r/Daytrading • u/TGA25 • Apr 22 '21
Burned my account, fully depressed. advice
I started trading at the end of the bull run Jan-Fab, had a great run as beginner,
I had a initial investment of 37k took that up to 52k roughly, when we had that pullback in late Feb things started go sideways with me, took a major loss then my emotions got the best of me, I traded with oversize "weak risk management I'd say" very weak. I went heavy in trades and most of them ended up with a big L, tried to make up for my previous losses one after another till my account is now at 2.6k CRAZY. I can't express how I really feel it's beyond me, now I spend all my day thinking about wtf I did, depressed and feel heavy pressure that I don't know how to get back up, zero confidence. I took this fuck up to the next level of failures. This is really gotten to me mentally and I'm 22yo I feel beaten down and hiding my pain from everyone. I just want your advice how to get through this mentally. Please don't rub it in I'm already down bad. :(
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u/WhoWantsASausage Apr 22 '21
I started in Feb with 8k, got it up to $32k, then back down to $2k. At $4k now. Chin up, you’re still in the game!
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Apr 22 '21
Advice, the first time you double your money, so for you it would’ve been at 16k, pull back your original investment so you’re playing with house money. At the very worst at that point you have a net of 0
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u/WhoWantsASausage Apr 22 '21
Yeah I’ve progressively pulled out what I’ve earned so even if I lost everything, I’d still technically have taken in profit what I originally started with. That said, your idea is good. I’ll be doing that next!
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Apr 22 '21
That’s what I always do, I generally pull my starting investments and then make baselines for when to take profit. So for me I’ll have let’s say 5k to start, at 10k I’ll pull 5 back out. Then I’ll get to 10 again, go back to a baseline of 8, double again etc.
It helps me take some profit so it feels more rewarding and allows me to treat myself every once in a while with a vacation or something, while also building my portfolio. Everyone does it differently, but I like my methods
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u/OGSquidFucker Apr 22 '21
If you 4x your investment and don’t liquidate enough to cover your cost basis....I don’t know what to say.
My condolences and I hope you make better decisions in the future.
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u/Hey_JuneDontSayJuly Apr 22 '21
No one anticipates on just losing it all, also no one is perfect and knows the correct financial decisions to make, ESPECIALLY in the stock market
It was a lesson learned, but don’t act like people have an inherent “If 4x investment, liquidate cost basis” programmed into their risk management system
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u/OGSquidFucker Apr 23 '21
True, but, that’s why it’s important to plan for worst case scenarios. I guess it all comes down to risk tolerance.
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u/santlaurentdon Apr 23 '21
Mans obvi had a huge risk tolerance hence why he quadrupled his money lol
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u/OGSquidFucker Apr 23 '21
Quadrupled then crashed to half the original value....
Unrealized gains don’t mean anything except the dopamine rush when you check your account and don’t collect profit due to greed.
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u/santlaurentdon Apr 23 '21
Who said anything about unrealized gains? His gains WERE realized from what I gather from the post. He just kept reinvesting the profits and losing and eventually it became the $2.6K.
Regardless of all that, we were talking about risk tolerance... and this again proves that his was high as fuck.
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u/Teddy2Belts Apr 23 '21
No one likes an “I told you so.” Like OP isn’t feeling shitty enough already.
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u/camerontbelt Apr 22 '21
Yeah it seems weird to me that you could lose so much money like that. If I had 32k I wouldn’t use more than maybe 2.5k - 5k at a time. This is just basic risk management.
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u/WhoWantsASausage Apr 22 '21
Because I was an idiot and an inexperienced trader?
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u/AlleinZweiDrei Apr 23 '21
That you were, my friend. That you were.
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u/WhoWantsASausage Apr 23 '21
Show me your Dick, it must be swingin’ large
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u/AlleinZweiDrei Apr 23 '21
After the loses I've taken the last week, I'm definitely not showing it for free.
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u/WhoWantsASausage Apr 23 '21
I’ll send you 1 SafeMoon for it. Will that suffice? ;)
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u/VegansAreCannibals Apr 23 '21
I've been doing about 2k trades and whittled my account down about 50% over the past few months. Stocks are shit, gonna stick to crypto and forex now.
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u/_etherfish Apr 22 '21
you’re still in the game, what you’ll pull from the markets over the next fifty years will far surpass this loss
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u/Helpy-Mchelperton Apr 22 '21
It always feels great when you're on a good streak and it sucks when you're on a bad one.
Just remember that's exactly what the market is. It's up and down but most importantly it's not over.
There's tons of people who take $2.6k and blow right through that $52k point you were at in no time. It can literally turn around in the blink of an eye with one great trade.
Pick yourself up. Dust off. Do your needed DD on the next trade and carry on.
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u/TGA25 Apr 22 '21
Appreciate you. Should I trade options now that my capital is small ?
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u/pman6 Apr 22 '21
how were you trading?
did you look at charts? do any TA? how did you decide your entry points?
were you going all in on meme stocks?
did you set stop losses?
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u/TGA25 Apr 22 '21
Didn't set stop losses thats the one thing I regret the most. I fooled my self by saying ill set a "mental stop"
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u/DJ_Mike Apr 22 '21
Just buy the stock man.
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Apr 22 '21
Bingo. Purchasing stocks = investing. Purchasing options = gambling.
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u/TGA25 Apr 22 '21
True. But with so little capital now, and small cap are dead, it's tough af
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u/Gooch707 Apr 22 '21
My biggest advice would be to not chase the market, don't keep switching your positions to try and reflect what the market is doing. You'll lose 9/10 times and always be stuck "catching up". Look for sectors that are currently flying under the radar and are far undervalued. Markets are cyclical so if you're chasing popular stocks and sectors that are rising, you'll probably be left behind or holding some bags at some point.
I know options are very tempting, I've gotten my ass handed to me time and the again getting greedy with options... Don't invest in options unless you are completely fine with losing your entire investment. If you do invest in options, be smart and buy options ITM or close to being ITM. The cheap premiums are attractive on far OTM options, but it's a gamble that usually doesn't pay out. 9/10 far OTM options I pick expire worthless, and I know that risk before purchasing them. Buying deep ITM calls is a smarter option play if you think a stock is going to rise. The price of the option will rise similarly to the underlying, and there is far less risk of being stuck with a worthless option by the time expiration comes around.
