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Thursday, February 22, 2024
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S’PORE MAN QUITS JOB TO TRADE MARKET SHARES FULL TIME, LOST $500K OF SAVINGS, JIALAT

Just want to share my story and need advice on how to move on from here…

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I am 30 years old this year.

Previously I was trading and working full time before I moved to full time trading after some consistency in trading.

I was doing very decent and managed to have about 500K in total savings from trading.

Some bad months happened and I lost almost all of my savings and buffer which was supposed to be a replacement for my employment income.

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Now I am feeling very worried and anxious as I do not have much savings (about 30k) left, which also means lesser capital to make money from trading.

Also, I am unemployed for 3 years and it will be a challenge to find employment now.

Really need advice.

I am feeling very sad, guilty and anxious over the lost money, and the fact that I have effectively wasted so many years in building that. Furthermore, any savings from salary coming in will take even 10s or 20s of years to even match back what I’ve lost.

Thank you

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Netizens’ comments

  1. In a bull market everyone makes money. I have friends randomly buying weeklies and getting 5x 10x. It rly isn’t a good measure of a good trader. It’s like when tonnes of fishes washed ashore on the Japan coast we catch some fishes and we call ourselves fishermen. That’s the first step to recognise a mistake.
    30k would last u for at least a year.
    Find a job. Upgrade in the meantime and start saving.
    Interim consider grab. I have friends driving and earning 4-5k but it’s trading time for money.
    Unless you’re decently trading with hard stops and at least some form of TA and know what you’re doing, I’d suggest you stay out of the market for now.
    I suspect you’re one of those regards that gambles on 0DTEs. I don’t uds how you can lose 500k on stock trading unless in options. Revenge trading is a rabbit hole leading to a level below Satans basement.
    Good luck my friend. It’ll get better with time. Don’t beat yourself over it. Learn and be better. Start anew. You’re still young.
  2. Typical story. Many people think they are traders when they are just lucky. Just like people who think they can make money from gambling.
    Reality sets in and lose everything, some people even go into debt, those are the ones that are really fked.
    You are just 30 y/o with 30k. Still better than many people. The 500k was a dream, just move on.
  3. According to statistics, about 90% of day traders lose money. It won’t be helpful to rob your future because you hold baggage of the past. Instead of looking at what you lost, take a look at what you have. Are you in good health? Are you living in a safe country? Do you have shelter over your head? Do you go to bed hungry everyday? I believe many people in the world would like to trade places with you, even in your current predicament. And that’s because you’re ahead of many people in many ways. By changing your perspective, you can start to see that you actually have so much more than many others.
    You’re only 30 years old. Ask Warren Buffett and Charlie Munger if they would give up 99% of their fortune to be 30 years old again and I am pretty sure they would, with no hesitation. You have more wealth than you think. You just need to learn to see it.

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