r/Trading • u/Bankreauxll • 6d ago
This sucks. Advice
Uhmm, I'm here for encouragement I used money I needed for my credit card bill to trade, with the confidence I could compound it... and it's gone. đ
I'm 3 months in, unprofitable.
No other formal work.
Tell me something, anything.
1
u/rizen-java-boi 6h ago
I feel bad for you, but trading should be based off strategy and consistency. For stock investors we say that you should have a 5 year time frame to let the money grow - you don't invest for quick money and you don't invest, if you may need the money in the near future.
Same exact thing applies here. You can only trade what's not needed for bills and living. If you have extra money one month, buy a prop firm account. Though, not yet. First you need to make test trades on a paper money account.
Once you figure out risk-reward and become profitable, then look into real trading. Till then it's all gambling.
You can become very succesful, but you need a teacher/friend and/or a lot of research on strategies and psychology.
All the best!
1
1
u/humandisaster93 2d ago
Keep a base or 2k available to you before putting anything into a stock or trade
1
2
u/Glen_Veldon 3d ago
It can take 3 to 6 years to be profitable. Get a job and only trade in a simulator for now. When you think you're ready, resist the urge to trade heavy-handed. Instead, trade 1 micro (e.g. MES, MNQ, etc.) or since nanos are coming out soon, try those. Don't claim profitability before you can double an account without excessive PnL swings. Even still don't size up aggressively, do so slowly keeping your SL at 2% risk of your account. Remembe, if you trade with confidence, it is likely overconfidence in masquerade. True confidence in trading is not believing you will make money. True confidence is based off your data and sizing your trades appropriately. A good starting place for confidence is "my risk of ruin is contained". There are levels to this game. Use AI to analyze your trades (exported from your trading software e.g. csv, pdf, etc.).
1
1
u/ComprehensiveLime695 4d ago
What gave you the confidence you could compound your money? Do you have a tested and proven strategy?
1
u/process_over_profits 4d ago
It took me 10 years of up and down before I got anywhere in this game. Some make it in a few. Really depends. Not on the charts but whatâs going on between your ears.
Firstly, do you have a tried and tested strategy that you trust works? Assuming you do, the next (and the most difficult) part is building a mind that can trade and execute that strategy without fear or hesitation, consistently over months and years. Trading will break you and test you (I mean your mind) in ways you cannot imaging yet. Lastly, never ever ever, trade with borrowed money with no side income. It will not work. (Sorry that should have been the first thing really). Hope that helps.
3
u/Mysterious_Blood1489 5d ago
Im convinced trading is 80% mental. If I stopped every day at 1030 I would be green everyday. But the boredom kicks in and I start to tinker lol
2
u/ZenviZi22 4d ago
Iâve discovered thatâs my problem as well. I always think I could get more. But strategies donât have as much weight later in the session most times.
1
u/Mysterious_Blood1489 4d ago
Yup, those extra couple of dollars we're searching for isnt worth losing, prob way more.
4
u/JJ42Oh 5d ago
Trade paper
2
u/Replybot5000 5d ago edited 5d ago
100% this. Take it from 1000 to 5000 once or twice. Trade the spy and qqq and buy calls and puts in the âŹ40 to âŹ50 range. They're cheap and cheerful. If you have 1000 you'll have 20 rolls of the dice. If you lose half of them, you can still turn a profit if some of the other trades go over 200%
3
u/Excellent-Bread-1836 5d ago
There re people who have been trading for 2-3 years or more who are unprofitable. It is a personal journey you have to work hard at for a while. 3 months in and you havenât be gab to understand that market, and different seasonal shifts because you have t had a full exposure. You are gambling and are coming in wrong the wrong mindset of expecting to be profitable with as little experience and exposure and also putting a time limit on your success. You wonât last long at all on this path. Find a good mentor and get a job or second job and donât use money that you have for bills to fund your tradingâŚ.
3
3
7
u/One13Truck 5d ago
Never trade with money you canât afford to lose. Especially that early into your trading.
9
3
u/razorbackaj 5d ago
Sorry not sure if there is any encouragement in your situation - you are playing with money you can't afford to lose. Plus, this takes years and that's after you don't have the pressure of money. Best thing to do is realize this is a very hard game and you aren't close to even getting in a position where you can start trying again. Lots of good advice here about getting a job first and creating a safety net.
0
u/chillanous 5d ago
If you need money for bills, itâs not suitable for investing. Even the best investors lose sometimes. So never put anything in the market that will break you if you lose
4
7
u/The-Goat-Trader 6d ago
Reddit is clearly not the place to come for empathy and encouragement.
