Due to the continuous hammering of the tech shares, more and more private investors who normally have a decent life suddenly became poor...the big boys' creative destruction strategy is still destructing private investors' life day in day out while creating their owns...as a result I encounter more and more sad stories of share trading in other BBs..thought it would be a good idea to post some of them now and then so we always remember how bad it can get for us...
I got the following story from another BB to post it here as the author do want his story to be a lesson to other private investors:
I intend this as an example of how bad the stock market can be for you. I am sorry of this is too off topic for thsi board.
My wife and i are not wealthy. We're not even financially comfortable. Until last year we were earning £40 k between us per year. We have all the usual bills that most people have.
I became ill in 99 with depression through stress at work. I am still unable to work.
Last year, as we all know, was a disaster for TMT stocks. I was trying to learn about the market and how it works. I did huge amounts of research for my investments to no avail. I guess I lost close to £25k last year. Not in paper terms. In real terms. We are still paying for it too. I took out 2 loans in order to top up/average down/fill me boots - whatever you want to call it. I know. I know.
3 weeks ago I bought 1500 BLM on a Halifax ShareExpress account at £3.23 I had a £10k credit facility. It is possible to hold on to shares for up to 3 days before selling without having to have the money to pay for them. Unless they go down of course. They went above that price once between now and then. And I wasn't in. I didn't sell them. I've still got them. We haven't got the money. We're up sh$t street.
We will have to sell our car and see if we can make alternative arrangements to pay them the difference when Halifax sell the shares next Tuesday. I know. I know.
I have behaved irresponsibly.
I have used money that we cannot afford to lose. (Like htere is such a thing!!)
I haven't kept a balanced portfolio
I am stupid.
I know you agree with all the above.
My experience of the stock market is heavily distorted. Market makers DO manipulate the market. The PI WILL be the last person to benefit. There is a MUCH greater chance that you will lose money than you will make money. If you want to invest then LTBH has got to be the best option. I mean really LT. Don't invest in penny shares unless you KNOW something. Don't listen to rumour. Invest on solid fundamentals. Be very careful. Be lucky.
I post this - not for sympathy because I don't expect to get any - but as an example of how - when all the wrong ingredients are mixed together - the stock market can really screw people up.
Please feel free to post this to other boards to anyone that you think could make any of the same mistakes as I did. I wouldn't want the same thing to happen to anybody.
Thanks for listening.
J
I got the following story from another BB to post it here as the author do want his story to be a lesson to other private investors:
I intend this as an example of how bad the stock market can be for you. I am sorry of this is too off topic for thsi board.
My wife and i are not wealthy. We're not even financially comfortable. Until last year we were earning £40 k between us per year. We have all the usual bills that most people have.
I became ill in 99 with depression through stress at work. I am still unable to work.
Last year, as we all know, was a disaster for TMT stocks. I was trying to learn about the market and how it works. I did huge amounts of research for my investments to no avail. I guess I lost close to £25k last year. Not in paper terms. In real terms. We are still paying for it too. I took out 2 loans in order to top up/average down/fill me boots - whatever you want to call it. I know. I know.
3 weeks ago I bought 1500 BLM on a Halifax ShareExpress account at £3.23 I had a £10k credit facility. It is possible to hold on to shares for up to 3 days before selling without having to have the money to pay for them. Unless they go down of course. They went above that price once between now and then. And I wasn't in. I didn't sell them. I've still got them. We haven't got the money. We're up sh$t street.
We will have to sell our car and see if we can make alternative arrangements to pay them the difference when Halifax sell the shares next Tuesday. I know. I know.
I have behaved irresponsibly.
I have used money that we cannot afford to lose. (Like htere is such a thing!!)
I haven't kept a balanced portfolio
I am stupid.
I know you agree with all the above.
My experience of the stock market is heavily distorted. Market makers DO manipulate the market. The PI WILL be the last person to benefit. There is a MUCH greater chance that you will lose money than you will make money. If you want to invest then LTBH has got to be the best option. I mean really LT. Don't invest in penny shares unless you KNOW something. Don't listen to rumour. Invest on solid fundamentals. Be very careful. Be lucky.
I post this - not for sympathy because I don't expect to get any - but as an example of how - when all the wrong ingredients are mixed together - the stock market can really screw people up.
Please feel free to post this to other boards to anyone that you think could make any of the same mistakes as I did. I wouldn't want the same thing to happen to anybody.
Thanks for listening.
J
