Gamblers Anonymous is an effective and comforting 12-step program that works for me. They have a website. I've encountered compulsive day traders and other stock market addicts in the meetings. GA helps. Just google Gamblers Anonymous...they have on-line support as well as info on GA meetings throughout the world
I completely understand your situation and pain. I went through the exact issue until last friday. I invested in one of the biggest dow 30 companies beleiving that it could never go down, and every time it went down I put more money. All I did at work was watch google finance and when I got home I was grouchy and watched cnbc hoping for some signs that it would go up. I was ignoring my wife and shouting at the kids all the time due to the depression of seeing my hard earned money go down the drain. Finally I could not take it anymore last friday when the stock almost got went down to zero. I sold out and lost 90% of my investment, which was enough for a 20% downpayment for a house. Though I am very dissapointed, I do feel releived now. I have closed my etrade account and moving all my money to cd's.
Here is my advice .. do speak to your loved ones before you do anything. GET OUT OF THE STOCK MARKET NOW. Save whatever you have left. Do not listen to the brilliant financial analysts. They only want to make money for themselves. Beleive in what you can do best and promise to yourself that you will earn that money back with hard work. Do not gamble your money and your sanity. Please for your sake and your loved ones, get out of the stock market and close your account.
I am in a similiar issue. I have lost about 50% of what I put in so far in the stock markets. I am thinking about putting in more to get the more back and I keeping going lower and lower. I haven't told anybody about it. I'm still young and single. I still have a good chunk of money left. I want to make it back badly and everytime I want to quit, I keep buying more stocks. I don't know anybody w/ similar issue that I am facing and feel like you can provide me some advice on what I should do. I really need guidance right now and would love to contact you through email.
Thanks everyone for your advice. I did the same thing. I kept trying to guess what the bottom was and I would always say "It can't go any lower" but guess what...it kept going lower and lower and lower. I have pulled out a lot of my money and have started attending counseling. Thanks again.
Please remember this. Every stock you want to buy someone wants to sell.
Do you have more knowledge of that stock than your partner in the transaction? Many traders have legions of researchers working to support their trade decisions. Do you? Many traders talk with CEO's about the company and its prospects, analyze company's credit report. Will you? And believe it or not, many have or obtain, "insider knowledge." Can you?
If you really want to match wits with the pro's (and I admit, they frequently "get it wrong, too") your time might be better spent learning about a specific company or industry sector and its mid to long term direction, than learning the mechanics of trading. You make money on your assessment of the stock and its future, not on how you implement that assessment.
Good luck, regardless.
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