Trader’s New Years Resolutions – Rebuild my trading account.
I think my ultimate goal this year will be most importantly to spend less and get into trouble less (ha ha). The end of 2009 and all of 2010 put a damper on my financial situation in a serious matter. Lets do a recap shall we?
End of 2009:
Invested in a media company $14,000 cash + credit
Got used, Got kicked out now $14,000 is worth around $4,000 cash
Purchased used VW Jetta for $8500 cash
1 month later VW Jetta timing belt blew at 70mph – cost $6500 cash
Landed in jail 2010 New Years night for throwing large party
I ended up losing around $4,000 on (renovating business, warehouse, labor)
Landlord kicks my business out —> move to NYC for new start
End of 2010:
Moved to NYC with no savings left to go to school
Over $10,000 in credit racked up in first 4 months
Over $20,000 in credit racked up over entire year
Lost $2,000 in stock market losses (basically my entire account)
Positives. Wasn’t thrown in jail for New Years.
Currently have around $25,000 in credit card debt
My OptionsXpress account holds $191 left to trade
No luck in finding a cheap place to buy in Jersey City
Still have not produced one web show
Very creatively unmotivated and depressed
I definitely need help “all around”
Well for starters to save more monthly to pay off my debt.
I actually took out a student loan to build up my trading account. Yes I know it sounds stupid but
I need capital to offset risk. I have to admit it’s rather hard trading $500 when it’s the entire account unlike
it’s 10% of $5,000. My goal even with debt is to create an account of at least $20,000. Then I could just trade 5% of my account at a single time. Sometimes I will be wrong and I understand that but if I’m trading my entire account then I’m pretty much have to start all over again. I want to make a profit this year. Not that I didn’t want to make a profit the previous year or all the years before it but definitely a profit even if small would be nice.
I want to trade January. Looks like stocks are going to crash and burn from their highs. I want to be there and earn off the falls. That is my first primary goal. Another goal is to keep my GPA up for my MBA, pass all my classes, and make good friendships with my classmates. They seem nice and forgiving for once. That’s about it for now.
I tried to convince my family to start a LLP Investment Trust but they still weren’t interested. I still think grouping together 5-10 people putting in $1-2k each would lower the risk if everyone student the same 2-3 stocks. I think the experience and knowledge would increase and so would the profitability, but no one listens to a loser. I need to get on the winning side of the trade to prove I can do it consistently.
This entry was posted on January 3, 2011 by Paul. It was filed under life in review, my dramatic life, new years resolutions and was tagged with 2011 new years resolutions for a trader, new york city investor, stock options blogging.
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Sorry to hear of your various troubles. I would say: Stop trying to trade – it doesn’t seem you are good at it. I tried trading myself and at least when I depended on trading I sucked and gave up. Now I just do longer term investing – not just buy and hold but no short term trading. Think about what has gone best for you and focus on that for your career. I think it is getting harder to make money trading too, even for people that are good at it. Focus on education and learning about solid business models in things you can be good at and pursue them.
January 3, 2011 at 10:23 pm
I know I’m never going to stop learning the stock market. Last year was just bad. Careers sucks. I already know this. I don’t want a career I want a lifestyle. Sadly a lifestyle costs a lot more. I’m never giving up trading. Some of the worst traders kept trading until they became masters at it and I intend to too. I’m in my 9-12th year so I’ll give myself 10 more if I have to. It isn’t like I severely need the money I’ve lost.
January 14, 2011 at 12:55 pm
Very interesting, but where is the line between being passionate about something, and being addicted. Of course everyone is taught to never give up on something, and to keep trying until you will eventually succeed but how can you justify something that has been a money sucking hole. You may not have severely needed the money now, but if you keep continuing one day you may look back and regret all the loses. I’d say maybe do trading more as a hobbies rather than a lifestyle and keep your loses to a minimum. From what i’ve read though it sounds like you tried to do too much when you first started out, i mean 1 million in 10 months from 2 grand is ridiculous. Sure you can double your money in a month, but its impossible to do that consistently for a year without lottery-like luck. And that is gambling. Making profit for this year is a lot more reasonable but you do still have to question whether you truly believe that in the long term you can make millions from the market with skill not luck or whether you are just in denial.
Regardless you have got a lot more dedication and skill than me so i wish you all the best.
September 18, 2011 at 5:48 am
Oh trust me Sam I have regretted some big losses I could of really used. I’m definitely passionate and addicted. I traded stocks before I ever even know about other instrument types. I was really into it then before I knew the true possibilities. I’ve made a lot of young dumb bad decisions like a “young gun in the west”. I’m slowly being more professional, more of adult, and improving after years of going after big trades. I’m not a turtle – I’m a hare. Thanks for wishing me the best. I need it daily in my life right now. haha. Don’t quit. You trade for life not just a few years – that’s one thing I keep in mind.
September 18, 2011 at 6:25 pm