I don’t really know how to start this or structure it so if this comes out as a jumbled mess I’m sorry.
I started trading back around late may/ early June of this year. I’m 19 and I wanted a way to make a little bit of passive income. I threw $100 into Webull and started trading. Over the next month I would lose over $700. I kept throwing more and more money in my account after every loss. I know now that 20% on one trade is really good, but when 20% is only $40 or so, I don’t see it as big money. I’d make a couple trades that hit that sweet 100%+ mark and got addicted to chasing that high again, which always resulted in me diamond hands-ing into a substantial loss. Come mid July I decided to open a Robin Hood account.
My Robinhood play through started out incredibly well actually. Options went up a lot quicker than just regular trading (especially when ford drops the Bronco). After my first three days I’d already tripled my initial $50 deposit. But once again my greed came back to haunt me. Instead of being happy with a 200% week I decided to keep trading FD’s late into the week, which is when I “learned” about theta and IV. This process continued for another month: make it big early in the week, get greedy and blow my account back down. I got back into my old habit of funding whenever I got “too low” but the big kicker came when my RH account became restricted. Not being able to sell same day fucked me over, but I kept trading on RH until I decided to go back to Webull (not before losing another couple hundred dollars). (I’d also like to note that I was now trading options on Webull)
Last Monday I sat with about $150 in my account. I told myself that I was done being greedy and I was going to start settling for 20% profit. By Friday I was left $47. Monday I bought a $535 Tesla call for $36, anticipating a run up for battery day next week. I could’ve sold my call for $350+ on Tuesday, but I went full retard and told myself that it was gonna run all week and I’d get a $2,000 payout. Today my account has $2.98.
I honestly feel like I’m a moron, I have no idea why I just can’t sell when I’m up. If I would’ve just taken my profit every time I honestly think I’d have at least 5k in my account, I don’t make terrible trades I just hold for too long. I’ve lost track of how much money I’ve lost but I know it’s in the $1,000-1,400 range. Which doesn’t sound like a lot compared to most of the loss porn on here, but that’s a lot for a college kid who is only working once every 2 weeks since school has started back up.
I cried twice out of frustration this morning, which wasn’t all because of stonks, but 50% of it was because it’s just been accumulating in my head all summer.
If you read this whole thing, thank you. I just really needed to get all of this off my chest, I figured I’d come here since there’s a lot of people who can relate to my situation.
Since I’m barely working I can’t really afford to fund an account any longer and I don’t really know what to do. I guess I’ll just be out of the game for awhile. If anyone has any advice please shove it down my throat (no homo), if you don’t have any advice and just wanna call me a retard after reading this feel free to that as well.
Once again apologies if this is a mess, I kinda just poured out what’s been going through my mind all week.
Disclaimer: This information is only for educational purposes. Do not make any investment decisions based on the information in this article. Do you own due diligence or consult your financial professional before making any investment decision.