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

[wabu27]

Day 20:
Beginning of day: $31733
End of day: $31826
P/L: $93; +0.29%

Had an interview at 8:15 in the morning. Did not make it to the next round...ouch. Started watching the markets mid-morning and saw there wasn't much action. Typical, it seems like this is the norm now nowadays... saw an opportunity in WDC and took it. Pulled out too early... going to say due to low volume because one of the factors in my big loss last Friday was from a low volume chart... but i think perhaps because I didn't want to be in a position for a long period of time. Just wanted a quick in and out... scared? being careful? Not sure, i will have to see. Afterwards I saw VRX heading down weakly but surely... the chart looked like a good bounce play but VRX tends to defy the bounce timing and just continue to drop... which is what it did today. Urge to go in, yet didn't. Saw a good support in VRX and went in. Made a good return, but trying to make more at the end from VRX, I re-entered. The result? childplay compared to what I've been going through lately... hahaha...
Giving myself 2+ stars for today's trading. Not bad on entry/exits. Just got really greedy at the end and telling myself $100 more, $100 more, eventually lost it all. Sorry late post today because I just drove down from norcal. Can't wait to trade seriously again tomorrow. My plan is to not go to big gains, but go for multiple small gains throughout the day and hopefully they will add up to something meaningful EOD. Before, I was trying to get 1%, 2%+ moves from a single stock. Now, I'll be satisfied with +0.3% for every entries. Even lower, just anything positive. Commissions will be costly, but I think it's nothing compared to the volatility my account is going through. We'll see how this strategy plays out tomorrow.

 

[wabu27]

Day 21:
Beginning of day: $31826
End of day: $34261
P/L: $2,435; +7.65%

Traded only VRX today. Right from the start saw a good opportunity in VRX. I usually don't trade in the first 20 minutes of the open and wait until there is some sort of a strength/resistance, but the chart for VRX just looked too good. After falling so much past couple days, Shanghai and Europe markets positive before the US open, indexes all looking good, VRX was screaming to go up. So I went against my rule and went in VRX. Thought today might be a day for a big recovery, but it was shot shot just before 11am when it suddenly dropped. Lost a lot of my profits during the drop. Still not sure what the drop was from, but the rest of the day I played around with VRX with all sort of sizes, entering and exiting as I saw fit, and got almost all of my profits back.
Giving myself 3 stars for today's trading. There were points where I could have improved on to increase my profits but I cut corners because I thought today might be a home-run day and I wanted more profits than what I already had. Did a satisfactory job trying to squeeze last bit of profit. Could have done better to get similar profits yet have a much safer journey. VRX is going to bounce one day, and I hope I can take part in the ride.

 

[wabu27]

Day 22:
Beginning of day: $34261
End of day: $28669
P/L: ($5,592); -16.32%

Beginning of day started small. made money from VRX. Thought a possible bounce play in UA, and got out after losing 2% of total capital. Problem was VRX. Thought it was a good setup for a bounce play and once a bounce hits its going to be huge. So biased on a upward move, went in on VRX. Had time to exit but didnt because wanted bigger profits. Started slowly going down, making possible reverse plays but not breaking the resistance line each time. Waiting for the bounce, waiting for the bounce, and it never came. Exactly like the day I lost $12,000. Same exact situation.
1 star for today's trading. Just horrible.

 

[EnlightenedJoe]

The losses in absolute terms is getting smaller. That's an encouraging sign.

 

[options-george]

Wabu, please stop trading now.

You are not ready. In all likelihood you will lose the entire amount you borrowed.

Help yourself by trading demo or by trading very small.

This is painful for everyone to watch!

:|

 

[EnlightenedJoe]

Doing demo is probably what kills all the beginners. Better to do real market with small size. When they take all your pennies, you would have learned something.

The problem now is the OP will have chase his loss until he needs another loan.

 

[NickBk]

Assuming this is on the level, I don't get why op has not found $500/600 a day everyday more than does what he wanted so why the necessity to assume all or nothing day after day.

Without any discipline at all, which is what he shows, then of course this is going to end badly and fast.
He needs a 50% uptick to be where he was only last week. What a waste.

 

[Revorocks]

Just caught up on this thread. Painful to read.