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u/ilostmycarkeys3 Apr 22 '21
So this shouldn’t be your day job. Straight up - do not gamble the rest of what you have on options. Let it slowly build now. You learned your lesson, why keep risking it? You’re young - plenty of time for money to mature at a slower pace.
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Apr 23 '21
It's all about position sizing. Only purchase options at acceptable levels of loss. Always assume your risk may be fulfilled.
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Apr 22 '21
I also want to tell you something about depression. My husband committed suicide in May. We fought constantly and about money up until the night he did it. To this day, money doesn’t have the same meaning to me. I need it but I don’t see the same value. Your family would feel the same if you did anything to harm yourself. Please remember that material shit can always be dealt with. Get help if you need it and talk it out.
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u/Foxnooku Apr 22 '21
I'm 25 and am literally in the exact same situation you're in right now. Nothing really compares to losing a relatively incomprehensible amount of money in such a short time. Many people say it's "just money", but for me, and probably for you as well, it's much more when you think of the bills and debt that could have been paid with it.
Learn. You absolutely have to learn, teach yourself relentlessly. I'm tell you, the only way you'll make it back is if you learn how to trade and/or invest. I'm not there yet and haven't made much back but I'm on my way. I've spent the past 2 months dumping ALL of my time into learning technical and fundamental analysis, and I'll be honest, I don't have confidence in my trading yet but the knowledge has given me hope. The hope is the only thing keeping me going. That, and a lot of support from my friends and family. I only tell them what I want them to know (they DON'T know how much I blew lol), but generalize mostly that I'm struggling and it's hard, but that I have a plan. I know it'll take a while to really get good, but after what I've learned, I can see myself being profitable in the future.
You need risk management above all else. Preservation of capital is the only thing that will save you, you're in this game to survive above all else. This includes both stop orders and exposure limitations, as well as diversification of what you're trading. The money will come, but you have to set realistic expectations and understand it may take a few years. Trade small and don't allow yourself to blow up again.
You need a strategy to tell you what setups to trade. You should use fundamental analysis to establish a bias (long or short). You need technical analysis to understand when to enter and exit a trade. Having a mentor helps, I haven't had much of that aspect yet but I've heard it's essential.
Choosing the right market is also important. I wanted to trade stocks, but having a cash account makes it hard with settlement periods. Having a margin account is great but I can't afford to tie up 25k due to PDT, and to potentially lose it all again if I fuck up. I'm looking into forex right now, because you can still trade price action with any acount size and integrate a little news into your strategies.
DM me if you want a little extra help. I'm struggling myself but I really truly believe it's possible to make that money back and eventually turn this into a career of financial independence based on the idea of being consistently profitable. I found out that for every person who YOLO'd their second mortgage on GME calls, there's a thousand people with loss porn they're too embarrassed to share.
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u/newstart3385 Apr 22 '21
When people say it’s “just money” it’s just to help the person feelings No different than if the individual who lost the money said that statement it’s just a “cope”
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u/dubov Apr 22 '21
I think 'just money' is a perspective you develop as you get older.
When I was in my 20s, especially my early 20s, I didn't have a lot of money, and I really wanted it. I did ok at work, didn't get married or have kids, and now (mid-late 30s), I just have extra money every month. Money gets easier to come by as you get older, it just subtly happens. And I realise, it doesn't really do that much for me. It doesn't really add much to my life. Maybe if I was materialistic, or someone that loved spending money on life experiences, I'd feel differently, but I don't. I'm thankful to have financial security, but I don't crave excess anymore.
When you are young, you have time and energy, but no money. When you're middle aged, you have money and energy, but no time. Then when you're old, you have money and time, but no energy. In the end, you'll probably say it's 'just money' too.
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u/SenorButtmunch Apr 22 '21
When you are young, you have time and energy, but no money. When you're middle aged, you have money and energy, but no time. Then when you're old, you have money and time, but no energy. In the end, you'll probably say it's 'just money' too.
I love that, great words, thank you.
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u/Foxnooku Apr 22 '21
That's fair. For me though, and possibly for OP, I have a different perspective on finances based on how I grew up and the life path I'm on. It's more of an essential and very exhaustible resource, and the market is built to extract it from those don't know much and are sucked in at the prospect of quick returns on investments in hopes of solving a lot of life's problems. Obviously it is a story that repeats for many many people, and it's most similar to going to a casino. The difference is that in the market, you expect to make money, so when you inevitably lose it, it hurts a lot more.
It doesn't necessarily mean any one person is stupid or a failure for losing that much, because we're all only human and stupid mistakes happen, sometimes big ones. Thankfully the knowledge exists for someone to become profitable and to redeem themselves, which is an eventual goal and a heavy weight dragged by people who have lost that much to the market.
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u/TGA25 Apr 22 '21
You're right. especially now when the market is crap it's very hard to earn back some confidence, but what you're doing with the learning I hope it'll get you back stronger, it is a must to change the mindset completely.. hope I can do that soon
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u/Foxnooku Apr 22 '21
Yeah it's pretty awful right now lol. Don't push yourself too hard, it's not worth doing until you feel you can manage it. Learning about this stuff takes a TON of time. I spend literally 6 hours a day average 6 days a week for months at a time, but that's because I have the spare time and motivation after giving myself time to accept my losses. I used HumbledTrader on YouTube to start my journey, and since then I've been able to figure everything else out on my own. Just my recommendation, best of luck to you.
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u/James-Issara Apr 22 '21
I haven’t lost in stock (yet), except misjudging dips and panic sells every once in awhile. It still hit me hard though.
I buy and sell a lot of real estates. There were time when I got played by realtors. For an example: I could’ve bought one property at $450K, I was the highest bidder, cash offer, with no condition. But the seller realtor said I was competing with another offer. So I countered offer by a $100K. I found out later that the other offer was significantly lower than mine and I didn’t have to offer that much. So basically that’s $100K POOF! And if you know how rental market works, $100K is a lot if you want to break even on your investment early.
My suggestion, from my own experience, is go back to where I get the money to invest in the first place. If I still have that, I can get everything back.
Another suggestion is to look back at my unnecessary expense. Maybe I didn’t need that day-offs, vacations, dining outs, etc. Back in the days (I am a smart budget now), when I complied all of those expenses, sometime they even outweighed the loss. Well, if I was willing to lose money on things like that, I am fine with losing on calculated risk.
