Post: #1

Hey guys, so here's a run down of my situation. Back in April, lost my apartment, got a job next day as a dishwasher, was staying with family to save up money to look for an apartment. Unfortunately I wasn't able to make enough so I made an investment to study trading Binary Options. Invested almost 2k and blew my account balance being stupid. So now I have to be out my July 1st or I'm gonna get kicked out. They've been bitching since I got here. Been reading threads on Oil Rigs and other well paying trades. I have no education outside of my GED and no relevant experience. I also quit my dishwashing job last Sunday. It was too much work for way too little pay and long hours that wasn't worth it especially since I've been traveling 2 hours each way for almost 3 months. I am going in tomorrow to pick up my final check and that with my cash now will amount to around $900 or so. I should be able to get in a couple hundred more this week on the side promoting the academy where I learned to trade options from. Might be able to get a $300 refund for a trading strategy I bought which will put me around $1400, 1200 guaranteed.

So my plan is to get a connect somehow to link me up to a job, and I will take my money, move out there and rough it out until I get my first check. I will save up as much as humanly possible and get my cash up until I have enough to start trading live again AND be saving up cash on the side to enjoy life and build my foundation (Mind/Game, Body and Money)

I will also need to get my driver's license which I somehow don't have yet. This will run me about $400 for permit, driving lessons and then the license itself. I could get my license as early as beginning of next week but that's $400 though.

So yea, I thought I was finally free from having to work a job ever again and I failed (for the second time). I'm not fucking this up again!

Post: #2

Buddy, if I were you, I'd seriously consider going back to CC for a 2-year degree in something practical. You'll increase
your earning potential substantially.

Post: #3

It's interesting to me that you're completely alone in this.

What's the rundown on your friends and family? Have you checked with them and sought help there?

Have you checked the oil rig threads here on the forum? Have you asked specific questions so more knowledgeable people can help?

Post: #4

North Dakota.

It's much easier than Texas to get a job IMO. Figure out how to become a welder and start banking.

Post: #5

(06-26-2014 02:43 PM)Cobra Wrote:  It's interesting to me that you're completely alone in this.

What's the rundown on your friends and family? Have you checked with them and sought help there?

Have you checked the oil rig threads here on the forum? Have you asked specific questions so more knowledgeable people can help?

That's what I meant by building my foundation. I don't have one yet. Not even with personal connections. I could try and get work through professional connects from people I've met from an old job but the money wouldn't be good. As far as friends, barely have any. I have a guy who's place I could stay at or awhile, but that would be an equally difficult situation. At least at my grandparents I don't have to pay to wash my clothes. And can buy food and don't have to worry about someone touching it. Family is all full of shit. I have my mom, but there's a lot of issues there I'd rather not discuss. She's trying to get reestablished like I'm trying to get established. I've checked the oil rigs awhile ago, but at the time I started studying trading and figured that would be better than leave Chicago to bust my ass working a job. But now these things have happened and I need to reassess things and see how they're updated - which I will do. I'm an American so I'm not gonna get into Canada easily. But everyone else can easily get into the country to our North. Makes sense.

However those threads haven't been updated by anyone in months, and Screwston got banned since. Another issue I'm trying to deal with is the limited capital, plus my not having a driver's license. It's gonna cost almost a third of my cash just to get that. Without a DL my odds are much less likely I'd be an attractive candidate and I won't be able to drive around looking for work wherever I touch down.

Post: #6

(06-26-2014 02:57 PM)jake1720 Wrote:  North Dakota.

It's much easier than Texas to get a job IMO. Figure out how to become a welder and start banking.

You're in ND, yeah? I would need OTJT however since I'm time cramped. Also - my research has told me Welding is a very hazardout job, especially for my health which I value heavily.

Post: #7

(06-26-2014 03:07 PM)ash093 Wrote:  

(06-26-2014 02:57 PM)jake1720 Wrote:  North Dakota.

It's much easier than Texas to get a job IMO. Figure out how to become a welder and start banking.

You're in ND, yeah? I would need OTJT however since I'm time cramped. Also - my research has told me Welding is a very hazardout job, especially for my health which I value heavily.

It sucks working out in the oilfield. You get treated like crap, but you get paid very well.