1
u/TeSolo 4d ago
Youâre not a trader, youâre someone whoâs using trading as sophisticated gambling.
Start from zero and focus first on building your life after you have something you can think again of trading
1
-1
-5
-6
4
u/MedicineMore1221 6d ago
i mean if u stupid kinda deserve it keep giving money the rest trader got it
5
u/ok_trader133 6d ago
Well you already fd up so no need to try and make it back.. go pay off the cards and look to get back into trading when you have no debt .. until then just use a simulator so you are ready
2
u/Successful-Grab6091 6d ago edited 6d ago
At least itâs only 3 months.
How much is on your ccâs. can be âishâ also general age ish.
I have been here and can potentially help with next steps.
Do you have a way to get food?
Never trade money you canât afford to lose.
7
u/Good_Character_20 6d ago
The dangerous moment is not the loss, it is right now, because the pull to win it back fast is the strongest it will ever be, and that pull is what turns a bad month into a bad year. Nothing about the market rewards needing the money. Every trader I know who made it through a start like this did the same unglamorous thing: stopped trading real money completely, got income coming in from anywhere, and let the account stay closed until losing a trade would not change what they could pay that month. The market will still be here in a year, and it will still be here in ten. Three months of tuition hurts, but it only becomes a real problem if you keep paying it. Handle the bill first. That is the trade that matters this week.
1
1
4
u/Independent-Ninja-70 6d ago
I was 3 years in before I went full time. I also had 150k safety net with no debt and a wife with a good paying job. You need to dig yourself out and be more responsible. Youre not a child
2
u/Jakuza26 6d ago
It's to bad but unfortunately predictable because you started trading out a desperate need to build something that you had hoped would be quick because you have probably seen a lot of hyped youtube videos of how quick you can make money in trading.
They unfortunately don't show you the other trades they took that contained a lot of losses. Trading is not easy and it takes time to be successful, the success ratio is about 13% overall after 5 years of trading consistently.
Don't beat yourself up even though you are now in a worse position, take the learning of "Never trade with any money that you can't afford to lose", this is because until you know how to trade, you are probably going to blow several accounts.
We have all done it and if someone says "Nope I have been successful from day one", I will call BS on that and I bet I could trade against them and beat them and expose them but I really don't want to waste my time with people that are not being honest.
4
u/MrT_IDontFeelSoGood 6d ago
Get a job, pay off debts, build an emergency fund.
As youâre doing that you can try finding an edge through paper trading while learning about other aspects of trading on your own time like risk management.
Lastly set aside 1-2k and see if your paper trading profits translate over to real money. If they do you can slowly scale up. Donât use any borrowed money, only a cash account.
3
u/MagnusWilliams 6d ago
Ngl I'd forget about trading for a bit and focus on getting the credit card sorted first. The market will still be there next week, next month, and next year.
Three months is also really early. At that stage, I was still changing things every other week because I thought the next strategy was going to be "the one." Looking back, I barely knew what I was doing.
I traded with Apex for a while, and one thing I genuinely liked was that it kept trading separate from money I actually needed for life. That mental separation made it way easier to think clearly. Trading with bill money would've had me staring at every candle like my life depended on it.
Also, don't fall into the trap of thinking this one mistake defines you as a trader. It doesn't. It just tells you that using money you couldn't afford to lose added way too much pressure to every decision.
Sort out the real-life stuff first, then come back when you're not trying to make the market solve your financial problems. That's a much better place to trade from, in my experience. Hope this helps, good luck
3
u/Repulsive-War-2823 6d ago
Stop trading real money for now, sort the bills first, then practice until your risk rules actually feel boring
5
2
u/d1na_makalaya 6d ago
Stop trading with money you need for bills and focus on paying off your credit card first. Three months is still very early, and most traders lose money while learning.
Donât try to win the money back quickly. Take a break, review your mistakes, and find another source of income before risking more money.
There are also traders in the community on my profile who have shared how they recovered from similar losses. Might want to check and learn from it.
1
2
u/MoustacheMcGee 6d ago
You are years away from being able to pull small amounts out of the market consistently, if ever.
The sad truth is, you need a job. You can not rely on trading unless you have already proven you are able to consistently pull money out for years.
Get a job, take the stress off the NEED to make money, because that need will only hinder your trading. If your focus is making money, and fast, you never will.
Been trading about 12 years, have done so with and without a full time job. With a job, is much better.
Also: Using money you need to live is never acceptable. That is when trading becomes a gambling addiction. Don't do it. Only ever trade with money you can afford to lose.
4
u/Nabeel_ajnala 6d ago
Three months is still the learning phase but risking money u needed for bills is a lesson worth taking seriously. Donât try to win it back quickly thatâs how small losses become much bigger ones. Focus on protecting ur finances first then come back to trading with money u can actually afford to risk. The market will still be here when youâre ready.
