How fucked am I?
So in 2018 when I was 16 one of my teachers told me about the stock market, it was a few months till college started, I asked my dad about it, and he called one of his friends who was a sub-broker, I would go there to learn trading and all. Learned from her for a few months and traded in my dad's account using a very small sum, then college started, a few months went by and I was like I hate all this and I just want to trade, I dropped out and started trading, got a few people to give me their accounts to manage and charged them 20% commissions, All was going good, I made a shit load of money till 2021 then in the second half of it I lost it all in series of bad trades, got in debt, owed 6-7 months of rent to my office landlord, etc. Made losses in clients' accounts too. Realised I couldn't get a job as I don't have a degree, got extremely depressed, and did nothing till 2022 may then convince an old client to give me an account with few ks. Made some good commission on it and paid back most of my debt but then nothing for 2023, survived barely by living with my parents and making small commissions here and there.
I've always dreamed of having my hedge fund, I'm 22 now with no degree, but I do have some good knowledge of markets and can pass most of the FINRA exams. Enrolled back in college and it will start in June, it will take me 3 years to complete it, will also apply for CFA L1 once I have some money but I don't think I can live with my parents till then as they are barely making it and I feel horrible for not contributing. I'm barely making it from the one account I have where I make small commissions.
Will anyone ever hire me if I complete my degree at the age of 25? even if I told them about my experience I don't think they will believe it. I was thinking of getting FINRA S65 and at least clearing L1 by next year and starting a small fund but my friend who works in PE said no one will invest more than some $30-40k with me as my track record went to shit and I don't have a degree. How fucked am I?
Didn’t bother to read carefully but mate, you’re 22. You’re not fucked. Time is on your side.
Your age isn't the issue. The issue is you think you can just start a HF when your track record so far is riding a bull market then blowing up.
Exactly. Don't confuse brains with a bull market. OP needs to make more grounded decisions from now on and stop learning the wrong lessons and he'll be fine
Ya, I do think my majority of the gains were from the bull market but I did make some by going short here and there. I was sticking to a specific strategy, I went on and did something else out of greed and lost all of my commission savings which further impacted my trades in the client's account. I still have 1 client left and I'm focusing on making good profits in it and using that to get new clients but I'm not sure if I should keep doing this or just go through the traditional path.
Who tf are your clients man? Are they family friends? Why would anyone give their money to a kid?
Get your degree and go through the original path - you will never raise real capital doing what you are doing now, and there is an insane amount more to learn (try to start knowing what you don't know, ya know?). Also, I know there are a ton of exemptions, but I'd double check to make sure you aren't breaking any regulatory rules with your current arrangement.
Series 65 and CFA useless - licenses don't determine whether you are ready/qualified/capable of running a fund. It isn't like when Kenny boy and Ackman started funds in college, and the world is very different today. LPs aren't willing to pay for a strat that is essentially day trading tech stocks in an up market, and for those that are, well you don't have Chase Coleman's background (and even those guys started out working at famous funds first).
Age isnt an issue unless your 50 and entering as an analyst. There are people who start college late in life due to numerous circumstances, you'll be fine.
Great essay story. You have already done more in your life than most monkeys will do.
You took a risk, it blew up.
Shit happens. Learn from it and move on.
Thanks for that. I will try to do better till get my degree. I was feeling useless as one of my friend who is an MBA keeps telling me that my knowledge and experience is useless as I don't have an MBA and I won't be able to do anything in my life.
He’s retarded and shouldn’t be your friend anymore. Probably too much copium from overpaying for his MBA
You need to ignore haters. Quickly dump them to the side. Only way to survive
Get your degree and go the regular finance path…things will clear up after that. You can run a PA on the side
Sounds like an undiagnosed gambling addiction.
And your main concern is finding new money to gamble with.
You need to drop the habit and start something new, man. You're still young and there's still time.
Ya I'm starting to realise that, will slowly drop it and go through the traditional way. Thanks.
It's amusing that no one else has brought up that you were flagrantly breaking securities law the entire time you were trading with other people's money and charging commissions lol
You're lucky you're not in jail. No, you will never start a HF and no one but an idiot would invest a dime with someone with your background/track record. You're not fucked. You're just dumb and unbelievably lucky. Find a new career path and count your blessings.
This right here. I paid my rent mid-sophomore year through little after graduation by trading for other people’s accounts and taking a piece. But I never accidentally mentioned this in any of my interviews even though the trades were amazing cause it is illegal.
Even now I have to pause and consciously leave out when interviewing when people ask about college years.
Ya I was sad and all until I realised that I'm lucky that I'm not jail and none of my client sued. I will go through the traditional path once I have my degree. One question, is it worth going for CFA (L1 in Nov) and look for internships after my college starts in June or just degree is enough?
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