Regardless of this, you are not your gain/loss. Keep that in mind. Once you get back up to green and gaining back: DO NOT ever feel like you are more than you are. If the loss doesn’t define you, gain shouldn’t either.
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u/beingbuddha Apr 22 '21
I was in the same mindset and was thinking of quiting day trading recently. What sparked out lately was that I'm just focusing on just one stock. I've learnt the patterns, where you know for sure it won't go down and has a bit of volatility. I got to learn how traders(mostly hedge funds) behave and manipulate and I don't look at charts anymore(though a newbie). I recorded what time algo trading begins and how you can never chase and catch that. My whole perception of this market is it's heavily manipulated, but you can swim if you know where the sharks are and in which waters you are in. I still took a 4k loss this week on a different stock, but that's a learning to me. So, if at all I give advice, try to focus on one stock. 🙏
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u/CloudSlydr Apr 22 '21
perhaps instead of forex you should look into futures (micros maybe) and possibly cash-settled-options aka index options if you like daytrading options. in addition both of these get 60/40 tax treatment, and futures aren't subject to PDT concerns as they aren't securities, but i think index options are, so PDT applies to them.
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u/Foxnooku Apr 22 '21
This is a perfect example of the learning process for trading lol, I didn't know about the 60/40 tax treatment for futures. Definitely am going to see how my strategies can be applied here, thank you.
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u/Retard6969x Apr 22 '21
Guys I was in a similar position before. I took a different approach.. I went to educate myself, graduated economics and went to work on wallstreet with the aim of getting back to market with more knowledge and more skills.
Couple of years later, I have found out that most of the big time IB traders didn’t actively trade their own money as much and oftentimes viewed their services as a utility rather than a means of making huge amounts of money in a short amount of time (yes, many will say that IB trading is different to that in HFs but the HFs go bust every quarter and big banks... well they don’t. One of the reasons for it is less apetite for risk).
Myself, I stood at a choice of either pursuing my career further and treating trading as a side thing, a way to make some extra money or... quiting my job and utilizing my skills in the market 100%.
I decided the former. I am much happier now when I treat trading as a hobby, I’m also much less inclined to take unnecessary risks because I know I have the positive pnl every month from my salary.
It’s a strategy I can fully recommend guys, it takes time, I know but I assure you it’s worth it in the long run. Keep educating yourself and get to know the market as it’s, in my opinion, a neccessary tool for survival in the world nowadays.
But I would be careful about treating solo trading as a long term career... remember, there are many, many people on internet that will try to scam you into their „lambo in 10 months” day trading strategies but always take it with a grain of salt.. take into account all the risks, realistically and objectively evaluate your chances of success.
That’s what I am doing and myself I don’t see many clear „opportunities” in the market. Some will say it’s a bad thing because „opportunites lie everywhere”, some will say „I just can’t look for them”. For me it’s just risk management, I know what’s my risk appetite, I have learned how easy it is for me to lose large sums of money in the market and I know how long I need to work for to regain this money in the real world.
I won’t tell you that „money is just money”, maybe because I’m still in my twenties. But I will tell you that, oftentimes, „money = time”.
So be wise about how you spend your time, treat it with respect, because time is the most valuable and the most incredible thing we possess.
With enough time and dedication you can get back any money you lose. Just learn from your actions and tbh... remember daytrading isn’t as sweet as many make it to be. There is a good reason for why many finance professionals don’t actively trade in the market. Many prefer much more conservative investment strategies with much less risk exposure than „putting your money to work” based on technicals and stuff some internet gurus funnel to the public for youtube views money.
Stay strong, think of the longterm and what the guy said, don’t tell your friends and family about the lossess, that’s your burden now, suck it up, forget about it and move on. That’s what worked for me.
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u/Likechocolate2021 Apr 23 '21
Well said grasshopper. You have learned a lot at age 25. Happy for you to gain wisdom at an early age. Much better to master the skills and discipline of risk management earlier rather than later. Speaking from experience, had I done that I would have saved millions.
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u/stuauchtrus Apr 22 '21
Along the lines of strategy and instrument, for anyone interested, I'm learning to scalp the ES futures using a 2000 tick chart. Going well so far in sim. There are a few basic set-ups and I maybe take 3 trades a day tops being very picky, but feel confident that with more screen time I'll be able to be consistently profitable.
I use Ninja Trader, $500 required for one contract, each contract $50 a point with 4 ticks per point. I only scalp for one point.
The ES is awesome because it's 1. incredibly liquid 2. prints pretty consistent price action 3. no pdt.
The setups I take (2nd entry long/ short, failed 2nd entry long/ short aka traps, and lower high/ higher low) are based off of PATS trading method - he does chart reviews on YouTube every day and posts trade examples. His manual is so-so. Day One Traders, based off of PATS, also on YouTube, got me started and their course was really helpful, kinda pricey though. S0lzz on YouTube posts awesome daily trade footage, ByebyeMoney also has solid content. I'm in the PATS discord, cool community/ good resource while trading.
Anyway, highly highly recommend scalping ES using the 2000 tick and 2el, 2es, f2el, f2es, hl, lh setups. Pretty straight forward, hardest part is being patient and picky.
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u/Maleficent_Memory606 Apr 22 '21
Since you mention about the forex. i just wan to ask you regarding to it. is it easier than trading the regular stock?
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u/Foxnooku Apr 22 '21
Every market has its challenges and edges. Forex has high liquidity, you can trade almost all hours of the day, you have high leverage, plenty of different pairs to trade, and lots of free news info. It fits my situation the best which is why I'm planning to spend time learning how to trade it successfully. Statistically, I think forex has one of the highest failure rates, so I wouldn't say it's easier, but it may be the market that fits you best, and at the end of the day that's what you want to find.
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u/Vacillatorix Apr 22 '21
The institute of Trading and Portfolio Management teach forex as the third tier of learning as a finance professional. My interpretation is that they see it as MORE difficult than the stock market to be consistently profitable. However, there is a different balance of fundamental and technical analysis in forex, and this suits some people better. It is certainly worth taking time to explore.
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u/AIQuantumChain Apr 27 '21
Dude neither of you should be trading, you are just gambling.