You can go out there for 5-10 years and bank hard. Come back and do whatever you want. I'm a petroleum engineering major and I would not recommend it unless you were stuck.

Whatever you do don't buy a 30,000 truck or get a house with mortgage payments if you do get out there. Doing that you're sure to get stuck out there.

Post: #8

OK - First - forget about Trading for now.

Before you start you've got to read the following books:
http://bclund.com/2012/03/13/20-books-ev...ould-know/

Most of these books can be bought at a pittance used or are even available in public libraries.

Then afterwards you have to find the trading style that fits your personality. Also after going through the books you will know much better, whether you have the ability to be a successful trader at all. 98% of people are not. You should not forget that you are trading not only against your own psychological nature, fears as well as the best and the brightest in the country on Wallstreet as well as plenty of automatic trading systems. The environment has become more difficult than ever.

Thus after reading the books and some self-assessment you open an account and do plenty of virtual trading - many companies now offer those trial accounts. If you are somewhat successful, then you start with real life trading risking only miniscule amounts. 2.000$ is only enough for CFDs. And even then I would not risk more than 20$, which can be leveraged 10-100x depending on the instrument. Most long-term successful traders risk 1% of their equity in one trade, since trading is a high-stakes probability business. Depending on your personality it can be highly profitable or give you a solid income of 10% per annum. You will not be able to bend yourself to anything that is against your nature - meaning your personality and aptitudes will dictate what and how you trade best.

Until then you might as well consider getting a well-paying job or learning a trade. You can read the books in your free time, build your capital and then go to virtual trading. Also know that it is possible that trading is not for you. But that way you will find out without wasting your money on "magic bullet trades". There are no shortcuts.

Post: #9

(06-26-2014 04:00 PM)Zelcorpion Wrote:  OK - First - forget about Trading for now.

Before you start you've got to read the following books:
http://bclund.com/2012/03/13/20-books-ev...ould-know/

Most of these books can be bought at a pittance used or are even available in public libraries.

Then afterwards you have to find the trading style that fits your personality. Also after going through the books you will know much better, whether you have the ability to be a successful trader at all. 98% of people are not. You should not forget that you are trading not only against your own psychological nature, fears as well as the best and the brightest in the country on Wallstreet as well as plenty of automatic trading systems. The environment has become more difficult than ever.

Thus after reading the books and some self-assessment you open an account and do plenty of virtual trading - many companies now offer those trial accounts. If you are somewhat successful, then you start with real life trading risking only miniscule amounts. 2.000$ is only enough for CFDs. And even then I would not risk more than 20$, which can be leveraged 10-100x depending on the instrument. Most long-term successful traders risk 1% of their equity in one trade, since trading is a high-stakes probability business. Depending on your personality it can be highly profitable or give you a solid income of 10% per annum. You will not be able to bend yourself to anything that is against your nature - meaning your personality and aptitudes will dictate what and how you trade best.

Until then you might as well consider getting a well-paying job or learning a trade. You can read the books in your free time, build your capital and then go to virtual trading. Also know that it is possible that trading is not for you. But that way you will find out without wasting your money on "magic bullet trades". There are no shortcuts.

I know I'm a good trader, I just made a real boneheaded decision with my Money Managment, lol Also, binary options are very different from traditional trading, similar to forex but much simplified. I was also in a rush to build my balance really high, and didn't give a fuck about blowing it since either way I'd be ass out and have to go back to work. Only way to avoid this was to win big, which didn't happen. Had I stayed to small wins I'd still have an account and it'd probably be a little bigger than what I started with, but I'd be still getting kicked out with nowhere to go in that scenario. So it was worth the risk to me personally. But now I get the opportunity to convert my negative situation into a positive. I get to see a new area, new walk of life, and build my bank account to what I wanted it to be originally (10K+) To live on until I can grow my account balance to a big amount without the stress and necessity to absorb a lot of risk and lose some big trades like I did yesterday.

I've acquired a lot of knowledge, and I am also consistent in demos - I just made that one ballsy move and got punished for it, but hey that's life. I'll come back much improved.

Post: #10

You're not even close to rock bottom yet as you're still holding on to trading as way out.

