Lost all my first $1000

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JerryKBD

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Hi all,

I have a full time job and I wanted to start trading while at home during evening. So I started around a month ago with $1000 now I lost all. Just wanna say this out somewhere.

At the same time, I was happy that I lost my money. I know I was doing the wrong thing, making mistakes, and being stubborn... maybe this will teach me a lesson.

My plan is to learn as much as I can, and come back in 1 year. I will still have faith in myself, and what can't kill me will always make me stronger...

Any recommendations on what I should read and learn?
 
The banks recommend you read Reminiscences of a Stock Operator.

This is about one of the world's best traders. In the end he lost everything and blew his own brains out.
 
JerryKBD said:
Hi all,

I have a full time job and I wanted to start trading while at home during evening. So I started around a month ago with $1000 now I lost all. Just wanna say this out somewhere.

At the same time, I was happy that I lost my money. I know I was doing the wrong thing, making mistakes, and being stubborn... maybe this will teach me a lesson.

My plan is to learn as much as I can, and come back in 1 year. I will still have faith in myself, and what can't kill me will always make me stronger...

Any recommendations on what I should read and learn?
Click to expand...

On the assumption that this is a genuine post:

1. Do not trade with any real money until you can at least make a demo account work (and that's no guarantee that you can then do it successfully with real money).

2. "At the same time, I was happy that I lost my money." – Forego that attitude – successful traders do not like losing money!

3. "I know I was doing the wrong thing, making mistakes, and being stubborn... maybe this will teach me a lesson." Self-flagellation will not make you into a good trader but understanding what you are doing and why you are doing it, will.

4. "My plan is to learn as much as I can, and come back in 1 year. I will still have faith in myself, and what can't kill me will always make me stronger..." These are just platitudes – indeed what doesn't kill you will probably just wear you down and in the end make you totally ineffective.

You need to adopt a specific plan of study and trading education – it's actually all here on this forum somewhere – you may have to search for it but I believe all new members receive guidance on this. Ignore the doom mongers. One of your biggest problems will be resolution of all the conflicting and different ways of trading – that's where your "learn as much as I can" philosophy should come into play. Try them all – learn to make your own judgements.

There are lists on this form of recommended books to study but you could do a lot worse than starting with dbPhoenix's excellent PDF on trading's basic principles as laid down by one of the most famous traders of all time: Richard Wyckoff. And he didn't end up blowing his brains out.

What you will find on this forum are genuine and knowledgeable people who will do their best to advise and help you. There are of course, others.
 
Last edited:
JerryKBD said:
Hi all,

I have a full time job and I wanted to start trading while at home during evening. So I started around a month ago with $1000 now I lost all. Just wanna say this out somewhere.

At the same time, I was happy that I lost my money. I know I was doing the wrong thing, making mistakes, and being stubborn... maybe this will teach me a lesson.

My plan is to learn as much as I can, and come back in 1 year. I will still have faith in myself, and what can't kill me will always make me stronger...

Any recommendations on what I should read and learn?
Click to expand...

choose a timeframe that suits a full time job, weekly minimum
 
sminicooper said:
On the assumption that this is a genuine post:

1. Do not trade with any real money until you can at least make a demo account work (and that's no guarantee that you can then do it successfully with real money).

2. "At the same time, I was happy that I lost my money." – Forego that attitude – successful traders do not like losing money!

3. "I know I was doing the wrong thing, making mistakes, and being stubborn... maybe this will teach me a lesson." Self-flagellation will not make you into a good trader but understanding what you are doing and why you are doing it, will.

4. "My plan is to learn as much as I can, and come back in 1 year. I will still have faith in myself, and what can't kill me will always make me stronger..." These are just platitudes – indeed what doesn't kill you will probably just wear you down and in the end make you totally ineffective.

You need to adopt a specific plan of study and trading education – it's actually all here on this forum somewhere – you may have to search for it but I believe all new members receive guidance on this. Ignore the doom mongers. One of your biggest problems will be resolution of all the conflicting and different ways of trading – that's where your "learn as much as I can" philosophy should come into play. Try them all – learn to make your own judgements.

There are lists on this form of recommended books to study but you could do a lot worse than starting with dbPhoenix's excellent PDF on trading's basic principles as laid down by one of the most famous traders of all time: Richard Wyckoff. And he didn't end up blowing his brains out.

What you will find on this forum are genuine and knowledgeable people who will do their best to advise and help you. There are of course, others.
Click to expand...

Hi sminicooper,

Thanks for the reply and I have to say I agree to all of you points. Yes, I am still in the process of developing a plan and search on materials to study on this forum. Meanwhile I need to understand where I did wrong, and what I had to do to avoid/fix it. Maybe develop a set of rules for myself to follow? And yes, when I lost that money, my heart was broken, it took me sometime to come here and laugh about it.

