How I Lost 127k Day Trading the Stock Market!! (Blog + Vlog)
Yes you read that right! How did I lose 127k trading the stock market? Seems like a pretty big error but it was great that it happened. It taught me some of the most important life and business lessons ever.
The Start
I started swing trading just before the big US market crash in 2008. Just with a few thousand dollars and over the following 4-5 years, I grew it substantially! This is what I wanted to do for the rest of my life! I loved the market and the freedom it brought with it.
Continue reading my blog post below or watch my video here...
Expansion
With everything, especially in business, we will always want to expand to grow in newer heights. This is what happened with me. After the years of up and down movements, not knowing when I will sell for my profits, how long will I need to hold, ect. I decided to get involved in day trading, as you can profit each day and have a "pay check" coming in weekly or whatever. Not to mention the returns and profits were pretty great for the amount needed to trade.
New Patterns
With all the year of swing trading, I had accumulated patterns for such trading. This was something I never considered when started to day trade more often. Lots of errors came from holding to long, positioning too big because this was how I always traded long term. This was costing me big time.
On top of that, during this year was the world cup and I made some bets with friends on games. Later in the year we also went to Vegas, with of course gambling going on. What happened was I developed some gambling characteristics with my investing, started trading like a crazed mad man trying to win back all his money. Well I wasn't that bad at all but in trading you can't slip up for a second!!
These patterns and different ones can develop in your life at any moment if you are not conscious enough to keep your mind right. It is not easy, as I said this was after 5 years of success and great habits. What will happen when you have a catastrophic event in your life, will you stay completely disciplined??
In trading, YOU always have to show you. One reason why I quit day trading but that will be my next post will be about. I will share with you some great perspective on why day trading is not good for most people long term.
Pressure
One other problem that contributed to this loss was the fact that it was my only income vehicle during the time of my failure. My RE and other projects were not performing during this time which also added pressure and stress from needing to make money from the market. You can never force returns on the stock market!!
Having no other support if trading failed for the time being was completely stressing out my trading. Before I had various other businesses producing and that made my trading so much more easier as I did not care for returns at any time. Just wanted it to work out. Not having any financial support and trading to make a living is quite difficult. Was another major factor into why I lost during the time period.
I hope this has given some new perspective to traders and investors.
127k in a day, that's nothing my friend. I can't even count of much money I have framed in my office! Hahaha hahah signed by Dr Evil Fiat ;)
Lmao wow ya that takes the cake!! Great comment!
That's depressing. I am assuming that you lost $127k total over the course of the period that you were day trading. Still, most people don't make anywhere close to that much money in a year or two of working a 9-5 job.
This was just a year period of my trading. My total trading career I would say about a million. That's how much ups and downs there are. I use to think that during those times but that way cannot continue. We must think big and not limit ourselves or we will become complicate once we make hundreds of thousands of dollars, millions, and more. Always look forward to grow!
Thanks so much for your thoughts!
By sharing this, you're turning a negative experience into a positive. Your message also is helping others out there who are going through something similar.
I'm really sorry to hear that happened to you. I'm hoping this loss was at least was the gains from your initial few thousand into trading ("house money") and didn't set you back significantly. Hopefully you can make it all back here:). I find your story interesting so I will follow. Good luck!
Thank you so much for your kind words. It was house money but what set me back at the time was thinking about it for so long, stalling on future projects. Will discuss more on this in next video. Thanks for supporting!
Failure does not mean we lose but the way we fix ... The important thing is we have to be patient in doing something
oh man its a huge loss... well i havent met with this much loss yet... but fingers crossed: i have invested in cryptocurrency right now.. hope my luck turns into my favour.. otherwise i will have to share my story in your comment section below one day :D
I hope to never hear it unless it is a positive. (Which everything is) Thank you so much for sharing.
aww.. thats really nice of you.. thank you :)
i wish u luck too!
Thank you!
pleasure is all mine :)
TRY investing into Binary Options and Banc De Binary does allow traders from the US so try your luck there, just setup the bollinger bands on a normal candlestick chart and as soon the candles go out of the chart buy or sell assets , usually works best on EURUSD pair. I am sure you can do better, and recover all that you lost. If you need more guidance specifically regarding that just contact me. :)
Thank you so much! I actually do not trade anymore and have my next video coming explaining why. :)
@bitdollar got you a $1.52 @minnowbooster upgoat, nice! (Image: pixabay.com)
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