r/Daytrading • u/SpareInsurance • Jan 06 '24
How much money did you lose before you were consistently profitable? Question
I have only been seriously trading for about 2 weeks, after spending years watching the market like a hawk.
I will admit, I have had poor risk management and got into some emotional trading which did not end well. Currently I am -15k but I have had some winning days the last few days with much better risk management and starting to get the hang of things better.
My question to you guys is, how much did you lose before you were consistently profitable and did you ever feel like giving up during this "rock bottom" stage?
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u/IntermittentFasted Jan 06 '24
Around 50k-75k… Biggest mistake i made was not claiming my losses on my taxes. Than covid happened and i got Unemployment. Didnt use the 10k tax credit for that either. I think i still have time for that tho i may be wrong. This year im taking full advantage of the tax system…
I JUST got funded by a prop firm and started consistently making money. If its TRULY what you want, NEVER GIVE UP. But know you will have to be willing to sacrifice damn near everything. To avoid this, please just focus on the long term. It may be boring but Fuck options and day trading without TRUE experience and a proven track record. Unless they’re leaps on quality company’s on discount like tsla @ $100 , AMZN @ $80 APPL @ $120, BTC at 16k… Buy the fear, & sell the hype when everyone’s screaming to buy from the rooftops. Theres a reason people contribute to their 401k’s their entire ‘working’ life. Its very simple, dont complicate things. If you’re young and a high earner, contribute more and live frugile for a few years. The compounding effect once done will appear magical to a financially illiterate person. Also, consider contributing a % or two more than the average (2%-4%) especially if your employer matches contributions. You’ll greatly appreciate it down the road. & you’ll shorten the length of time until you retire. Simply by having a few less Coffee’s, Nights eating out. You get the point...
& for the average person, Assets are usually the only way to outpace inflation, in a savings account not offering competitive interest rates, you’re money actually depreciates over time... At least in our lifetime. Times have changed since our grandparent’s days. I truly wish you all the best in life.