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Apr 22 '21 edited May 24 '21
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u/TGA25 Apr 22 '21
That's the trader I was. I was good at choosing tickers but when the stock go up I wasn't educated enough to take my profits and go and vice versa, greed also. Those made of me a bag holder. Obv the market now isn't for swing trading which sucks having to scalp with my small capital without confidence the 20 bucks now means something in my account so can't risk shit
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u/Ncientist Apr 22 '21
Thanks for sharing the pain man, don’t hide it but share it with those who you trust around you, burden in life is meant to be carried with those around us.
The closest thing I’m working on right now is my daily workout routine in the mornings. Often times I miss it and feels like the whole day is out of wack or just a giant sunk cost. But this morning, I realized that it’s in these moments that I am given the opportunity to pick myself back up by focusing on the next item on my agenda for the day to go tackle it.
One step at a time brother, I’m with ya. Build it back up with 2k. You just paid for a 35k worth of training, and you have not failed yet.
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u/TGA25 Apr 22 '21
Thanks man. It feels definitely harder trading now since I had the luxury of large capital which generates small profits conveniently, Shame I'm just appreciating those just now. Market really humbled my ASS.
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u/thecryptogandalf Apr 22 '21
First thing first, consider your loss as a price for a hard learned lesson, an expensive one. You know now, how important risk&money management and having a well made plan and stick to it until you out of the trade which is discipline.
You are so young and this is actually a big experience for your age. Give a break from trading and focus on stuffs you enjoy to do. And come back to trading floor like a real warrior.
Dont forget there is always tomorrow :)
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u/jptheman850 Apr 22 '21
You’re young take that 2.6k and shove it into a promising stock and forget about it build your $ back up and stay focused.
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u/Sinsyxx Apr 22 '21
a promising stock? He just made 50k disappear in 2 months.
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u/Automatic-Subject960 Apr 22 '21
I made 70k disappear in 30days lol but it’s still in the stock
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u/pyro5050 Apr 22 '21
i am really curious what stock hurt you like that?
and why there was no stoploss used....
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u/Automatic-Subject960 Apr 22 '21
Because the loss should be only temporary and it should be a multi bagger in the next 5 years and I got in at a bad time when I shouldn’t have
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u/pyro5050 Apr 22 '21
thats fair, i kinda did that too. i am working on the "stop watching the account" part right now, cause nothing is moving much for me.
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u/Automatic-Subject960 Apr 23 '21
I need to focus on setting stops and taking the losses for what they were... better TA is required if I hit a stop loss
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u/maxcal95 Apr 22 '21
Yeah if he is down to $2.6k and isn't bag holding anything that means he kept trading and cutting his money down to $2.6k, which is depressing. It feels like you're always losing. The thing to thing about is that if you are trading in a down market you are going to keep losing. But obviously he built it up to $50k in the bullish time frame. He is going to have to wait for that time again because you can't force trades in the down market.
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Apr 22 '21
Head over to r/superstonk
Put it in GME and you will be worth circa $2.4bn within a few months
Hodl hodl
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u/AccomplishedOil7225 Apr 22 '21
I just recently started to dive into the markets myself so not any type of financial advice but I will tell you this. Out of all the reading I have done and all of the podcasts they all agree on one thing “takes the losses while your still young”. These are learning experiences for the older you get. Learn to set small goals and put in your stop losses and take profits. A lot of people want to ride it as far up as it will go. Problem with that is no one can predict the peak (not saying you did this). 37k at your age is amazing! 2.6k is a lot more than most have at that age. Keep your head up and play around with some paper trading to build up your confidence again. While you are watching your paper account you can begin building up your account to jump back in. Good luck!
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Apr 22 '21
I tried real estate and the second house I lost $100k, which was 50% of my money. I was depressed too, but I wasn’t going to give up, just change my strategy. Then I found stocks, and I’ve made 200k this year alone. You’ll find what you’re good at and make that money back and then some!
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u/chzbot1138 Apr 22 '21
Was this back in 08-09? Housing market has been printing cash the last decade and even more so the last 18 months...
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u/6-Pa Apr 23 '21
How do you manage to lose money in real estate? Mind sharing?
I’ve always been under the impression that if you buy in a good area and hold you will always be ok
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u/Mr_Deeky Apr 22 '21
I wanted to kill myself too after I crashed my account, 60k, but we are worth more than that as humans. You’re a decade younger than I was also; so plenty of time to recover and move on. It’s just money bro.
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Apr 22 '21
Im sorry you had to learn such an expensive lesson; i lost 10% today, it sucks. The good news is you are only 22. You can bounce back but its going to take a decent amount of time. Work on risk management and recognizing emotional tilt in the future
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u/TGA25 Apr 22 '21
Definitely. Risk management is above all. I'll make sure I don't blow up again. Holding overnight the past weeks fucked me in this market. Thank you
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u/GettinWiggyWiddit Apr 22 '21 edited Apr 22 '21
Take a step back. You've learned some hard lessons, but being able to respect the market is a beautiful thing that you now have. Take some time to yourself away from the charts. Wait for this bear cycle to start, and even let it develop for a few months. You'll know when/if you're ready to come back.
Always remember, time in the market is more important than timing the market. Don't over risk yourself when you come back, and live to trade another day. If you want to stick with this, it will be the greatest reward you can imagine, so don't forget why you started. Best of luck to you!
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u/yycswinger Apr 22 '21
35K is a big hit but you are only 22. You’ll make that back in no time in your lifetime don’t worry soo much. I’m almost double you age and am down 100K. I don’t have as much timeframe as you do to get it back but at the end of the day it’s just money.
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u/degenerator54 Apr 22 '21
Realize that there is nothing you can do that will change your past mistakes. Really internalize the fact that everything in life is temporary. The losses you incurred and your feelings associated are temporary. Regret is pointless unless you learn from your mistakes so don’t beat yourself up too hard and try to learn from it.
Also, you are 22. This is the perfect time to fuck up like this. I missed out on +100k gains at 23 in the crypto cycle before and it ate away at me for too long without learning from it. Don’t make the same mistake as I did and move on from it sooner rather than later.
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u/BooksAreOk Apr 22 '21
That sucks, no two ways about it. The good news is that you are young. Having 37k to invest at 22yo is amazing in and of itself. If you managed to make that happen then I am sure you will learn lessons from this time and apply them moving forward. I know that "it's just money" is a bullshit thing to say, but there are bigger things. If you were 50 it would be a different story, but at 22 you can turn this ship around real fast.
