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30K Bankroll Busto

Papabear Posts: 1Subscriber
edited February 12 in Beats, Brags, and Variance
Hello all, first post here.

This is sort of a brag and a beat all at once. My most humbling financial life experience, to say the least.

BRAG:

I have been a full time 2/5 pro for 5 years. I had logged about 5k hours or so with a 55/hr winrate. Also around 5k hours of 1/2 with a 35/hr winrate. For January of this year I had been running so hot I've been averaging 105/hr I haven't felt the need to put volume in so I've just been playing maybe 20 hours a week.

BEAT:

January of 2017 I decided to become a part time trader and started making investments with my bankroll. I made huge mistakes and lost 10k the first two months, which I ended up slowly winning back and breaking even around Christmas. Recently I had put my bankroll + margin into SVXY (Short Volatility ETF) and on Feb 5th it made history when it lost nearly 90% in 1 or 2 trading days.

Needless to say, that was a huge mistake and I've since decided to quit trading entirely and to get back to what I know I can do: play poker. Unfortunately I'm starting with no bankroll and 4k in debt.

Luckily for me, my significant other is willing to support me (to an extent) to rebuild. I've found a way to lower my living expenses and plan to be extremely conservative while grinding my way back to being able to play 2/5 in the future. But for now, I will be a 1/2 player until I have my 4k debt cleared and 8k to my roll.

Don't take what you have for granted. Sometimes life hits you with some really shitty variance.

Mike

Comments

  • Jesse_The_Suit Posts: 486Subscriber
    That's a rough spot Mike. Thankfully, you have a supportive partner and a great win-rate. Good luck man!
  • FuzzypupFuzzypup Posts: 2,085Subscriber
    Day time trading is a LOSING proposition. You want to invest open up an IRA in your and wifes name. Dump the winnings in there. Then research solid stocks and invest for the long term.

    I usually go for solid dividend winners along with some higher dividend risking REIT stocks. So far so good.
  • Jesse_The_Suit Posts: 486Subscriber
    @fuzzypop you need to get on slack, there is s gentlemen here with whom you need to talk about day trading.
  • FuzzypupFuzzypup Posts: 2,085Subscriber
    Not my cup of tea. I am financially conservative.
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