn positive returns. His wife will be much better off parking her hard-earned money in a term deposit or T-Bill than handing them to the OP to basically gamble away. Without a well-planned and thoroughly tested and proven profitable trading system/strategy based on tangible criteria and sound risk control mechanisms, it's not much different from gambling. I feel sorry for his wife if this story is true.
While not having an edge, wither simtrade until up to the challenge or convert to investing. Or both at the same time
One of the problems that traders have with their "risk management" is that they put all their money with their broker and that's when problems occur. For example, pretend you have 150k to trade with...most traders will put 150k with their broker and few will then determine how much of the 150k to risk on a trade. At the end of the day, most traders will become too emotional and violate leverage, margins, stops, overtrading with all their money in that trading account. The other option is because of the risk of ruin scenario that a very small percentage of traders consider this scenario...leave 140k in your bank savings account and only put 10k into your broker trading account. Trade MES (1-2 contracts) with the 10k trading account for many months until you train yourself to follow your trading plan, gaining your confidence while respecting the potential for risk of ruin especially when a black swan event shows up. We have a war going on between Russia/Ukraine, rising crazy oil prices, rising inflation to levels most retail traders have never experienced, rising grocery prices and rising cost of living... That chance of a black swan event showing up sooner than later is very high. Trade very small and leave the rest of your money in your savings account. wrbtrader
If a trader is struggling after seven years of "blowing up" accounts, it is time to do something else. This guy needs therapy. $286 left Discussion in 'Journals' started by hurricane_sh, Apr 15, 2020. .
Then again, why would a family do the below as stated by the OP in this thread... Did the OP mislead his own family members about his trading abilities or were they fully aware that he was not a good trader which is why they told him to trade safe and a big loss is unacceptable ??? I see something not nice happening if he suffers a big loss with their money... sarcasm unless his family is part of the mob. wrbtrader
How long did it take Al Brooks to become profitable? What about Mark Douglas? Don't tell me you are smarter than them. When you ask a question here, most replies are "stop trading", I'm sick of it. If you are not capable of understanding my question, maybe you should skip my thread.
OMG I love The Godfather movies! You must have missed the part where he said that the family is his wife, which makes it an entirely different situation since that is technically his own money, but if he was my husband, I would have kicked him out of my bed a long time ago. He'd be lucky if I made him a sandwich.
Most replies are "STOP TRADING" because you are clueless, don't you see that! You said that your FAMILY gave you money to trade. That would imply your FATHER, MOTHER, SISTER, BROTHER, COUSINS, IN-LAWS, etc. Not your WIFE. Do you comprehend the difference? I don't know how long it took any of those people to become profitable, and it makes me absolutely no difference. If you are using them as a comparison to yourself, then you are misguided. I also don't know if I'm smarter than any of them, but I am damn sure 100% positive that I'm hella smarter than YOU!!! You don't need to start a trading account with $25K, especially if you don't even know how to be profitable. And NO, I won't be skipping your thread. If you don't like the honesty you receive, stop posting your foolish problems about how you don't know WTF you are doing. Take my advice and READ A BOOK.
Too many wanna-bes here, it's kinda pathetic, if playing a successful trader on forums makes you feel good, go for it. But I can tell you know little about trading.
WBTrader is correct. GIVE the money back with a 1% profit. Tell them they beat the retail bank and risk adjusted, you actually LOST money. Then direct them to a Barclays or Goldman Sach banking side for their deposit that can earn reasonable interest. Also Treasury direct for 10K on their savings bonds. Then go back to your own trading and keep your mouth shut about it. Everyone goes through this. What other think about trading is almost ALWAYS full of misconceptions. I recently had one friend tell me "Once I figure it out, just let him know so he can invest". That is like telling a person who owns business, that you want a piece of it once they're profitable. Ridiculous!