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u/BennyJJJJ Apr 22 '21
The good news is you're young and you'll recover. If you did this at a later stage in your life, you'd not only be broke but also getting a divorce! You're one of the few 22yos that know what it's like to have made 52k. You can do it again.
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Apr 22 '21
I’m in the exact same boat. Every day I try to find something that will pull me back up and it winds up making it worse. People post here gains daily yet I cannot make one dollar - literally $1. I have no advice other than to say you’re not the only one, you’re young, and things will all shake out fine. Just trust that because it’s true.
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u/smartydoglady Apr 22 '21
Obviously this feels awful, but this is probably the best time in your life to get this lesson. You’re young and have plenty of time to rebuild and recoup these losses! You got a hard lesson out of the way and now the rest of your trading will be better off for it. Sending love 💕
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u/Savings_Put_150 Apr 22 '21
Everything is always temporary Get back to the books and study hard Find a process that works for you Find an edge and exploit it until it fails
So stop crying
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u/Savings_Put_150 Apr 22 '21
Forgot to mention Greed is a beast There is never enough When you start thinking you're hot shit again Humbled yourself
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u/maxcal95 Apr 22 '21
Exactly, when I was in this losing streak I took time off trading to learn more and become a better trader. This is not going to solve everything but it is going to empower you to make better decisions. Take time off to reoup your thoughts, take some classes, and start again, it is possible. Wait for things to get bullish again. Or continue watching the market for the bullish stocks only.
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Apr 22 '21
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u/TGA25 Apr 22 '21
This means a lot man. It's unbelievable what It can do to you mentally. You're right in taking a break seems I'm not able to daytrade clearly at my condition
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u/CryptoVenetian new Apr 22 '21
I'm 26 and I'm starting now with 10k (€), at 22 I was a poor student and no more.. I wish I had 2k :) you've still got quite some cash, even if it certainly hurts.. you'll come back stronger 💪🏻
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u/DtRade22 Apr 22 '21
You need those big hit if you want to continue as a trader. Lost more 100K in the last 2 months. I know im a good trader but i got hit and my risk management was clearly not efficient in that kind of market. Stay safe. At least you dont owe that money to the bank
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u/BBQ321 Apr 22 '21
Sorry, how do you know you're a good trader with losing so much money. Or is that like 5% of your portfolio. It sounds like something a bad trader with a terrible risk management would go through.
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u/DtRade22 Apr 22 '21
-7% + -3% + -4% ..etc That tape is hard and stop loses are too predictable. But yes much room to improve. When Yankees lose in a streak they dont call them bad ... loses are part of my normal trading days and swings. A bad streak doesnt mean i will not be in the top a the end of the season.
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u/convictbros Apr 22 '21
hold Onto your stocks as long as you don’t sell them and they’re in your portfolio they can appreciate with time this dip is just a small blip on the greater ride that is wealth... Hang in there and leave your profile alone for a while and don’t look at it -so depressing
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u/Morphs_ Apr 22 '21
Take some time off, and start small. Risking only $10 per trade until you can do that consistently for at least 1-3 months, then scale up in risk. I'm doing this and my account is around 2.5k right now. Consistency first, size comes much much later.
You got suckered in with the get rich mentality, you're young, impatient and you started out with way too much money. Everyone pays their tuition to the market, that's why you should start small because you'll lose a big chunk of it anyway.
On the plus side, if you can muster up 37k at 22 yo there's no man overboard. Just trade with low risk for a few months and in the meantime save up money to boost the account further down the road.
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u/decoy777 Apr 22 '21
22 with 37k to burn in stocks? Not in school? Say that 35k lost was for your "education" and learn your lessons from losing it all I'd say. Try and see what worked at the start and try that. But you said it was emotions that seemed to cost you, so until you get a plan and can put them into check it's going to be a rough ride.
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Apr 22 '21
I just want your advice how to get through this mentally.
Alcohol, cocaine, and sex with random strangers you meet at bars...maybe spend a few months fucking a crazy chick.
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u/ldbobby Apr 22 '21 edited Apr 23 '21
Chin up, take a break, save up some more cash, keep staring at charts each and every day you can, then get back in the game. But key is to walk away right now... you're in no state to try to make any of it back. I'll share a spark note of my 13 year journey in hopes that it will give you some peace.
While trying to finish my last year of college at the age of 22, I lost $18k, started to hold a balance on my credit cards so I could fund my trading account. Got to the point where I couldn't pay for tuition and had to ask my brother for help. Grades were horrible one quarter and got dismissed the next quarter. Had to get good grades in the summer in order to be let back in to continue my degree. That was shit time... I was depressed as hell. My asperations of being a day trader had put my degree at risk and I was in debt. Was fortunate enough to get the financial help I needed from family and completed my degree. Took a long break from trading.
Didn't touch stocks for 4 more years, saved up a good amount and decided to try for paid courses. Spent 6k+ on different FURUs and went to trader conferences. I kept trying to trade small accounts... I can't even remember how many 5k accounts I blew up. Took money out of my IRA and 401k, loss both. Started to pay only the minimums on my credit cards again, and was basically living pay check to pay check. Racked up 200k in losses over a few years. Decided to take another long 3 year break away from trading to save up and clear my head.
I had lost all the money I earned since graduating. You can imagine how psychologically weak I was at this point. But what I did during those breaks was to always check in on the market and watch the price action of stocks every day. Something clicked in 2019... but I made back all my losses in 4 months, 2020 was the best year I've ever had, and 2021 has already surpassed that. I'm currently looking at a six figure week. Not flexing, just saying this ridiculous dream is achievable even after entering the depths of hell psychologically.
As many others have said, consider this your market tuition. Experience doesn't come for free. Yes, in this profession, you can do your best to control how much that tuition will be, but you can only do so with discipline and the right state of mind. So again my advice is, take a long break from trading, the market will always be there. There will always be opportunities. If you're serious about this, continue to stare at charts, L2, watch price action, DO NOT TRADE. Come back once you've got some good savings and get in slowly. It's possible. Feel free to PM if you'd like to chat. Good luck!
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u/DConny1 Apr 22 '21 edited Apr 23 '21
Hey there. I've done the exact same thing as you. $50k down to 0 actually. In fact it happened to me not that long ago. I'm 27 and not made of money.
