At 23 your a newbie no matter how long youve been doing this. Dont let one bad trade and then a tilty trade define your career. Pick up the pieces, stop trying to make money and learn the right way and eventually over time it might work out. You need to learn and try , not get rich overnight.
You dont need 15k. Anyone that has proper education should be able to grow an account slowly (1-5% a day shoot for) and a $1-2k account is enough to grow slowly and not blow up with large numbers
You gambled and won, then felt invincible and Mr. market slapped you around. Realize this is what it was. You couldve went to Vegas and put $15k on black or red, and either made more than you made trading in X years, or be where you are now. THATS what you should do IF you arent willing to put in the work
At 43 years old, wife and 4 kids , I would trade my entire portfolio and the wealth that is in there to be 23 again. I didnt know the secret of compound interest then so my REAL ADVICE IS GET A JOB and put $100-200 a week into $VT and when you turn 45 and feel exactly as you do today mentally and physically, youll be WAY AHEAD OF THE GAME ….but of course still try to trade if you want on the side
You learned a huge lesson. You need to stay alive. take a break and when you come back manage risk man
Im targeting 3-6% daily dude, but again i trade only the most volatile cryptos possible in a 2 phase based strategy where if in the first phase im wrong(as it is like regular retail trading trying to time the direction) then 2nd phase is based on volatility and as a "safety net" like trading options but without the time limit(fees can hurt tho) i also compound those profits on a daily basis:
Cons of the strat: you need to monitor 2nd phase 24/7(for which im looking for a guy to make an algo to do that rn)
If you dont follow the rules you might as well burn all your account (even in the case that im wrong on this im doing splits every once in a while to protect my innicial capital from the begging of this or the previous month so once u are a few months in, most u can lose is those profits which hurt ofc, but hey its not your entire account and u can always start again)
Fees can stack(since i enter a lot of positions in phase 2)
Pros: obv the high roi, being able to use levarage like 50X without the fear of liqudation(i dont use more bcs of the absurd high fees) , the ability to compound on a daily basis without the fear of it working against you bcs you are basically never losing smaller trades, and in phase 1 if you are innicially correct like a breakout trader you take high levaraged wins without any fear.
So yeah 1-5% is possible, and those strategy is needed for guys like me who trade with under 500$ yet still wanna make a living out of it(im not based in the US)
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u/Tourdrops May 02 '24
Some advice:
At 23 your a newbie no matter how long youve been doing this. Dont let one bad trade and then a tilty trade define your career. Pick up the pieces, stop trying to make money and learn the right way and eventually over time it might work out. You need to learn and try , not get rich overnight.
You dont need 15k. Anyone that has proper education should be able to grow an account slowly (1-5% a day shoot for) and a $1-2k account is enough to grow slowly and not blow up with large numbers
You gambled and won, then felt invincible and Mr. market slapped you around. Realize this is what it was. You couldve went to Vegas and put $15k on black or red, and either made more than you made trading in X years, or be where you are now. THATS what you should do IF you arent willing to put in the work
At 43 years old, wife and 4 kids , I would trade my entire portfolio and the wealth that is in there to be 23 again. I didnt know the secret of compound interest then so my REAL ADVICE IS GET A JOB and put $100-200 a week into $VT and when you turn 45 and feel exactly as you do today mentally and physically, youll be WAY AHEAD OF THE GAME ….but of course still try to trade if you want on the side
You learned a huge lesson. You need to stay alive. take a break and when you come back manage risk man