Just lost 5k$

I still don't know what trading is about. Is it basically just gambling on companies instead of playing cards?

Obviously if you have more knowledge/data, you have a better chance of predicting the future, but still a gamble.

Is trading like being a sports scout trying to figure out who is going to be the next superstar player in 5 years, only instead of scouting sports
you are basically scouting companies/commodities?
 
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Looks like someone played with 10x leverage without stop loss... And that's on Oil in middle of global economical lockdown.

Lesson Learned - Don't use leverage on volatile commodities in uncertain times. Never trade without stop loss.
 
HustleTong said:
Crypto could've been a better choice.
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No cryptos are absolute BS. Stay away from those.

dotc0m said:
Been there done that, invest your money for the long term. Play around with a budget for short term.

Simple finance
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That is not true at all. There are full time traders making crazy amounts than any IM/blackhat marketer. You really need to know what you are doing if you want to be a trader. Starting with your trading education.
 
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StreamerStartup said:
Always use a Stop Loss lol, might be some good bounce areas coming up if it makes it down to 34.76~ or high 32s for a possible buy-in. (Futures CL1! - Just based on TradingView at a quick glance - haven't traded in about a year though so I could be rusty)
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https://www.tradingview.com/x/OkNA0zqI/ - Didn't play out so bad considering I did it at a glance.

SL would've been 34.25~ and First TP around 35.86~ and if I layered in, 2nd TP around 36.36~ and then last TP around ~37 mark
 
Even the best traders are staying far away from oil. Right now is not the best time to play with the market unless you got knowledge about current affairs.
 
There are strategies in trading, that a stop loss destroys. However those strategies are highly deleveraged. Trading on high leverage without a stop loss is.......well, let’s skip that part. That said, years ago I did trading. Thought I was pretty good at it until it almost destroyed my life. You can’t get me to touch that stuff now- even with an extremely long pole:):).
 
Don't beat yourself up. Now you learned something and hopefully will not make the same mistake twice.
 
Brickbat1 said:
You can’t get me to touch that stuff now- even with an extremely long pole:):)
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I've got friends that are the same. Tried it, lost once pretty big.. kept going with a few small wins and losses, and then lost again even bigger and completely avoid it now at all costs :)

Problem for them wasn't just losing cash, it was losing cash after spending so much time staring at charts. Live and learn, it's better for people to lose relatively quickly and figure out it's not for them then waste time with it for months and then finally cut off from it after all of that.
 
HustleTong said:
Crypto could've been a better choice.
Click to expand...

Actually made some nice money when BTC went down to 4k€.
Unfortunately, I have zero knowledge in crypto, and day trading is not an option for me..

saad01 said:
Bro come to FX market. It's more stable.
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Considering it bro, this time I want to be prepared as f*** when I start! :)
 
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