Take it from an ex-trader, this will take you years upon years to master. And tens of thousands of dollars. Counting your pennies while going on about binary trading mixed in with shelling out cash for a scam course....ahhh, not a good combination.

Sounds like you're young, take some of the advice above and head to ND/TX and go make some money, practice your own personal money management and make a real plan.

Swinging million dollar contracts on the market is no better for your health vs welding, believe me.

Post: #11

(06-26-2014 04:26 PM)sammybiker Wrote:  You're not even close to rock bottom yet as you're still holding on to trading as way out.

Take it from an ex-trader, this will take you years upon years to master. And tens of thousands of dollars. Counting your pennies while going on about binary trading mixed in with shelling out cash for a scam course....ahhh, not a good combination.

Sounds like you're young, take some of the advice above and head to ND/TX and go make some money, practice your own personal money management and make a real plan.

Swinging million dollar contracts on the market is no better for your health vs welding, believe me.

I personally am near rock bottom financially, I just am fortunate enough to have SOME cash to get out in the immediate future and have a skill that I can use to free myself long term. I'm also alone in this. Scam course? I'm not into those shit "courses" these Internet Marketers are whipping up nowadays. Also, my education comes from mentors I speak with all the time who make xx,xxx to xxx,xxx per month. Facebook is rocking with people who are making money with Binaries and Forex, many of whom I talk with. Real people, real screenshots, real bank accounts, real cash. I simply disobeyed their warnings on MM. And why are you an ex-trader now? The way I'd look at it I'd rather trade at the end of the day then be around hazardous chemicals, equipment and flames all day, but it's just a means to an end if that's what I have to do.

Post: #12

(06-26-2014 04:10 PM)ash093 Wrote:  ... So it was worth the risk to me personally. But now I get the opportunity to convert my negative situation into a positive. I get to see a new area, new walk of life, and build my bank account to what I wanted it to be originally (10K+) To live on until I can grow my account balance to a big amount without the stress and necessity to absorb a lot of risk and lose some big trades like I did yesterday.

I've acquired a lot of knowledge, and I am also consistent in demos - I just made that one ballsy move and got punished for it, but hey that's life. I'll come back much improved.

Sounds fine.

But the first 3 rules in Trading are:

1. Moneymanagement
2. Moneymanagement
3. More Moneymanagement

You can blow a billion $ in one lousy trade while havng built it for 20 years.

In your case you just saw it as a shortcut before building the equity at the rate that your trading allows you to. Never forget that if you manage it in slow-mo, then you will be a millionaire anyway. Some just need way more seed-money for their trading style (usually it is 20.000-30.000$, but can be as high as 100.000$. Very rarely someone can build a fortune starting with 1.000$ as most trading styles are not profitable enough for that.)

Good luck! PM me when you have started again.

Post: #13

(06-26-2014 04:34 PM)Zelcorpion Wrote:  

(06-26-2014 04:10 PM)ash093 Wrote:  ... So it was worth the risk to me personally. But now I get the opportunity to convert my negative situation into a positive. I get to see a new area, new walk of life, and build my bank account to what I wanted it to be originally (10K+) To live on until I can grow my account balance to a big amount without the stress and necessity to absorb a lot of risk and lose some big trades like I did yesterday.

I've acquired a lot of knowledge, and I am also consistent in demos - I just made that one ballsy move and got punished for it, but hey that's life. I'll come back much improved.

Sounds fine.

But the first 3 rules in Trading are:

1. Moneymanagement
2. Moneymanagement
3. More Moneymanagement

You can blow a billion $ in one lousy trade while havng built it for 20 years.

In your case you just saw it as a shortcut before building the equity at the rate that your trading allows you to. Never forget that if you manage it in slow-mo, then you will be a millionaire anyway. Some just need way more seed-money for their trading style (usually it is 20.000-30.000$, but can be as high as 100.000$. Very rarely someone can build a fortune starting with 1.000$ as most trading styles are not profitable enough for that.)

Good luck! PM me when you have started again.

I know I was stupid on that one lol but I was trying to go from 1k to 10K in a few days, not even a week like I intended to do cause I spent the first couple days this week on demo testing a new strategy which wins insanely, unfortunately I strayed away from that and went belly up but yea I'm gonna come back swinging harder than ever. I'm down but never out and I'll be sure to PM you

Post: #14

Quote:Facebook is rocking with people who are making money with Binaries and Forex, many of whom I talk with.