I am sure this thread will go down as a textbook example of what not to do...

wabu I really hope you come to your senses and stop trading like this soon. It can only end one way as you have been told over and over and over. Sure you will have winning days, however over time, you will end up at 0.

 

[Hoggums]

Assuming this is for real this thread is a classic example of everything you shouldn't do in trading:

Trading without a plan.
Assuming you have >50% ability to predict market moves/direction
Trying to make 10%+ a day
Trade sizes far too large
Too much emphasis on a single trade
No plan on what to do if trade turns bad
Trading all the time regardless of conditions
Chasing losses
No hard stops
Sitting on unrealized losses, scared like a rabbit in headlights

 

[wabu27]

Day 23:
Beginning of day: $28669
End of day: $29087
P/L: $418; +1.46%

Ha....started the day with DDD, making a small profit while keeping my eyes on VRX. VRX always looks like it would bounce so i was scared to short, and it dropped alot...again. Meanwhile went in on a bounce play for JBLU and airlines today just sucked. Lost more than I expected on JBLU. Out of JBLU and DDD, went in a VRX for a bounce play. Caught the first major bounce, exited, and waited for a pullback and but it bounced again before pulling back to the levels I was expecting. So disappointed on not being able to ride VRX... omfg. I feel like that was the bounce I was waiting for while losing $18000 of my money...fml. Played around with JBLU and VRX towards the end.
Giving myself 2 stars for today's trading. A big miss on JBLU. Should not have gone in on a low probability play... its just that I felt like JBLU at the current level is such a steal that I wasn't thinking in terms of what would happen in the next couple minutes, but what it would play out to be in the near future (couple days). I feel like airlines are due for a good rally upwards...but that is to be seen. Not bad on VRX but omfg just disappointed not catching the whole ride up. After losing so much money the past week, I think my mindset is a lot more defensive. JBLU just did not help much today. Airlines...omg low volume all day. Just weak all across the airlines all day when NASDAQ wasn't that bad.
Before it was so easy to make a percent in the markets. All the losses I had, i feel like it was due to me being greedy and trying to get "more". I always started the day up couple percent and it came off as easy. Today, I had to work for all the little gains I got. It was a tough market to trade in. omfg aahhhhhhhhhhhhhhhhh. I guess i should be thankful I didn't lose money.

 

[TexasRangersFan]

Day 23:
Beginning of day: $28669
End of day: $29087
P/L: $418; +1.46%

Out of JBLU and DDD, went in a VRX for a bounce play. Caught the first major bounce, exited, and waited for a pullback and but it bounced again before pulling back to the levels I was expecting. So disappointed on not being able to ride VRX... omfg. I feel like that was the bounce I was waiting for while losing $18000 of my money...fml. Played around with JBLU and VRX towards the end.
Giving myself 2 stars for today's trading. A big miss on JBLU. Should not have gone in on a low probability play... its just that I felt like JBLU at the current level is such a steal that I wasn't thinking in terms of what would happen in the next couple minutes, but what it would play out to be in the near future (couple days). I feel like airlines are due for a good rally upwards...but that is to be seen. Not bad on VRX but omfg just disappointed not catching the whole ride up. After losing so much money the past week, I think my mindset is a lot more defensive. JBLU just did not help much today. Airlines...omg low volume all day. Just weak all across the airlines all day when NASDAQ wasn't that bad.
Before it was so easy to make a percent in the markets. All the losses I had, i feel like it was due to me being greedy and trying to get "more". I always started the day up couple percent and it came off as easy. Today, I had to work for all the little gains I got. It was a tough market to trade in. omfg aahhhhhhhhhhhhhhhhh. I guess i should be thankful I didn't lose money.

A few brief questions.

1. How did the job interview go....what is/was the position ?

2. Why are you so hung up on VRX going long ? They are more likely to go bankrupt. They have 613MN in cash on hand and they are 31BN in debt.

3.Do you have a regular trading account or are you registered as a professional ?

4.. I was watching CNBC and there is a kid on there that they profile several times a day. He recently made $600 in simulated trading. Check him out, his name is Skippy. Maybe the two of you can exchange trading tips.......

