Lost over 15K in savings by doing this - Writing this to remind myself what an idiot i was with my investment account.
I put some savings aside since before covid and then I started "playing" with options. I thought i had figured out how to deal with this putting
stop loss orders to manage risk and avoid big losses. However, I got assigned stock for a short leg of a vertical spread I had, when AFRM started dropping in 2021-22. I sold the long puts and decided to wait and be more flexible with my risk tolerance, after all the market would always bounces right? Well i was very wrong. Timeframe is really important and decided to ignore that thinking I had enough time for the stock to bounce a little and recover part of my losses.
Then the market started to tank... I lost control of it after it went down by 10K and by the time i was down 15K and I had lost more than half my savings, my mind went numb to losses. I started trying to pick long only options to recover something but since then I rarely got a good win to help me but me back on track. A lot of the stocks I invested in never bounced back, all because I was following the trends and investing in what other people invest.
I would blame it on the news and stock research, sites sometimes gaslighting stocks that seem solid but ultimately it all comes down to one's research and self control to manage risk.
Today I got f'ed by $ON, which was a very solid stock based on my research. Not a huge blow compared to AFRM, but this time I give up. I will leave my account alone for a while and let it be, hoping for a stock market rally to cut down my losses...
Needed to rant, opinions and feedback welcome as there's nothing left to do but keep saving and grinding. Stockmarket
Lost over 15K in savings by doing this - Writing this to remind myself what an idiot i was with my investment account.
I put some savings aside since before covid and then I started "playing" with options. I thought i had figured out how to deal with this putting stop loss orders to manage risk and avoid big losses. However, I got assigned stock for a short leg of a vertical spread I had, when AFRM started dropping in 2021-22. I sold the long puts and decided to wait and be more flexible with my risk tolerance, after all the market would always bounces right? Well i was very wrong. Timeframe is really important and decided to ignore that thinking I had enough time for the stock to bounce a little and recover part of my losses. Then the market started to tank... I lost control of it after it went down by 10K and by the time i was down 15K and I had lost more than half my savings, my mind went numb to losses. I started trying to pick long only options to recover something but since then I rarely got a good win to help me but me back on track. A lot of the stocks I invested in never bounced back, all because I was following the trends and investing in what other people invest. I would blame it on the news and stock research, sites sometimes gaslighting stocks that seem solid but ultimately it all comes down to one's research and self control to manage risk. Today I got f'ed by $ON, which was a very solid stock based on my research. Not a huge blow compared to AFRM, but this time I give up. I will leave my account alone for a while and let it be, hoping for a stock market rally to cut down my losses...
Needed to rant, opinions and feedback welcome as there's nothing left to do but keep saving and grinding.