Sounds like you have it all figured out.

Quote:And why are you an ex-trader now?

I found better ways of making more money with less stress on a sustainable path.

Quote:but it's just a means to an end if that's what I have to do.

GL dude.

Post: #15

(06-26-2014 05:22 PM)sammybiker Wrote:  

Quote:Facebook is rocking with people who are making money with Binaries and Forex, many of whom I talk with.

Sounds like you have it all figured out.

Quote:And why are you an ex-trader now?

I found better ways of making more money with less stress on a sustainable path.

Quote:but it's just a means to an end if that's what I have to do.

GL dude.

No, I don't have it all figured out, none of us do. You're making it sound like I'm part of some bullshit, just because I had a setback doesn't mean I won't eventually have the same success.

And what do you do that makes you more money with less stress and that's sustainable?


ON TOPIC: I PM'd a member here - he referred me to his employer and I applied for 3 Entry Level gigs that pay well full time down in Texas. I will be giving them a call tomorrow morning after I get my driving permit since I'll need a license when I go wherever I get hired. In the meantime I'm gonna be checking out more jobs, areas, and reformulating my plan.

Post: #16

(06-26-2014 05:25 PM)ash093 Wrote:  

(06-26-2014 05:22 PM)sammybiker Wrote:  

Quote:Facebook is rocking with people who are making money with Binaries and Forex, many of whom I talk with.

Sounds like you have it all figured out.

Quote:And why are you an ex-trader now?

I found better ways of making more money with less stress on a sustainable path.

Quote:but it's just a means to an end if that's what I have to do.

GL dude.

No, I don't have it all figured out, none of us do. You're making it sound like I'm part of some bullshit, just because I had a setback doesn't mean I won't eventually have the same success.

And what do you do that makes you more money with less stress and that's sustainable?


ON TOPIC: I PM'd a member here - he referred me to his employer and I applied for 3 Entry Level gigs that pay well full time down in Texas. I will be giving them a call tomorrow morning after I get my driving permit since I'll need a license when I go wherever I get hired. In the meantime I'm gonna be checking out more jobs, areas, and reformulating my plan.

Good on ya for taking action re: Texas gigs.

You can check out some of my previous posts and see what I do.

I'm only speaking from personal experience, not digging on you for no reason. If you're anything like I was, you'll tell me to get fucked and will just have to figure it out on your own. Nothing wrong with that sans money, time, etc.

When I was trading, it was my world and the the only end all, way out for me, for financial freedom, etc. How silly I was to think that way. GL!

Post: #17

You should listen to the good advice you are being given re: trading. You may have had some good luck and earned some money, but it is simply not sustainable. Went though it myself last year when I had some good luck with options and was up almost 50k, only to lose most of it in the following months. It was a wild ride and an amazing learning experience, and I did break even so I it was worth it. Buddy who was conservative and only invested in well balanced portfolio of stocks was up about 25% as 2013 was an amazing year.

Anyways, playing with 2k is def way too little, with money like that even just the fees will eat up significant amount.

If you have no skills and no money - the only options are:
1. Build skills - e.g. comp sci at a community college if you have the aptitude for it, or some kind of business
2. Work the oil fields and keep stacking chips, maybe invest some (conservatively)

Post: #18

(06-26-2014 08:58 PM)SVK Wrote:  You should listen to the good advice you are being given re: trading. You may have had some good luck and earned some money, but it is simply not sustainable. Went though it myself last year when I had some good luck with options and was up almost 50k, only to lose most of it in the following months. It was a wild ride and an amazing learning experience, and I did break even so I it was worth it. Buddy who was conservative and only invested in well balanced portfolio of stocks was up about 25% as 2013 was an amazing year.

Anyways, playing with 2k is def way too little, with money like that even just the fees will eat up significant amount.

