Stock market ****ed me over
Discussion
Well bit of a woe me story for a saturday morning.
I originally invested 200 dollars in xrp at 25 cents back in december last year, during the hype i kept buying and buying, even at 3.5 dollars i didnt cash out. Then it started the drop with occasional pumps for about 9 months, i held all the way thinking its the safest option. It got to 45 cents and suddenly plummeted 3 cents in about 5 seconds, i panicked and sold then rebought back in minutes later at a higher price as it started flying up again.
I was in a okay position last week but xrp was dropping all week, i decided to cash out and wait to rebuy back in at a lower price to gain more units - this was working perfectly it kept dropping.
So i thought i would have a dabble with the stock market to make a bit of cash while it was sat there. How wrong i was.
I started trading the stock market on wednesday and by friday id lost a further 2 thousand pounds.
I kept buying nasdaq100 on x20 leverage, as soon as i bought it plummeted rapidly, i panicked and sold, then it started flying back up so i bought back in with x20 leverage, i did this multiple times losing hundreds of pounds at a time, i also kept buying and selling Micron technology making the same mistakes.
So in total i have put 5 thousand pounds in and im currently left with 1400 pounds which is currently in xrp at a loss yet again.
Word of warning dont mess with leverage or the stock market if you dont know what your doing.
I feel so pissed off at myself and deflated ive hardly been able to sleep all week at how stupid ive been and i cant get over my loss, anyone got any words of wisdom or stories of their own?
I still have savings and some equity in my house so its not all bad. But i lost about 1/6 of my savings none the less.
I originally invested 200 dollars in xrp at 25 cents back in december last year, during the hype i kept buying and buying, even at 3.5 dollars i didnt cash out. Then it started the drop with occasional pumps for about 9 months, i held all the way thinking its the safest option. It got to 45 cents and suddenly plummeted 3 cents in about 5 seconds, i panicked and sold then rebought back in minutes later at a higher price as it started flying up again.
I was in a okay position last week but xrp was dropping all week, i decided to cash out and wait to rebuy back in at a lower price to gain more units - this was working perfectly it kept dropping.
So i thought i would have a dabble with the stock market to make a bit of cash while it was sat there. How wrong i was.
I started trading the stock market on wednesday and by friday id lost a further 2 thousand pounds.
I kept buying nasdaq100 on x20 leverage, as soon as i bought it plummeted rapidly, i panicked and sold, then it started flying back up so i bought back in with x20 leverage, i did this multiple times losing hundreds of pounds at a time, i also kept buying and selling Micron technology making the same mistakes.
So in total i have put 5 thousand pounds in and im currently left with 1400 pounds which is currently in xrp at a loss yet again.
Word of warning dont mess with leverage or the stock market if you dont know what your doing.
I feel so pissed off at myself and deflated ive hardly been able to sleep all week at how stupid ive been and i cant get over my loss, anyone got any words of wisdom or stories of their own?
I still have savings and some equity in my house so its not all bad. But i lost about 1/6 of my savings none the less.
Learn from your mistakes, build your savings back up.
Come up with a more sensible long term investing strategy. Ideally something that does not cause you to make quick fire emotional decisions.
Crypto and leveraged stocks are about as high risk as it gets. Warren buffet number one rule is don't lose money etc etc
Don't beat yourself up too bad, just learn from it.
Come up with a more sensible long term investing strategy. Ideally something that does not cause you to make quick fire emotional decisions.
Crypto and leveraged stocks are about as high risk as it gets. Warren buffet number one rule is don't lose money etc etc
Don't beat yourself up too bad, just learn from it.
try "playing" with a dummy account for a while, this helps you with learning what news sources are reliable and work for you as information providers, it also helps you understand the queues and pointers.
End of the day, it is all gambling, but it can be a bit more informed gambling, it just takes some time and effort to learn what works for you. Based on this, start with stocks (or crypto's) in areas that actually interest you so that a) you will understand what is happening to the businesses and 2) you will actually want to read it.
once everything is starting to make sense, hopefully you will have managed to rebuild your seed capital, if your appetite for this sort of risk of investment is still there, switch back from dummy to live trading account and just be aware that even with all teh knowledge the same thing can happen.
End of the day, it is all gambling, but it can be a bit more informed gambling, it just takes some time and effort to learn what works for you. Based on this, start with stocks (or crypto's) in areas that actually interest you so that a) you will understand what is happening to the businesses and 2) you will actually want to read it.
once everything is starting to make sense, hopefully you will have managed to rebuild your seed capital, if your appetite for this sort of risk of investment is still there, switch back from dummy to live trading account and just be aware that even with all teh knowledge the same thing can happen.