I really appreciate your feedback, thanks a lot.

Best wishes,
Jerry
 
JerryKBD said:
Hi all,

I have a full time job and I wanted to start trading while at home during evening. So I started around a month ago with $1000 now I lost all. Just wanna say this out somewhere.

At the same time, I was happy that I lost my money. I know I was doing the wrong thing, making mistakes, and being stubborn... maybe this will teach me a lesson.

My plan is to learn as much as I can, and come back in 1 year. I will still have faith in myself, and what can't kill me will always make me stronger...

Any recommendations on what I should read and learn?
Click to expand...

Hi Jerry, my advice is do not trade real money until you found the edge you are looking for and have backtested the **** out of it... the market willl be here next year and the year after that, so do not hurry and take your time...
 
Kaeso said:
you were evidently risking way too much money for your first month trading

it depends on what $1000 is as a percentage of you overall wealth.. and how much you were risking on each trade
Click to expand...

Yes, now I have realized that, and I wouldn't $1000 is a lot for me, as I have a full time job, but it definitely isn't little. But that's the past, I want to look forward. Prepare myself, just like I replied earlier, develop my own plan, method, strategy and rules... I want to come back when I'm ready.
 
Quantt said:
Hi Jerry, my advice is do not trade real money until you found the edge you are looking for and have backtested the **** out of it... the market willl be here next year and the year after that, so do not hurry and take your time...
Click to expand...

Thanks for the advice, and yes, clearly I wan't ready yet, one day I will come back again when I'm ready. I just feel so much better to have someone talk about it here.
 
JerryKBD said:
Hi all,

I have a full time job and I wanted to start trading while at home during evening. So I started around a month ago with $1000 now I lost all. Just wanna say this out somewhere.

At the same time, I was happy that I lost my money. I know I was doing the wrong thing, making mistakes, and being stubborn... maybe this will teach me a lesson.

My plan is to learn as much as I can, and come back in 1 year. I will still have faith in myself, and what can't kill me will always make me stronger...

Any recommendations on what I should read and learn?
Click to expand...

Think of it as a minor contribution to the mega rich brokers ( for eg. IB revenue was 1.6 BILLION last year alone ).

Dont you think they would do anything to bring losing traders back to the table?

And if you do think they would ( go to any extent ), to what extent do you think they would go?

:shuriken:
 
JerryKBD said:
Hi all,

I have a full time job and I wanted to start trading while at home during evening. So I started around a month ago with $1000 now I lost all. Just wanna say this out somewhere.

At the same time, I was happy that I lost my money. I know I was doing the wrong thing, making mistakes, and being stubborn... maybe this will teach me a lesson.

My plan is to learn as much as I can, and come back in 1 year. I will still have faith in myself, and what can't kill me will always make me stronger...

Any recommendations on what I should read and learn?
Click to expand...

Jerry. Get a demo account up and running, will give you the physical practice without the dollars at risk.
Learn about yourself upstairs and what makes you tick, so important.
Learn about the the risks you put yourself to when taking a position.
Avoid like the plague main stream approaches to trading.
Read anything by Jack Schwager / Mark Douglas

Gl
 
EnlightenedJoe said:
The banks recommend you read Reminiscences of a Stock Operator.

This is about one of the world's best traders. In the end he lost everything and blew his own brains out.
Click to expand...

He obviously wasn't one of the world's best traders. He was one of the worlds luckiest traders. Until he wasn't any more.
 
Hoggums said:
He obviously wasn't one of the world's best traders. He was one of the worlds luckiest traders. Until he wasn't any more.
Click to expand...

No, he was a good trader. He had what it took to win. But success clouded his judgement. He underestimated those people who were bigger than him. He should have conspired with them rather than fought them.

But banks like him and recommend him not because he won. It was because he lost. It makes economic sense.
 
Hoggums said:
He obviously wasn't one of the world's best traders. He was one of the worlds luckiest traders. Until he wasn't any more.
Click to expand...

He still left $4m in his estate despite having made and lost several fortunes. Most of his losses came from outside investments, not his trading, aside from a series of cotton trades that went spectacularly wrong.
 
barjon said:
He still left $4m in his estate despite having made and lost several fortunes. Most of his losses came from outside investments, not his trading, aside from a series of cotton trades that went spectacularly wrong.
Click to expand...

No idea how he lost the money. The book didn't mention it. I distinctly remember he made money on cotton. But his strategy was contrary to the big fishes. This would have finished him off sooner or later.
 
Hoggums said:
He obviously wasn't one of the world's best traders. He was one of the worlds luckiest traders. Until he wasn't any more.
Click to expand...

After such a long time , a hundred years , no-one knows he was a gambler who was bankrupt several times .

A real role model for the 95% club , who is worshiped by the gurus!If he failed in the end , why follow him blindly?
 
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