Hi, I'm trying to decide whether or not to exit my position at a loss, of 50% rite now OR hold onto this for another week or so. Wait to see the price/deman of oil how it trends, most likely contingent on a success or fail of these re-openings. Any positive advice is most welcome. thx
Hi Mark. You and thousands of other people in the same situation. If there is no understanding, on how the things works, it makes such a man the same as those who buys lottery tickets. (At least here - one can stop.) Close the position and accept the reality that you have a lot to learn. Then install some proper sim/demo account and spend next 6 - 18 months, trading in there with paper money. Don't waste hard earned money, since there's little to none of support for YOLO idiotism in this net corner. After those 6 - 18 months, come back, and start trading/investing with little amounts. ($200 - $1000) No shortcuts. (those are reserved for fools)
Thx for your frank and to the point advise(s) I really am under ZERO illusions of becoming one of the Lambo / Jet cruising people, a lot of those are just ppl trying rake in ca$h from folk$ that know zip about what it is they are about to sign up for when joining there 'classes' on how to trade. Would be nice to make 500-1000 / week. This would at least pay the bills. I just hit retirement, companies are wanting to hire younger professionals than myself. Besides the Architectural profession is more than suppressed at this point in time. If there are also some 'valid' and reputable resources that I could sit watch / listen and learn from that you'd care to offer I would really appreciate you sending these my way. Best. Mark.
After 3 years of learning, i could say that 70% of the lessons comes trough practice, failure, reinventing, trying again, failing and repeating. That's what you should do. Even if you read the best books out there, some of the strategies just might now work for you. Had to reinvent myself, my approach somewhere between 7 and 10 times, until found the way that works for me. Get the best books out there, emerge yourself into the great minds of the best players in this game, like Ray Dalio, Warren Buffet, Paul Tudor Jones, Howard Marks etc. (lots of stuff on youtube) And another simple, but literally life saving advice - never, never, never - trade anything - that has limited profits and - unlimited loss. This is gold, there's a lot of lessons in a single video : Don't put limits on yourself ; ofcourse, starting small is wise, but keep em dreams big. That's the juice of life, going for something big. Despite the age. timestamped
Much appreciated! A big le$$on came yesterday when, I finally decided to close / dump / ditch my position in $SCO. As painful as this was I am hoping that I have learned something! My main 'takeaway' from this is to NOT get into a type of stock that I am unfamiliar with, EVEN if family suggested this!