Losing Money in Stock
Markets: One Subscriber's Observation
I wish I had discovered the GetFolio site about two years ago ...
your approach and common sense rings true with me. I am
39, ... had saved for years in CD's, Mutual Funds, buying
tax liens, T-Bills, Bonds .... and then as a neophyte jumped
into the market .... and made $12,000 dollars my first week
....November, 1998 .....looking back, probably the worse
thing that could have happened ....I was hooked and worse,
thought I knew what I was doing!
have committed every mistake you mentioned in your site....and
as a degreed Technical Analyst working at the-------------------
for 16 years .... I always thought I was at least of average
have been decimated by the latest turbulence ... I was prepared
for a 10-20% correction but when my fibre optic NAZ holdings
of DIGL fell from 126 to 38 .......and FIBR from 144 to
64 (probably good blood in the streets candidates now!)
....well, for the first time I was margined (because of
last years losses ... I was "doubling down") ....and my
broker liquidated my holdings ....the shares are gone as
is any hope of recovery.
I turn 40 next Monday ....and in two years of active trading
(1.7 million dollars last year ...churning) I have reduced
my cash nest egg from $70,000.00 .......to $30,000.00 !!!!.
Out 40 Grand !!! Stupid! ..... The silver lining? My tax
lady says I get to deduct a Capital Gains Loss of $3,000
a year for almost the next ten years !!!!!
I am scared ... and temporarily defeated .... I feel like
a little fish that just fed his house down payment to Wall
Street to be used by some unknown "smart money" guy for
Yacht fuel. I cannot afford to go lower or have no safety
net under me .....
new savings .....and hoping to come back ....wiser and more
cautious ....and using GetFolio.com to only buy when others
are selling and running for doors .....and selling when
others see only more optimism ... in short ....deferring
to people such as yourself .....who have much better track
records than I .... and after dropping $40 Grand ....your
cost will seem a modest cost for Long Term Growth ...Peace
of Mind ... and hopefully a better future .... I know I
am better off still than many .......but I feel BROKE ......
I would appreciate your thoughts on my current plans .....
and would greatly consider any suggestions you have time
to give ....thanks in advance ....