Hello, I’m 24 and I am broke as hell. The almost last 4 years I’ve been learning about finances and I’ve also been trying to start my own online business (trading - the first three years I was into forex and few months ago I have switched to futures).
Basically there were times when it looked really promising but unfortunately I failed due to my own mistakes and something similar happened today - I blow up my capital again. The main reason why I keep failing are my emotions.
I have just few hundreds save up in my bank acc and I do not have any job nor any useful skill. I’m really not sure if I should keep going or try different business although currently I don’t know about anything. I’ve also tried various jobs but I didn’t enjoy anything.
TLDR - I’m unemployed 24 years old broke guy who the last 4 years has been trying to start online business called trading; today I lost my capital and I really do not know what to do next - keep trying ? Try different business? I’ve tried various jobs but didn’t enjoy anything and I feel like a complete failure
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I’m sorry to hear about your struggles. It sounds like a tough situation. It might be wise to take a break from trading, as emotions can heavily impact decision-making in such a high-risk field. Exploring new avenues or learning new skills could open different opportunities, maybe even in a field you haven’t considered yet. It’s okay to change paths and try different things, especially in your twenties. Keep believing in yourself! you can check here the famous entrepreneur who failed before their success, and hopefully motivates you. https://www.cuppa.so/post/famous-entrepreneurs-who-failed-before-success
Step 1) Trading is not a business its a game that give u money but doesn’t have a manual Step 2) Try options to wrek urself some more Step 3) learn the basics of business aka marketing, sales and process orientation. Learn to copywrite and design website on wix(a but basic but with creativity it’s quite good)
Everyone fails. You have to keep getting back up if you want to succeed.
1)Put away 3 - 5k and start aiming to only make a £100 a day.
2)Stop taking trades you don’t believe in / add a minimum requirement of confluences to your checklist before you enter a position.
It gets a little easier when you’ve got some capital under you, but you will still need steady cashflow to keep your mind at ease, when you’re taking losses.
Trading is ruthless because when you’re wrong or having a bad day, you literally lose money for it. Bad day at the 9-5? Possible bollocking from your boss, but he’s not taxing you. Forex? You gotta stomach that loss.
Becoming comfortable with that reality, takes some getting used to / developing a serious mental fortitude, and that the stats have already shown you that many people who enter the market, fail to conquer it. So guess who a few of the negative responses to your post are from ?
Don’t be disheartened by these folks telling you that you’re gambling. The real question is;
How frequently are you actually backtesting the market & studying the system that pays us - Japanese Candlesticks
Who are you learning from? Do you have a mentor?
How long you see yourself in this game.
If you know you’re not a quitter, save your money, keep back testing and I strongly believe it will come together eventually.
I haven’t quit my 9-5 yet, but the end is definitely in sight, and I won’t leave without at least year’s worth of rent & daily expenses, accumulated from the charts. I’m 4+ years in like you, but I went very hard in the first two and experienced similar heartbreak - lost thousands I didn’t have, couldn’t catch a run of clean form, turning down girls/fun to study, only to lose more money in the following weeks meanwhile your peers are moving to NYC\Dubai etc and enjoying the fruits of their steady income with cars/holidays. Something about seeing money move that fast, makes dummies of many when we first enter the market…
Look at the skillset you’re trying to master, and look at the world we live in. Something this lucrative definitely won’t be earned without some trials and tribulations.
Also surround yourself with successful traders. Stomaching a red day, is way easier when you see someone you want to be like, post their profits for the day, cause you can to study their results, see what they saw and then ask yourself “If he can, why can’t I?” “Eventually that’ll be me”, and believe it. I’m still not there, but I’m making withdrawals and losing nowhere near as much as the early days. I didn’t make a single withdrawal Year One or Two.
Lastly, you really don’t know hear of traders with 5/10 years experience, that have steadily grew their over time from their charts profits, who digress over time. Excluding the quitters, most of the traders I learnt from in 2019, have increased their lot sizes significantly since then, and they had years in the game then.
DM me for more info, but this is Forex you don’t really need to reach out lol, you need to keep backtesting, get a mentor who trades and is living the life you want, and start embracing the adversity that comes with the charts.
You got this brother.
The difference is you have a job doesn’t sound like OP has one.
OTC trading is the move.
I think you cant call trading a business its just not that i believe if you didnt saw any results at first 8 months of good working you should switch the business model
You never had a business. Day trading is not a business, go start a real business or get a real job if you don’t want to be broke.
wasted 4 years of your life on forex? very bad way to spend your life
Business is trading goods or services for money. You’re not doing that. In the same way that professional poker players aren’t entrepreneurs. In the same way that investors aren’t entrepreneurs.
You’re in the wrong subreddit. Our advice would be to get into business. Find a skill you can trade for money. Find a good that a potential client wants and sell it
You spent years learning about finance but you either didn’t learn anything or ignored what you did learn.
If you can’t control your emotions, you shouldn’t be trading.
You also shouldn’t be trading if you don’t understand risk. There is no excuse for blowing up your capital. You should never risk everything.
Instead of learning about finance, learn how to control your emotions.
Get a job for now.
Day trading is not a business. You are just gambling.
Go work for a startup and learn some.
Buddy that’s not a business. You have a gambling addiction, you’re not an entrepreneur.
Get a job.
Ahhhh another one looking for easy money. At 24 you didn’t fail anything. All you need is to develop some skills and put them at work. Get a job in carpentry or electrical or plumbing. Money will come eventually, but it takes time and effort. All the best.
Trading is not entrepreneurship.
Trading is a zero sum game. And you’re the guppy waiting to be eaten by the bigger fish.
Try your hand at positive sum games. Create value, and this part is important, for other people!
Making money is a side effect of creating value. Unless you’re gambling. Which you were.
So, stop wasting time gambling. Redirect that time into making the world better. Convert a small part of that improvement into currency.
It’s not easy, but it is that simple.