I gambled fairly occasionally for 10 years. I understand risk. Too well. Have not gambled for 5 years. (It was not a problem, I then saw the light).
As an investor, I need to go on hard data and sector performance and I can not understand even one company by myself, because I do not work there which is where indicators and mentors massively help. Investing blind is gambling imo.
No offence meant but I feel its a crying shame that there are people out there who think they are not clever enough, or well informed or do not have the money to get involved in something that could lift them out of poverty. Saying you need paid advice on this forum sends the wrong message. Just my opinion.
I liked the comment about the monkey and walking down Wall Street ! I’m going to buy the book.
It’s so so true! Even more so in a resurgent market!
Anyone saying they know what is going to happen Is a liar.
I took a HUGE loss early on in my investments in 2014. But I now know it was the best thing that could have happened to me early on or else I’d have repeated the same mistakes eventually until nothing left.
Things that went wrong;
Not taking profits - my loss was once a HUGE gain
Eggs in one basket
Obsession over one position
Only interested in hearing positives
Denial
Averaging down on a huge loss and continuing too even after numerous 50% drops.
6 years later
I now remove myself from the emotion on shares sometimes even selling just to remind myself that it’s only a profit once sold.
Ignore broker recommendations
Ride a loss for longer before averaging down
Or sell altogether.
I buy because I want to and I want to be vindicated in my thought process - if I buy on a quick tip without much thought then I do so knowing the money could be gone forever.
I enjoy it - this is important (if you are having sleepless nights you have gambled too much of your money on one or many positions)
Anyone else have a list of what went wrongs and how you have overcome these.