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

[NVP]

jees dude........you give me nightmares even just reading this ........must be my age

N

 

[Pat494]

Let's hope he didn't borrow the loan off the Mafia !

 

[wabu27]

Welcome back mate, long time no see. I dont see any problem linking youtube providing your not vendoring or soliciting money in any way.
So whats the current state of play? Trading smaller I hope

Thanks darktone. I don't even have much capital to trade with even if I wanted to trade big haha. I saved up couple thousand and am trading with those.
Youtube stockfather and you can see me trade. I gotta say it's boring to watch other trade but for you to be in the trade during market hours... the fun never stops.

 

[wabu27]

Thats a huge amount to grow your account in one day
Do you have a rule for max loss in one day?
I wouldn't want to lose much more than 2% in a day, therefore I'm only usually shooting for about 4% from any one trade. When i trade options its a bit different though

I am more of a swing trader and rarely take multiple trades per day on small timeframes

I did have a rule when i traded stocks but since i now have less than $25,000 and i only do daytrading, i switched over to trading futures. Couple ticks equals couple percent of my capital so i guess i dont have a solid loss rule. I try to lose $100/day at most but that's hard to keep...
For example today, i went down i think almost 20% at one point. I know I'm going to blow up within a week if i keep trading like this. I'm going to really try to trade defensively even if i can't make good returns. as long as it's not negative, you won't go broke, right?

 

[Quantt]

Thanks darktone. I don't even have much capital to trade with even if I wanted to trade big haha. I saved up couple thousand and am trading with those.
Youtube stockfather and you can see me trade. I gotta say it's boring to watch other trade but for you to be in the trade during market hours... the fun never stops.

Frankly if I am in your place, I would stop trading real money and focus on finding my edge...

 

[mpups]

today, i went down i think almost 20% at one point. I know I'm going to blow up within a week if i keep trading like this. I'm going to really try to trade defensively even if i can't make good returns. as long as it's not negative, you won't go broke, right?

maybe you need to think about the difference between, say, playing roulette and trading

btw i hope the loan repayments are not causing you big issues

 

[penny128]

I can suggest BTCspin. I never liked working with banks. You take some but you owe twice as much. Not for me. But who knows. Try

 

[wabu27]

Day 3
-0.89% today trading crude oil. I can't believe i woke up late... and i only had an hour to trade before getting ready to go to work. Not much I did today.. nothing significant.. can't wait till tomorrow!

 

[neil]

Seriously

Day 3
-0.89% today trading crude oil. I can't believe i woke up late... and i only had an hour to trade before getting ready to go to work. Not much I did today.. nothing significant.. can't wait till tomorrow!

Get a job -save a portion of earnings for trading - Demo until successful - then trade that portion. But something tells me you are too dumb to do so or (hopefully) this whole thread is a "wind up."
But you could get a job :

 

[wabu27]

Day 4
+1.61%
Charts weren't pretty today and I barely traded. That and also my internet was being uncooperative and I disconnected twice. I tried to add commentary but noticed after the first internet disruption, volume wasn't going in. After restarting my computer to fix it, from some point it wasn't streaming. A lot of technical mess going on today. Just glad I finished in the green and not the red.

 

[mpups]

Day 4
+1.61%
Charts weren't pretty today and I barely traded. That and also my internet was being uncooperative and I disconnected twice. I tried to add commentary but noticed after the first internet disruption, volume wasn't going in. After restarting my computer to fix it, from some point it wasn't streaming. A lot of technical mess going on today. Just glad I finished in the green and not the red.

you had an up-day which is always good!

the daily up/down percentage is not very meaningful to anyone else i dont think, its good to monitor for yourself of course.
What is meaningful to others is your return and consistency so a longer term growth figure such as a month is better.

or if you want to give daily details maybe a chart showing a trade or two would be good.

i have not done that myself yet i havent felt inclined, maybe one day if feel like it

just some feedback im not complaining or asking for anything. its up to you.

 

[wabu27]

Day 5
-20.1%
Week 1
+3.9%
Where to begin...
I was having internet problems again in the morning. My house has the cheapest internet and I guess it can't handle online streaming, charts, and trading at the same time. After a short time, I discontinued live streaming so I could trade. It was lagging a little and my chart... before I realized... wasn't updating in real time. It was lagging. What a nightmare it was this morning. I basically had IB open on my laptop and was looking at the charts via my phone using data.
If I played it safe and defensively, I wouldn't had the results I had now but being me, I didn't play it safe. I kept my short position open during work as well when I'm supposed to trade only in the morning time. Thanks to my stupidity, I lost everything I earned this week. I'm up $126(?) for the week.
Oh man oh man... before today I was up 30% this week. I gambled today and I lost. I knew I was gambling too...
Why does this feel like de ja vu. Can't wait till next week.

 

[NVP]

You dropped 20%'in one day ?......dude ......that's not good ......losses are expected in trading and maybe 3 or 4 in a row should mean stop trading that day......should keep you under 10% in a day re losses.....and naturally reduce your stakes next day to reflect the % reduction in your capital....

 

[mpups]

..before today I was up x% this week.....today I lost...
Why does this feel like de ja vu. Can't wait till next week.....

this is trading mate..

a 20% loss in a day is gambling..

its great you are honest and sharing your experience with us, if you blow out you wont be able to do that

reduce that position size

 

[EnlightenedJoe]

reduce that position size

Need to go all in or his previous loan will never be repaid. Then the bank will be riding on his back for life and fux0r him up.

 

[foroom lluzers]

Get a job -save a portion of earnings for trading - Demo until successful - then trade that portion. But something tells me you are too dumb to do so or (hopefully) this whole thread is a "wind up."
But you could get a job :

He should buy a James 16 subscription for keeping pals happy ,there he can learn to recoup losses.

 

[mpups]

I think this is Wabu's trading plan for next week:



For those who doubted it, I'm sure this guy is genuine now, here is his day trading stream from last week:

 

[mpups]

Credit to him for sharing his method :cheesy:

 

[wabu27]

Day 6
+7.44%
excellent example today on how not to trade. pure excellent video, with commentary, on how not to trade. Made money on a lucky breakout but today, trading was horrible. Oh man, if I don't really stop gambling, I'm going to lose all of my money this week.

 

[mpups]

Day 6
+7.44%
excellent example today on how not to trade. pure excellent video, with commentary, on how not to trade. Made money on a lucky breakout but today, trading was horrible. Oh man, if I don't really stop gambling, I'm going to lose all of my money this week.

I didn't see anything particularly bad but you do seem to screen-watch-trade-by-the-seat-of-your-pants, going long, then short, then long.. its a risky thing to do in a short space of time. I've been there & done that..

And even 1 oil contract I consider too big for your account, but you are using 2