Like Many People I have lost money in the stock market. I keep dumping more money in trying to win it back. I feel all I do at work is watch my stocks. I need to stop. How?
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.
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.
Submitted by ChrisMereza on Tue, 06/23/2009 - 22:15.
That's a very nice thing do but we all tend to do counseling after the debacle means after we have lost most of our savings or much of our stock investment.
Enrolling into a counseling or a program that teaches the best day trading methods in a better way to trade in the market.
Submitted by bendjamin on Thu, 02/11/2010 - 06:07.
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.
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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
...
Marysojo,
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.
Good luck
Abe
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.
That's a very nice thing do but we all tend to do counseling after the debacle means after we have lost most of our savings or much of our stock investment.
Enrolling into a counseling or a program that teaches the best day trading methods in a better way to trade in the market.
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.