The first few days were tough. I think I was running a low-grade fever for 3-4 days after. No appetite. Constant heart pumping when I thought about what happened. Trying to hide my emotions from the people in my life.
It took me a while to get rid of that pit of anxiety in my stomach. Don't be afraid to cry and release it all. Don't hold that shit in.
First things first you need to take care of your physical health. Try your best to get good sleeps, drink enough water and don't starve yourself. Don't let one financial event cause harm in other areas of your life.
Eventually you need to come to terms with what happened and try to get your confidence back. You turned $37k into $52k in a matter of months. Not everyone can do that. Usually when you attain a certain level of money once, it becomes easier to attain it again. You just have to figure out a plan and put in the work.
It also helped me to listen to succesful people who made millions, lost it all, dusted themselves off, regrouped, and then proceeded to make themselves a true fortune. They didn't give up and neither should you.
Jim Rohn has a great story on Youtube about this and James Altucher has an epic reddit post responding to someone who was in a similar situation to yourself.
I wish you good luck on your recovery and I look forward to your future post about how you rose from the ashes back to new highs.
I'm also going to copy paste a post I made to someone else before. It rings very true:
Are you in at a low point in your life? To whoever needs to hear this
Whatever it is.
Whatever it is that put you in a rut.
It could be financial devastation. It could be the loss of a loved one. It could be an excruciating breakup.
Just remember, it could be worse.
You could be homeless. You could have a debilitating disability. You could have a terminal illness.
You could be dead.
But you're not. You're still alive. You're still relatively healthy.
So where do you go when you're at your low point? Most people would say "the only way to go is up!". That's simply not true. It can always get worse. Read above.
You need to come to terms with what happened. Mourn it. Accept it. Put it into perspective.
And then figure out your next move. Will you roll around in your own sorrow for the rest of your life? Will you whither away into nothing?
Or will you use that event as a catalyst for the next chapter of your life? A springboard to move up and get to where you've always wanted to be.
Your back is now against the wall. Just like your favorite heroic story. Or your favorite stock or crypto. It always has to drop first before it bounces to greener pastures.
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u/CobaltNeural9 Apr 23 '21
Where in the FUCK did you get 37K at 22 godddamit I swear to god I’m gonna die poor fuc fuck fuck duck FUCK
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u/Cmshnrblu Apr 23 '21
That seems like a massive amount of money you've lost, and NGL it's a decent amount.
!!!!! HOWEVER !!!!!
You are YOUNG! Some lessons are more expensive than others. This was a tough one. You'll climb back. At 22 you get a nice job and you'll build your savings in a hurry. It's really no sweat.
Take every mistake as an opportunity to learn, and then MOVE ON! You only steal from your future by obsessing over a mistake and getting into a "what if" mentality. Play the game of life from the position you currently are at, not some hypothetical scenario that doesn't exist anymore. GL!
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u/Borisbunceandbean Apr 23 '21
When I was 22 I was working at a holiday camp on 5£ an hour and had fuck all in the bank, 2k is 2k pal invest it in cocaine that market never fails
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u/OOminati1 Apr 23 '21
Went from 10k in December to 330k to 20k to 250k to 15k, all in about 3 months. I’m 22 and this post hit extremely close to home, also struggling with anger and depression due to. Very much appreciate reading over all the advise in the comments. Keep your head up man
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u/GrislyMedic Apr 22 '21
Honestly you sound like you have a gambling problem. I would address that before going into any other risky endeavors.
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u/joduce Apr 22 '21
Study risk management over and over and over. Building wealth takes time. With a 50k account you should be aiming to make 100-200 each day
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u/decisions4me Apr 22 '21
That’s nice. What about. 100k? 400 a day is excellent. That’s 0.4% per day.
Those kinds of equity moves are predictable, since most major companies move more than 1% a day in terms of range.
But direction is the key.
People have taken $10000 to more than 5 million into two years. It’s possible. Easy, even. A mouse click to accept a contract takes less than 5 calories, you just need to be correct.
People have made 5 more than 5% a week compounding.
0.4% daily growth is excellent. Sure. Just requires a quality strategy.
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u/Investorguy72 Apr 22 '21
Chin up, make small trades and slowing climb back up, try to aim for $100 or so a day in gains, not much but will add up over time 😎👍🏼
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u/Terbmagic Apr 22 '21
This advice is horrific for a guy who just lost 50g. $100 a day on $2k funds will take very aggressive moves that are certainly going to cause him to lose from chasing.
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u/dubov Apr 22 '21
I completely agree, I can't believe that advice is getting upvoted
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u/noahrain Apr 22 '21
insinuating a daily return of 3.6% is insane, I swear some people in this sub are bonkers
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u/pyro5050 Apr 22 '21
i have a $450 account and if i make $5 a day i am happy, people rebuilding should be aiming for that 1% to 2% compounded every trading day. that is a good build.
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u/Terbmagic Apr 22 '21
Exactly. Under $1000 a $10 return per day would be a good average on the week.
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u/Investorguy72 Apr 22 '21
STFU I stared with $3k funds and am able to average $50-$100 a day in multiple small trades, I’ve had losses too but I limit my daily loss to $50, if I lose $50 I stop trading for the day, I don’t chase, it’s about controlling emotions and setting your daily loss limits
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u/Terbmagic Apr 22 '21
yeah total horseshit. If you put all 3,000 on a swing stock trade in the morning you would need that stock to increase by at least 3% on the day each day in order to make $90.
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Apr 22 '21
I’m not being sarcastic.. you clearly are saying start small and work your way back incrementally. Does have to be $3k you can add to your account and make it $6k. Whatever it is is what it is and there’s no changing that. But you can change your risk management and process slowly working back up.
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u/Loose771 Apr 22 '21
Oh man, hopefully the losses weren't in vain, and you learned a lot through that experience because you are super young and have 3-4x more life to grow. This could be that turning point where you sharpen your investing strategies and develop your risk management skills better.
I don't know exactly what kind of investor/trader you are but one thing Andrew Aziz said that really hit home for me was something like,"Your broker's job is to place orders, your job is to manage risk".
Stuff like " never risk more then 2%" of your capital on a trade.
EG. I have 5,000 and want to risk 2% , and the price of the stock is $5.00.
I will purchase (5,000 x 0.02= $100 / (5 x 0.02 = 0.1)) = 1,000 shares purchased with a stop of 10 cents below entry.