 

[wabu27]

1. didnt get the job. it wasnt a finance job
2. im not interested in how vrx does long term, but just thought a bounce was due after going down so much past couple days. Ackman trying to turn it around and other famous guys calling for a short, it has a lot of volatality and attention so i like to daytrade with it.
3. just a regular 24 year old with a personal IB account. switched from scottrade because people said fees were cheap but my commissions are actually a lot more than what i would have paid with scottrade... i might switch back soon
4. thanks ill check him out

 

[wabu27]

Day 24:
Beginning of day: $28669
End of day: $27376
P/L: $1,711; -5.88%
Weekly P/L: -13.73%
YTD P/L: -14.79%

Hm... started the day with oh wth what matters what I started with. airlines were just aight. Made money on WDC. Lost the same amount with FDX. Did a lot of daytrading with VRX. Shoulda just ridden it but I was thinking why im have so many losing days. Virtually, my winning days were like 70-80%. I played around alot on VRX. Should not have gambled at the end for the big move - i was betting it to go down. it went up. Hm......
2+ stars for today's trading. I really thought I traded okay today but the results speak louder than my words. Man... always starting the day positive and ending negative. Well, $2,376 more loss and I can't daytrade anymore. After having a good start to my trading journey, now I have a 4 week losing streak. If this keeps up, I won't be able to survive the next week. Will trade more carefully. Concentrate on keeping my capital rather than going after opportunities. Clear my head for the weekend and will start up again on Monday.

 

[metrader]

Doing demo is probably what kills all the beginners. Better to do real market with small size. When they take all your pennies, you would have learned something.

I don't know – I guess it's better to start with a demo first (at least he won't lose money in the process). He can always switch to a real account once he improves his trading

 

[Mr. Charts]

Demo first.
If you succeed demo trading, you might succeed in real life, no guarantee as there is no emotion in demo trading. If you succeed with demo then start off with small real size and work up gradually as you build experience.
If you fail demo trading you sure won't succeed in the real world.

If you don't know how to swim then jumping in at the deep end thinking you'll learn as you go along only means you should have prepared for your own funeral.

 

[Mr. Charts]

....and borrowing to pay for your own funeral only makes any sort of sense as you aren't around to repay your debt.

 

[new_trader]

Get a demo loan from a demo bank to fund your demo trading account...to make it more realistic! :idea:

 

[Mr. Charts]

Get a demo loan from a demo bank to fund your demo trading account...to make it more realistic! :idea:

You've stolen that concept from Jeremy Corbyn....who thinks demo is short for the democracy of the proletariat.

 

[EnlightenedJoe]

I don't know – I guess it's better to start with a demo first (at least he won't lose money in the process). He can always switch to a real account once he improves his trading

The OP's losing his shirt precisely because demo gave him the incorrect impression he had a chance.

If you train boxing with a inflated dummy that doesn't fight back you might think you know how to fight. Then it will become obvious what will happen when you go with a real opponent. The dummy gives you no benefit at all. Better to train boxing with a midget, ie small size, then when you go with another opponent, your chances would be better than if you have been playing with a dummy.

In any case, you'd lose. People just have no clue what kind of real opponent they are facing. On the internet, only trainer's win because they can continue to fight a dummy and people will pay them for training..

 

[metrader]

The OP's losing his shirt precisely because demo gave him the incorrect impression he had a chance.

If you train boxing with a inflated dummy that doesn't fight back you might think you know how to fight. Then it will become obvious what will happen when you go with a real opponent. The dummy gives you no benefit at all. Better to train boxing with a midget, ie small size, then when you go with another opponent, your chances would be better than if you have been playing with a dummy.

In any case, you'd lose. People just have no clue what kind of real opponent they are facing. On the internet, only trainer's win because they can continue to fight a dummy and people will pay them for training..

Trading for real is different of course (psychological pressure – greed, fear etc. and some other things you've already mentioned – banks, brokers etc.), but if you can't make it trading a demo account, you stand no chance whatsoever.

No offense to the op, but that money management is no good - I don't know about his system, but without a good mm no system will work. One doesn't have to be a rocket scientist or a master of emotional control to apply a good money management. Only thing, you have to learn about it first using a demo account and then trade real money to avoid emotional pressure – that's essential and most of the inexperienced traders fail because of poor mm.