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I do not understand why people are encouraging you to continue trading. Stop now. All investing should go to your 401k or in an ETF in your brokerage. Go to gambler’s anonymous & therapy. Make a budget, including your debt payment. $70k in debt at a $100k salary should scare the hell out of you. This is a gambling problem. Wealth is built by a diverse portfolio and time. Any stocks you buy should sit.
I’m wishing you all the best, truly. Take it day by day.
There is a 12 step group for financial addictions. Hardest part is step one.
Rising Star
I had recommended Gamblers Anonymous, since whether it’s craps or trading options, the rush still hits the same way in the brain, and chasing that dragon is something I don’t wish on anyone. It was a nightmare for me for over a decade.
Fortunately, I’ve now been taking it One Day At A Time since 2008.
I started to get like this.. I'm 27, lost 15k between the ages of 22-25 and I was/still am married with other expenses. At that point I realized I was being irresponsible and not only hurting myself, but my wife's future as well. I started saving into some etfs and mutual funds in my 401k. I'll go back to options trading when I actually have money to lose, but not until my priorities are straight.
1. Save at least 15% into 401k
2. Buy a home
3. No credit card debt or high interest student loans
4. Emergency fund
5. I have a kid, so life insurance, term is fine and cheap
6. If I have money left over after covering all these and other basics, then I'd start funding options account. Personally, I have a daughter, so I also would need to make sure money is going to things for her as well for extracurriculars...
I'd make a list like this for yourself. Put down priorities and hold yourself to it. Don't use the logic of "if I just hit the right options trade I can get ahead on my priorities."
My win rate is 70% but I have small wins and huge huge losses. I will stop trading. I need some learning path - where to start, what to do month by month.
Search this guy called Dave Ramsey ans watch all his videos and gour life will be back on the right path
Rising Star
Only if the OP wants to have “christianity” rammed down their throat…. 🤦♀️
JL Collin’s simple path to wealth
Might be too simple and not as high risk/rewarding but my suggestion would be to do VOO, VTSAX something similar and forget about it. I don't know if you are not doing full time investing, if we have the resources to beat the market
This is easy bro. Buy a therapist. Cost is incomparable to your current losses.
Most traders fail and tbh even to be a successful trader takes a lot of work, you on the other hand have a gambling addiction. You are better off getting a therapist, pay your debts, and put your money into index funds.
I personally had a similar experience .About $70k in 3 years. Heres my advice,l; take a break for at least three months to make sure youre not addicted. If you can ascertain thats not the case, paper trade futures. Stop options entirely. Futures function similarly but without theta decay so your win rate would matter more there.
Next thing id suggest is that yoget a prop firm account. I suggest doing some research first. I personally use Topstep & TakeProfitTrader. 3 years of losses, I had my first winning year in 2023 with $50k profit.
Goodluck
Stop trading immediately. Take the simple approach but proven approach of investing in low cost index funds. This isn’t sustainable
Rising Star
If I can suggest something, I would recommend that you do some introspection as to why you got as deep as you did.
These kinds of risky behaviors can trigger the same area of the brain as drugs and alcohol do in an addict. It may be good to figure out the why you couldn’t stop until you posted here.
I speak as someone who almost had multiple addictions destroy me, none of them being drugs or alcohol. I worked hard to get into recovery and it’s still work to maintain my recovery.
Good luck! 🙂
I lost like $150K before I got profitable. Welcome bro.
Join a trading group. Paper trade for 6 months before touching it again
Rising Star
If you feel that you honestly have an addiction, Gamblers Anonymous may be a good first step. It may be options instead of poker or craps, but it’s a form of gambling in a lot of respects.
I benefited from GA when I couldn’t get away from a craps table (haven’t touched dice except to play games with my nephews since 2008), and since the highs and lows hit the same part of the brain the same way, it may be worth a shot.
Good luck!
start with what options are for, hedging, and protection.
- Protect what capital you have
- Use strategies with a known max loss amt.
call credit spread when the market is weak
put credit spread when the market is green
But for you, don't do counter-trends, focus on known trends and tag along with credit spreads. I'd do a minimum of two weeks out.
Trade small and earn larger positions by increasing your account with patience.
I have been there! Good luck!
I mean yes. Onvispily buy sp500 is the easiest way to gov
Look the vast majority of people shouldn’t trade. Like 98%. They’ll tell you to save your 401K blah blah blah. They will also have to work 30+ years and be really simple / save / invest —THIS IS WHAT ALMOST EVERYONE SHOULD DO.
now for the very tiny percentage of people that are willin to go outside of the comfort zone, you can way more money trading options. Both buying and selling, and several other strategies. I would again not advise this bc it is higher risk period. , but there are a lot of people you think they are most financial savvy persons bc they read rich dad poor dad and basic personal finance that can’t see other more advanced personal finance strategies that can make you way more money than waiting for a raise once a year and saving to your 401K. It’s personal prefr nice and risk appetite.
Did you read OP’s post? Which bucket do you think they’re in?
https://www.glassdoor.com/Community/personal-finance-bowl/i-am-in-deep-waters-here-i-am-addicted-to-options-trading-and-have-lost-55k-in-1-5-years-i-have-a-base-salary-of-100k-20k-in-401k#6664c2c60d10a59a9bc2eb3b?utm_source=comment+share&utm_medium=community+share&utm_content=community+bowl