Testaburger said:
Just pulling your leg mate, I apologise - I didn’t mean to kick you when you’re down. We’ve all been there, I assure you.
Onwards and upwards.
this is also true, everyone is happy to tell you their success stories, but most investors will have a few good kickings hidden in the ir past too .... Onwards and upwards.
XJSJohn said:
Testaburger said:
Just pulling your leg mate, I apologise - I didn’t mean to kick you when you’re down. We’ve all been there, I assure you.
Onwards and upwards.
this is also true, everyone is happy to tell you their success stories, but most investors will have a few good kickings hidden in the ir past too .... Onwards and upwards.
I did the same as you with Crypto, only invested £1200 and convinced myself I could afford to lose it. Like you I would sell as it started to fall and then kick myself and buy back in as it started to rise. It actually affected me to the point where I was trying to second and third guess the market, basically just gambling.
Sold the lot in January for a £100 loss and now don't invest as I know I am rubbish at it.
dieseluser07 said:
I was yes and i would of left it if it wasent for the leverage and the chance i would lose everything.
you haven't done anything others haven't done first time. If you carry on stick to normal trading and research, long term and bide your time to buy/sell. The pros make money unfortunately off the backs of newbies. Also stay positive, there is always someone more worse off, i lost 20k last year, not stock market though.The trick is to remove emotion from your trades. Try not to think about your account as money. Have a reason for every trading decision you make, and a plan for when to get out. Write this stuff down before you open a position. Then walk away. Avoid the temptation to watch the price change, especially with volatile instruments. Use stop and limit orders if you have to.
Dummy accounts teach you the mechanics, but because it is not real money, they do not teach you to deal with the emotional side.
All IMHO of course.
I started spread betting almost exactly 10 years ago. I set up an account with IG and deposited £100. I made a few quid and lost a few quid. Literally. Then one night I was betting on the UK100 after hours. It started falling so I started shorting. £20 up. Happy days. It kept falling and I kept shorting. This is pretty easy. In that night I made £1800 from a £100 account. I'm going to be retired by the end of the year. It was September 29, 2008. I learned a lot in the following months, and again made a bit and lost a bit, but never enough to change my life in any meaningful way. It still interests me, and I still 'dabble' now and then, but recognise that even the pros get it horribly wrong, and that gambling is gambling, no matter how you dress it up.
Dummy accounts teach you the mechanics, but because it is not real money, they do not teach you to deal with the emotional side.
All IMHO of course.
I started spread betting almost exactly 10 years ago. I set up an account with IG and deposited £100. I made a few quid and lost a few quid. Literally. Then one night I was betting on the UK100 after hours. It started falling so I started shorting. £20 up. Happy days. It kept falling and I kept shorting. This is pretty easy. In that night I made £1800 from a £100 account. I'm going to be retired by the end of the year. It was September 29, 2008. I learned a lot in the following months, and again made a bit and lost a bit, but never enough to change my life in any meaningful way. It still interests me, and I still 'dabble' now and then, but recognise that even the pros get it horribly wrong, and that gambling is gambling, no matter how you dress it up.
dieseluser07 said:
I kept buying nasdaq...
I was given $10K of shares listed on NASDAQ through work. Sold them for $30K and bought another company I knew and was certain would fly. They went bust. Most annoying was they blipped near the end and I could have got something back but I missed it.They still sit on the quarterly statement I get with a value that's some decimal of a $.
dieseluser07 said:
I still have savings and some equity in my house so its not all bad. But i lost about 1/6 of my savings none the less.
Whilst you might have lost some of your savings, you now have a lot more experience. The key is how you use this experience to influence your judgement going forward.If you can take on the broader lessons you will become a shrewder person. In that context, you might find that in 20 years time you find it was invaluable experience.
And the old quote from Einstein is relevant..."A person who never made a mistake never tried anything new."
200 dollars? This is worse than Lehman brothers, Get Peston on the phone immediately.
the stock market didn’t do you dirty, your lack of knowledge did. you are betting against traders who have an army of quants and analytics models to predict movements, you might as well be punting on horses or poker unless you invest time and effort in understanding what drives the market pricing.
the stock market didn’t do you dirty, your lack of knowledge did. you are betting against traders who have an army of quants and analytics models to predict movements, you might as well be punting on horses or poker unless you invest time and effort in understanding what drives the market pricing.
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