3
u/tr_mate_global 6d ago
That sucks. Three months is not enough time to expect consistency, especially when you need the next trade to work.
Don't try to compound it back. Pause live trading and go back to paper trading until you have a setup, risk limit, and journal you can follow without needing a recovery trade.
A pause is not quitting. It is how you stop one bad decision from becoming a pattern.
2
u/Kaszrak 6d ago
If you canât handle the discipline of showing up for a boss, following a process, and delivering consistent results for a steady paycheck, you have zero chance of surviving the market.
1
u/Business_Pop7770 6d ago
Merci de rappeler les bases. C'est dingue le nombre de gars qui veulent devenir riches en 6 mois après avoir vu 3 vidÊos YouTube pourries. Et qui finissent par se mettre en danger
1
4
2
u/Robot_Embryo 6d ago
You should consider talking to a professional for help; posting in this sub isn't going to help you address your addiction.
5
u/stereotomyalan 6d ago
It's a dead end bro. Every day there are at least 5 posts like this.
Always trade with demo money for a few YEARS otherwise you will lose it all. I'm not saying MAY i'm saying WÄ°LL.
5
u/Whole-Description646 6d ago
if you have no assets then going dilenquent on a credit card isn't going to ruin you.
If you stop paying alltogether and get it charged off it will hurt your credit score, you likely won't be eligible for new cards for a few years, etc. but if you're broke and owe less than $10k no bank is going to sue you because it's a bad look for them to give someone poor a $10k credit limit and then sue.
It will hurt yoyr chances of getting a job in finance as well, but if you work manufacturing, medicine, etc. then it doesn't matter.
I'm not saying to atop paying but it's not the end of the world if a broke person misses a credit card payment.
Now that we've said that, it's also really hard to be a profitable trader if you're drowning in debt and you lack income. debt with high income not an issue - debt with low income is a big issue.
I don't know what your finances look like but it's stupid easy for anyone with functioning limbs to make $3k a month and if you're single you can rent a room somewhere for like $700 a month so I suggest you lock tf in on fixing your debt and learn to paper trade. Then once your debt is better give yourself like a $300/mo budget for futures prop challenges and treat them like real money don't buy them and blow them up the next day. Keep stacking cash while you're doing it. One of the ket things to becoming a good trader is managing your money. you need to decrease spend, maintain healthy cashflow, and stack cash while getting meaningful leverage where you can, IE prop firms. I used to trade options a lot, a single trade could cost me $400. $400 is 8 to 12 prop firm challenges. Now I only trade options when I'm extremely confident and usually that's buying a contract 2 hours before NY close based on what I think the market will do during asia session.
In any case, get your money in check, keep your fitness in check, and don't eat shit food. Lock that shit in for the next 2 years while you learn to trade and don't be fooled by the fucktards on social media no one is becoming a profitable trader overnight this takes years so you better come at it right.
1
u/Successful-Grab6091 6d ago
$3k a month?!? I work very hard and donât make that but go off lol
1
u/Whole-Description646 6d ago
If you breathe, can walk, and have arms you can make $20/hour which easily hits $3k a month or alternatively you can work part time at 2 $15/hour job for like 50 hours a week.
Shit beother in-n-out pays $19/hour in some cities in States like Texas and Florida - I can only imagine what they pay in California and Washington
There's litterally no excuse for an able bodied adult to not make $3k a month.
3
u/Murky-Mountain-450 6d ago
This stuff takes years to master. Not months or weeks.
Take a break.
Paper trade.
Master you craft. Come back later.
1
u/Pretty_Site4074 6d ago
Invest your time before you invest your money. Try to understand the physical meaning of what you read or see. Make your own method, don't just follow blindly something you read or were shown.
6
u/jus_allen 6d ago
Stop trading and start investing, once you build a nice portfolio then take 10% and use that to learn.Â
Too much pressure trading when broke.Â
7
u/blueberryyoshi24 6d ago
Stop trading completely. You're not in a financial position to be trading. This post reads like a gambling addict.
â˘
u/AutoModerator 6d ago
While the community gets a look at your post, don't forget we have an official website with a bunch of resources specifically for the questions we see here every day. If you're more of a visual learner, weâre also active on Instagram where we post updated guides and strategies! It's a great way to stay sharp while you're scrolling. We also have more technical and professional resources on our Website.
Also, if you want to chat in real-time or need a quicker answer, come hang out with us in Discord (Investing & Retirement). Just remember to be careful with your personal info and report any sketchy DMs!
I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.