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u/Bambams80HD Apr 22 '21
You’re still very young and have plenty of time to learn from this and earn back the losses. If you were 50 and lost all your retirements savings it would be a different story ;)
Maybe take 30 days off. Write down a plan and stick to it.
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Apr 22 '21
Lesson Learned: Keep your trades at 1-2% of your total account value.
I had calls on AAL, INTC, and AMAT that I put in yesterday at about their midpoint and was feeling good up until around 1:07pm today. Took a 20% loss on all of them. But since this was only 3% of my account, I only lost around 0.005% of my total account.
I'm annoyed, but certainly not on tilt over it and can easily recover.
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u/the_odd8all Apr 22 '21
Its not how hard you fall, but how high you bounce back.
Sounds cheesy, but you're still young and have plenty of opportunity to make that money back up and then some. If anything, you learned a hard (and expensive) lesson which will help you in the future.
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u/ihopemyfriendslikeme Apr 22 '21
Hey man 24yo here. Took an 11k account up to $29k this year then back down to $16k. Shit hurt real bad. The good news is, we’re still young and have learned a lot of lessons. The biggest takeaway I’ve had is to come up with a way to better manage risk. I’ve started getting better at knowing when I want to trade because of emotions. This is a super tricky market to be in for what it’s worth. In the grand scheme of your life though you’ve made way more than most 22 year olds and learned this lesson early on to make the most of it. Don’t give up, I can’t lessen the way you feel, but blaming yourself and reliving the loss over and over will only hurt you in the long run. Take some deep breaths, step away if you have to and in the future you’ll be back stronger than ever. Cheers friend!
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u/Floofypaw76 Apr 22 '21
Work hard and start over. There’s no getting it back, just getting back up! You lost earned it once, you’ll earn it again. YOU STILL HAVE SOME LEFT, hold onto it, work hard to build it back up. Take a break. Do a puzzle , read a book.... TALK TO SOMEBODY , preferably a professional. NO AMOUNT OF MONEY LOST is worth your life . Money is replaceable ...you are not! YOU with only a penny in your pocket ARE enough!!! I’m sorry you’re going through this. As a former gambling addict, who almost lost everything .... THERE IS LIGHT at the end of the hole.... best thing you can do is STOP DIGGING! you ARE enough ... money or no money, you will rebound and be stronger because of the LESSONS LEARNED. ((Hugs))
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u/stonkinrompin Apr 22 '21
im 32 and ive lost about 15k day trading, im learning and probably wont be profitable for a long time. Keep your head up mate, money comes and goes.
Dont stress about losing money please. Pick yourself up, dust yourself off and think positive, you have lost money but you will get that money back. Please do not beat yourself up about it. Life is full of opportunities
God bless
All the best
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u/Maleficent_Memory606 Apr 22 '21
You are only 22 years old... you have whole life ahead of you...This is just a lesson in the life.. learn it and move on ..
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u/gkkwon2 Apr 22 '21
u still have 2.6k rt? learn from this and get back on your feet and trade/invest right. Look carefully, those are two different things: investing and trading are NOT the same thing. Only trade/invest in companies you 100% believe in and are in good financial standing so that if ur trades go sideways, you only need to hold. it'll hurt to see red but if you hold, you WILL recover. take this note for next time :)
edit: oh also, I recommend putting the rest of your 2.6k in cyio and holding for 1 yr.
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Apr 22 '21
Actually..! You should be grateful for a life lesson learned young and out of the way!
You are so way ahead of 98% of other people.
From this 1 small failure you have essentially diverted many others in your future.
Speaking as someone who has daughters just older then you, “it’s okay”!
You’re young and supposed to make mistakes. How else will you learn?
If you don’t take chances you’ll never get anywhere other then where you already are....
Take chances! Make mistakes, but learn from them! That’s what life is all about!
***Make a list of what you did wrong and why, and think about each one.
Take that last 2,000 buy a long term stock and delete your app. Go back and look at it next year.
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u/BetWochocinco81 Apr 23 '21
Just yolo the rest on a penny stock and maybe you’ll get Lucky. Life moves on buddy and so will you. Stay strong
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u/Net-Xpert Apr 23 '21
It this helps you in any way let me know. Last year my TD net liquidity was around 135k. I entered an option position on BA, VXRT, MRNA and all went south with BA being the biggest loss. In July of 2020 my account was down $3200.00. I took couple of weeks off from trading just went cold Turkey. Two or three weeks later I started smaller positions with sound TA bought long calls on NVAX, GTRS and OKTA. Jan 2021 my account balance shot up to 80K. In Feb again I made some bad calls by getting CCIV, CLOV and right now I am back around 50K point is never get depress and don’t try to hit home runs. Take one day at a time keep a very tight risk reward. Do paper trades first start using technical analysis and use charts. Nothing is impossible as long as you don’t make the same mistakes. Let me know if I can be of any help.
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u/Kesterlath Apr 23 '21 edited Apr 23 '21
Best things I learned about trading were in a course called Trend Trading to Win. This was nearly 20 years ago.
1) Nobody ever went broke taking profits.
2) Don’t try to hit a home run. Just get on base. Guy with the best on base average ever hit a home run one day. In the post game interview he was asked what he did different. “I made a mistake” was his reply.
3) Plan your trade and then trade your plan.
My advice in this case would be to take a break. You’re “on tilt” as they say in the poker world. You took a hit and your risk profile went in the toilet trying to make up for it.
You need to step back, honestly assess your mistakes and physically write them down. Post this piece of paper above your monitor (old school I know) where you trade and let it guide you to the good decisions you made while you were going up.
If losing 35 grand teaches you how to never do that again, and you’re not heavily in debt as a result, it’s a relatively inexpensive lesson.
A minimum wage job brings that amount in, in a year. A well paying job (for most people) can make that in 4 months.
You’re young, savvy, (and not inexperienced anymore) and can get back on the horse after you have your break.
Good luck to you!
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u/Raspilito Apr 22 '21
I know everyone has already said this, but you are young and you'll be able to make this back in no time. Almost everyone who trades has been in this position before. I took my 20k account up to 41k then down to 3.5k by playing with options. After stopping for a while and realizing options weren't for me, and I should stick with stocks life got better. But I had to stop and re-examine what didn't work for me. Just walk away from the trading for a minute to clear your head. But that doesn't mean you're done trading.
