What the crap was I thinking
by debt kid on July 6, 2007
I’ve been getting my 2006 taxes (business and personal) all figured out. I came by this again…a 1099-b from one of my 2006 forex accounts.
$116,736.90 in losses. I was 23 years old…
What the crap was I thinking?
I can’t believe I was doing this. It seems like so long ago now.
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{ 12 comments… read them below or add one }
It may seem like history but things have a tendency of repeating themselves if you don’t keep on top of them. I’m sure you’ll be keeping on top of it though.
Best of luck
J
i did worse at 29!
Keep your head up, kid. You’re young and you are doing everything possible to learn from past mistakes. I’m a big fan and I know you’re gonna come out of this ok.
I did something very similar once and it took us a while to resolve it but, it too is in our past.
Good Luck.
Nothing ventured, nothing gained? Sure, you may think that you need your head examined now, but on the other hand you are not afraid to take risks. Don’t be totally hard on yourself. Learn to take life’s lumps — it may not be the last time you are handed a disaster.
I have a financial talk show in the Dallas Fort Worth area. Shoot me an e-mail if you are interested in an interview. You have an interesting story.
I bet you were leveraging your positions no less than 100:1. Money comes and goes quick in the foreign exchange market. I guess better to figure out at 23 then later. Best of luck!
Hi Pal :
I hope you’re recovered and learned something from this mistake.
I understand money management is crucial in sustaining your trading capital to fight another battle because I’ve been there, done that.
You’re still young and have plenty of time to re-learn everything, hopefully something which would work towards achieving higher probability of success in your trading.
Good Luck,
Tony Chai
Holy shit dude!
What I’m curious about is if this is death by a thousand cuts or several big blowouts. Did you simply have absolutely no risk management? Why wasn’t there a hard stop after a certain amount of losses where you just stopped trading for a while?
leverage + beginner trader = blowup
I recently started actively trading (no leverage thank you very much) and although I’m down right now, I don’t think I would ever let myself lose my whole account. Cutting my account in half would probably freak me out so much I’d totally stop trading. Heck, if I get to -$500 I’d probably stop making real trades for at least a month or so
Dude,
Don;t sweat it – it sounds like a lot of money but its not even enough for a decent Maseratti…Guess you could have bought his and her Vettes with it though.. Better luck next time…
Early on in my life I was horrible with money. Now I own 3.5 properties(the half is the home I live in in san fran but is half my sister’s) but I’m paying 4 mortgages on a single income(60k). The other properties are rented out thanks to God and my late dad’s good karma. I feel your fear but I see that you learned and got stronger because you proved that you can overcome a seriously bad situation. Later on you’ll look back and laugh. Respect your money and you’ll become a money magnet.
i really hope you forclosed on your homes….how the hell can you leaverage that much debt with 60k income…i have 3 homes my myself with 250k income but my debt/income is extremely low because I KNOW BETTER….