If you have no skills and no money - the only options are:
1. Build skills - e.g. comp sci at a community college if you have the aptitude for it, or some kind of business
2. Work the oil fields and keep stacking chips, maybe invest some (conservatively)

With Binary Options (different from Vanilla) we don't have to pay any fees if we're using a broker, as opposed to Nadex, the official exchange which charges .10 per trade made win or lose. With brokers, If you make a $500 trade for say 15 Minute Expiry, and you made a call for the price to go up in that time, you'll make back your initial investment plus 70-80%, winning back usually $900. It's a different field than with Stocks, Commodities, Futures, ETF's, Penny Stocks, etc. Which is why they're so powerful to trade. The industry is just now getting more recognition. If you lost most of the 50k, I would have definitely withdrawn that money to like say 5-10k and rebuilt the account on that.

Post: #19

'rock bottom' comes up in this talk.. pretty solid IMHO

GL

Post: #20

Trading is really risky, unless you know what you're doing.

Post: #21

(06-27-2014 02:32 AM)Fighting888 Wrote:  Trading is really risky, unless you know what you're doing.

You're right. I have 8 mentors, and 1 indirect one, and I've learned how to trade from them. I really do know what I'm doing, but as I explained earlier, my impatience to get out of situation made me exponentially increase my risk since it was "dammed if I do the risk and lose, dammed if I don't take the risk at all". But because of this setback I have a path that will allow me to get my mind body and money right simultaneously AND get back into trading, this time with my shit together. I just know I'm going to destroy shit when I make my comeback.

I also found 6 jobs right now that I applied to last night - 4 with Weatherford in West TX 2 with some other company down in Louisiana. I'm going over this driver's ed booklet to refresh my memory for when I take the permit test again later this morning. I will pick up my check tonight and then do my lessons this weekend, with my road test on Monday. Even easier since I basically know how to drive and I still have my old test to look at as well, LOL Same questions gonna be on the test still. Will also be back on my demo heavy when I start working in my new location and get settled in. Gonna be a rough first month though - moving will still be expensive for no fucking reason lol

Post: #22

(06-27-2014 12:02 AM)2014 Wrote:  



'rock bottom' comes up in this talk.. pretty solid IMHO

GL

I have friends doing his program and I hear it's pretty good. The program is 2-3k however. I tried getting details out of them but they wouldn't tell me shit (they also signed an NDA).

I am working on my current career path whilst building my own income stream independently.

Post: #23

(06-27-2014 01:06 PM)jake1720 Wrote:  

(06-27-2014 12:02 AM)2014 Wrote:  



'rock bottom' comes up in this talk.. pretty solid IMHO

GL

I have friends doing his program and I hear it's pretty good. The program is 2-3k however. I tried getting details out of them but they wouldn't tell me shit (they also signed an NDA).

I am working on my current career path whilst building my own income stream independently.

No way I'm paying someone in that industry for such basic advice. Anywho I got my permit today, called up Weatherford but that local number seemed to no long work. I did another company but I couldn't track down their number. Starting to lose patience and worry now. Seems my ONLY option will be to take that jump, and head down into the south/wherever I am and find something that way!

Post: #24

(06-27-2014 01:50 PM)ash093 Wrote:  

(06-27-2014 01:06 PM)jake1720 Wrote:  

(06-27-2014 12:02 AM)2014 Wrote:  



'rock bottom' comes up in this talk.. pretty solid IMHO

GL

I have friends doing his program and I hear it's pretty good. The program is 2-3k however. I tried getting details out of them but they wouldn't tell me shit (they also signed an NDA).

I am working on my current career path whilst building my own income stream independently.

No way I'm paying someone in that industry for such basic advice. Anywho I got my permit today, called up Weatherford but that local number seemed to no long work. I did another company but I couldn't track down their number. Starting to lose patience and worry now. Seems my ONLY option will be to take that jump, and head down into the south/wherever I am and find something that way!

Good Luck

Post: #25

For anyone else reading this thread, take this guy as an example of what NOT to do. He's nearly broke, has no skills, doesn't even have a fucking driver's license, blows all his money on scam courses to become a day trader, and ignores all the good advice he got in this thread about developing real skills instead.

If by some miracle this guy does manage to get himself back on his feet and make money trading, he's guaranteed to lose it all again. Why? Because he's not capable of recognizing his limitations. He has no self-awareness and thinks he knows better than everyone else. This is very common among the ignorant and the unskilled.

Do not end up like him.