Took out a loan to transition to full-time trading. 24 years old.

Day 7
+5.76%. Wanted to use 2 positions but realizing i'm going to blow up if i dont be careful, used 1 position. Did a good job seeing the breakout to the downside and made all of my off that. Was being careful today, always a good sign, but was fighting the urge to increase my position to 2, all day. Tomorrow is the oil news release so gotta be extra careful tomorrow.
 
Why don't you trade on a simulator before you start using real money? Sounds like you have a job already. Get good at trading for free....You literally can't lose on a simulator.

Remember the motto "Live to trade another day" - No more than 2% of your account should be risked on a trade so calculate the stop loss to meet that criteria and set it.
 
wabu27 said:
Day 7
+5.76%. Wanted to use 2 positions but realizing i'm going to blow up if i dont be careful, used 1 position. Did a good job seeing the breakout to the downside and made all of my off that. Was being careful today, always a good sign, but was fighting the urge to increase my position to 2, all day. Tomorrow is the oil news release so gotta be extra careful tomorrow.
Click to expand...

you did ok man. keep going, learning and enjoying the game. dont worry about winning your loan back anytime soon. that will only stress you & hinder your progress.
 
Last edited:
Day 8
+7.16%
Waited for the oil news at 7:30pm PST and noticed it wasnt having a strong movement. Waiting for the big drop and while it could have been the drop of all time moment, I thought the strength in the chart was too weak to break the bottom resistance. I thought a bounce was going to happen as either 1. downwards needs to build more strength or 2. it's not going down today. So i played on the bounce play and made money.
 
wabu27 said:
Day 8
+7.16%
Waited for the oil news at 7:30pm PST and noticed it wasnt having a strong movement. Waiting for the big drop and while it could have been the drop of all time moment, I thought the strength in the chart was too weak to break the bottom resistance. I thought a bounce was going to happen as either 1. downwards needs to build more strength or 2. it's not going down today. So i played on the bounce play and made money.
Click to expand...

youre having a good little run :D

dont blow it all on the next losing day
 
wabu27 said:
Day 8
+7.16%
Waited for the oil news at 7:30pm PST and noticed it wasnt having a strong movement. Waiting for the big drop and while it could have been the drop of all time moment, I thought the strength in the chart was too weak to break the bottom resistance. I thought a bounce was going to happen as either 1. downwards needs to build more strength or 2. it's not going down today. So i played on the bounce play and made money.
Click to expand...

7% up is good going (y)
 
Day 9
-21.9% FML
so.. started the day trading bad/okay. You can see in the youtube video, during the morning analysis, me calling out oil's upside to potentially 46.20, 46.30.
Break upside to 46.20. and i was shorting it. I gambled and didn't exit when it seemed like it would break up because i didn't want to lose the $200 i lost in the morning. Now i finished down $888. This is nothing, as the lowest i went down was $1500.
Horrible exiting, horrible trading, horrible planning, horrible everything.
Omfg fml.
 
wabu27 said:
Day 9
-21.9% FML
so.. started the day trading bad/okay. You can see in the youtube video, during the morning analysis, me calling out oil's upside to potentially 46.20, 46.30.
Break upside to 46.20. and i was shorting it. I gambled and didn't exit when it seemed like it would break up because i didn't want to lose the $200 i lost in the morning. Now i finished down $888. This is nothing, as the lowest i went down was $1500.
Horrible exiting, horrible trading, horrible planning, horrible everything.
Omfg fml.
Click to expand...

Oh dear.. well at least you are honest
 
wabu27 said:
Day 9
-21.9% FML
so.. started the day trading bad/okay. You can see in the youtube video, during the morning analysis, me calling out oil's upside to potentially 46.20, 46.30.
Break upside to 46.20. and i was shorting it. I gambled and didn't exit when it seemed like it would break up because i didn't want to lose the $200 i lost in the morning. Now i finished down $888. This is nothing, as the lowest i went down was $1500.
Horrible exiting, horrible trading, horrible planning, horrible everything.
Omfg fml.
Click to expand...

You can provide the same show on a simulator, no one will know and you can make it even more dramatic, like loosing 100k inheritance or something... in the end will not mater, because I doubt too many people are watching anyway...
 
Day 10
+29.5%
Made up all my losses from yesterday plus $50 more. Oh yea.
No gambling today ladies and gentleman. Watch my video. Good predictions, good bets, good riding on the profits, and good exits. I know the percentage is huge but i'm surprised too. it's just because the futures contracts are too big for my account size. What a nice way to finish the week!
 
wabu27 said:
Day 10
+29.5%
Made up all my losses from yesterday plus $50 more. Oh yea.
No gambling today ladies and gentleman. Watch my video. Good predictions, good bets, good riding on the profits, and good exits. I know the percentage is huge but i'm surprised too. it's just because the futures contracts are too big for my account size. What a nice way to finish the week!
Click to expand...

its good to see you made it back already!

(my opinion on position size has already been stated)
 
Day 11 +0.37%
Forgot today was labor day. Went in and exited quickly to go back to sleep because i wasnt expecting much movements. Glad I slept as there wasn't much movements.
 
Day 12
-3.14%
Today i felt for the first time maybe i cant make a living off of trading. Saw and traded similar patterns Ive seen many times before but i still made the same simple mistakes that scared my account. Only reason i am down 3% is because of pure luck. I wouldnt be surprised to be down 50% today as I sure deserved it.
 
wabu27 said:
Day 12
-3.14%
Today i felt for the first time maybe i cant make a living off of trading. Saw and traded similar patterns Ive seen many times before but i still made the same simple mistakes that scared my account. Only reason i am down 3% is because of pure luck. I wouldnt be surprised to be down 50% today as I sure deserved it.
Click to expand...

Maybe limit position size a bit? I use 0.5 to 2% max, I'm not saying this is the right way to go but to stay in the game long term and allow plenty of time to learn shouldn't hurt anything.

My worst losses have always been when I ramped up the risk due to what I believed to be a 'sure thing' - got battered plenty!

Good luck
 
wabu27 said:
Today i felt for the first time maybe i cant make a living off of trading...
Click to expand...

have you even shown you can make ANY money from trading? let alone make a living

wabu27 said:
Only reason i am down 3% is because of pure luck. I wouldnt be surprised to be down 50% today.
Click to expand...

Seat-of-your-pants trading. And I see you simply couldn't take a loss so went "all in" :)

wabu27 said:
I sure deserved it.
Click to expand...

i think you've been punished enough with your trading debts mate

Again thank you for sharing your experience especially the live streaming i appreciate it (y)

We all make these mistakes from time to time and are continually trying to improve
 
You must log in or register to reply here.

Similar threads

W
Took out a loan to transition to full-time trading. Now 27 years old.
3 4 5
Replies
97
Views
24K
AllLosingTradesFor2Years
AllLosingTradesFor2Years
M
Interest on Loan to Buy shares Tax Deductable? ?
Replies
3
Views
4K
Mackie
M
R
Transition from Employment to Trading Full Time
Replies
13
Views
4K
CityTrader
CityTrader
C
Transitioning from early success to profitable full time trader
Replies
10
Views
4K
JDTRADER
J
T
Day Trading Rules (Clarification)
Replies
16
Views
5K
GotherL
G
Top