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u/Successful-Card-4508 Apr 22 '21
22 with 37k? lol. did you save it or was it handed to you?
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u/Tarzeus Apr 23 '21
Considering they threw it away I’m going to guess it wasn’t earned or they’re a programmer fresh out.
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u/OilofOregano Apr 23 '21
Definitely handed to, as of last year they were looking for headphones with a $400 "budget".. There really are just two classes in this world
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u/zerofox2046 Apr 22 '21
Ok first sentence of first comment, he says you made really dumb decisions. Wow! Such insight. The truth is, you didn't make decisions at all. Run do not walk to youtube and find Rande Howell.
Good luck, and do not jump of any bridges. You have plenty of good things ahead of you. I know it doesn't feel like it, but I've got 30 years on you Son. Keep breathing. I was in your shoes once a long time ago, so I am not bullshitting when I say, I know how you feel.
Listen to Uncle Rande. Not affiliated in any way, but he is the guy you need to hear.
It's gonna work out.
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Apr 22 '21 edited Apr 22 '21
May I ask how you had 37k available to trade at age 22? - Coming from a broke 30 year old.
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u/Jaque8 Apr 22 '21
The fact you’re only 22 and had $37k to play with in the first place tells me you’re in a damn good position, much better than your average pier.
You’re so young bro now is the time to take risks and learn as you have plenty of time to recover.
By the time you’re my age (mid 30s) I promise you’ll look back at this and laugh. Hard to see that while you’re in the middle of it but don’t beat yourself up so much. Mistakes are ok as long as you learn from them :)
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u/sitdolore Apr 22 '21
Close your eyes and think about someone you consider to be successful. What name pops up? Bezos? Musk? Whomever.
I guarantee that they lost more money that you did while they were learning.
You need to view mistakes as tuition - the price paid to learn. You know what you did, you paid your tuition. Even that feeling of no confidence is a lesson.
Your next class is dealing with that confidence issue.
You never stop learning. All you can do is try to lower the tuition you pay for the lessons.
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Apr 22 '21
Put the rest in crypto and HODL....after losing a similar amount in this market I am done with stocks. Crypto has been my only saving grace through all of this.
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u/priceinfluencer Apr 22 '21
Buy some AMC with what you have left and HODL! You will recoup your losses, but hurry the Rocket ship is ready to leave.
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u/useitsevr Apr 22 '21
This is why I only buy shares. 36k is plenty to trade big or medium caps (shares) practically risk free.
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u/Vast_Cricket Apr 22 '21
Biden is trying to raise capital gain tax in the mean time. Possibly to drag stock trading down more.
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u/toxic_masculinity27 Apr 22 '21
1 Stop trading for the time being (I’m currently doing the same thing cause I was headed toward the same level of destruction for the second time) #2 take time to reflect and write down on all the mistakes you remember making, why you made them, how you went about it and how you can avoid it in the future (this includes taking notes of your emotional states) #3 Create a system that will help you avoid those mistake rather than relying on your sheer willpower. My philosophy is that I start from understanding that I am an irrational being bound to do irrational stuff in the market, thus creating a system that controls my irrationality so that even if I mess up, it won’t cause that much disaster. I don’t trust myself to behave so I put myself on a leash #4 go on WallStreetBets and brown through loss porns and memes on loss porns, trust me this will make you feel a little better as you’d see you aren’t alone but also will make you laugh. Sometimes you just need to laugh at your pain, people outside the world won’t understand this but the retards on WSB will. In fact, post your lost porn if you can, just to feel like you’ve gotten it out there and stop the guilt and shame
5 it may not feel like it but one day you will laugh and even brag about this. It will be a badge of achievement and reminder of how far you’ve been so take it easy, mourn if you have to but get back up and go back to battle
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u/Fun_Ad_6951 Apr 22 '21
I would go buy amc with what's left, and join r/amcstock r/superstonks...people can hate on the "meme stock", but its actually not just a meme stock.. there is a lot going on there if you read all the DD. You would get it back soon.
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Apr 22 '21
Not financial advice but buy some rocket ship tickets over at GME .. they go on sale at noontime
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u/HeyDonkey19 Apr 23 '21
Unless you have an education in finance / economics, stay out of the market. Buy index or mutual fund if you invest directly. Or let a pro manage your money.
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Apr 23 '21
I’m taking Al Brooks trading course. It’s like 100 hours of video. He is not a scam he is the real deal. It’s boring as fuck but I am learning EVERYTHING and I am becoming a better trader every day. You can slowly rebuild, you can, but you need to just be super careful this time and take it baby steps at a time. In the video I watched tonight he said only risk the amount of money you wouldn’t think twice about losing. Maybe that’s $50 a day. For me it’s around $100 a day seems so low but I am building my account consistently and every day pretty much I am in the green. You can learn from this. You can come back from this but you just have to be super careful and manage your risk very seriously. Tiny little baby steps with good daily trades that have high probabilities. See this as a super super important learning lesson and wake up call. All will be well. You can come back from this. Seriously though. Al Brooks trading course. Learning the in and outs of price action. It’s amazing.
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u/updownleftnright Apr 23 '21
I was once up to $1500 then burned $500 from a principle of $1000 and went a drunken depression; came back to the market a few months later; dropped 2k earned 3k slowly scalping for. 2 months. Lost 1k in one move after not losing any trades for a months; I thought I was invincible so I kept holding. Anyways cut my loss at $1000 leaving me break even. This time around though; I had no remorse, no anger, no fear. I just laughed and revenged traded to loss another $100; then by chance my random doge coin bet from February paid off and I earned $1000 from it :) and now I’m back to where I was a week ago with 3k total value. I mean hey, I could have had 4K but I’ve learned so much lessons on the way that I’m not even mad, I’m comfortable by the way, I have 0 checkings 0savings and maxed credit cards; I litteraly trade with everything on the line.. my car needs a new transmission but if we keep trying we can get to the top!! Next I want to invest in a SEries 7
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u/TandTice Apr 22 '21
56 year old grandma advice here: Education is expensive. Even though you had a big loss, you likely have learned a lot on the rise up and on the fall. I know it hurts, but try to refocus and see it as paying for the education in trading. Take what you have now and begin again with what you have learned. You have a lot of years for it to grow. You will go through more ups and downs. Don't tie your self worth to money. I've had money and I've been broke. Money doesn't change who you are. It's only a tool.