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

This is a discussion on Took out a loan to transition to full-time trading. 24 years old. within the Trading Journals forums, part of the Reception category; Day 2: Beginning of day: $37815.94 End of day: $39109.89 P/L: $1293.95; +3.42% Woke up late today.. and saw airline ...

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Old Apr 13, 2016, 9:22pm   #17
Joined Apr 2016
wabu27 started this thread Day 2:
Beginning of day: $37815.94
End of day: $39109.89
P/L: $1293.95; +3.42%

Woke up late today.. and saw airline stocks up. Was watching airline stocks this week and I couldn't go along for the ride but not disappointed.
Made money on DUST today.
Made money on VSX but a little disappointed because even though I thought it would go up more, it wasn't a strong enough set up for me. If I had more cushion I probably would have left a position in it but since current capital is something I can't afford to lose, I exited early. And it went up. Lost psychologically but I saw the momentum and made gains so w/e.
Very disappointed in how I traded FB. Saw the overexaggerated drops and went in. Rode the second big wave about half of it down but not mad about that, I exited when I wanted to so w/e. Mad about the third big drop because I saw the bottom and went in, but with the last small drop exited my position because I got scared. Already lost all the gains I got from VRX and more, and didn't want to lose more capital. Watched FB shoot up. It was like -2.5% by that time. Thought it would recover a lot more but didn't like the setup and did not have the balls. Can't believe it ended up going positive during the end of the day (did not expect that much of a recovery), but the entry/exits I did on FB was very pathetic. Very disappointed on how I traded.
Frustrated from FB, played with SCTY. Knew it was going to hit positive before the close but sold it at .32 because I had to go into a meeting in 12 minutes. 2 minutes later hits .40. And like 2 minutes later hits positive. Not disappointed with how I traded with SCTY but just wished I was a little more patient.

Overall, i give 3 stars to how i traded today. Would give myself 2 but I made an okay gain today and followed my trading plans most of the time. Also 2nd day back in daytrading so ending it on a positive note relieves a tiny pressure off my shoulders.
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Old Apr 13, 2016, 9:28pm   #18
Joined Apr 2016
wabu27 started this thread Much more replies at this site! Thank you!

(not sure how to quote people) @sun11 - when I traded small, i wasn't profitable but this was my conditions: $5000 capital. Goal of $1000 return a month to pay for rent, phone bills, living expenses, school things, etc. and under PDT restrictions. I would be able to meet that goal like 2-3 months but once I went negative or even short of my goal, it was pretty much downhill from there. However did practice daytrading in virtual accounts and did pretty well,
@darktone Who is the guy in the picture you posted? I love reading about people and would love to google him and read about him.
Yes, I agree to the importance of psychology and I think trading is basically a psychological game. Thanks for your words, its really encouraging (really really truly). I also have a full-time job but hoping to make trading my sole revenue in the future.
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Old Apr 13, 2016, 10:11pm   #19
 
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His name is Bruce Kovner. Can read about him here.

Michael Marcus is another great read.

And Tom Baldwin.

Ditto Marty Schwartz lol
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Last edited by darktone; Apr 13, 2016 at 10:17pm.
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Old Apr 13, 2016, 10:12pm   #20
Joined Jan 2014
Not keen on the borrowing money part, i just don't borrow fullstop, but i'm with Darktone on this one.

You are easily young enough to recover if it goes tits up.

Good luck........
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Old Apr 14, 2016, 12:20am   #21
 
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Don't mater where the money come to start with if you can make it happen.

The guy doing the interview is also a bit of a trader.
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Old Apr 14, 2016, 8:25am   #22
 
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I would advice you to reconsider that decision buddy, trading is risky business.
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Old Apr 14, 2016, 8:55am   #23
 
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Quote:
Originally Posted by Pat494 View Post
Could be a wind up I suppose. I mean really !

it is a wind up.
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Old Apr 14, 2016, 10:14am   #24
 
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He is not the first nor will he be the last, why is everyone so surprised, I did the same thing when I was younger, lost it all but don't regret it for a moment.
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