time for a lecture for me it is easy..as..i have the required experiences.. both in relation to mental well being and trading dynamics..so..in other words..i know exactly what to do..what not to do..when to do it..and when not to do it.. as a precaution..i only risk money that i do not need..which is money i have already made.. i don't not want to make loads of money..simply.. because i do not need it..it is called "funded contentment" by some..but in lay mans words it just means "i already have enough to live comfortably on" this can only be that way providing you have NO DEBT..this is crucial..and IMHO is the first thing that needs to be accomplished before you even consider the making easy money bit.. the hard facts are always hard to swallow..hence. we still see here today..even more monkeys than we had back in 2000..when i was that Gorilla that i mentioned previously!!!!! end of lecture
You might wish to send a PM to @themickey He spends a lot of time in the metals space, far as I know, and might have a way for you to transition your silver holdings into a different metal and come out on top..
I've been thinking for more than 10 years now, thank you. I cooked up the most crazy ideas and combinations; partly based on the numerous charts that have been posted here. I'm creative, but just not smart enough...
How much did you invest and how much did you lose? Are those unrealized losses? Never listen to experts. Not in this thread either. I've had my share of losses - but always shrugged them of confident I'll make it back in the future. I suppose we all handle it differently as our response to risk/losses are different. Also a big difference between losing your life savings at the age of 60 and a smaller sum at the age of 20.
Risk is a young person's sport. I can't imagine being a 65 year old Colonel Sanders setting off across the country to seek my fortune, finally.
Just if this helps you...there are numerous smart people who act in the dumbest way when it comes to trading. It is a war. And you need to prepare for it. But as the thread says...you need to know the obvious...otherwise it will all come to a nought. The silver lining is many people lose a lot of money before they become consistently profitable.
Yes, unrealized losses. I'm still holding the risky silver investments I bought in 2013. It's a bit of a long story. All of this was done in a pension account I decided to start actively "managing" myself back in 2004. Things started out ok but fell apart when I bought into the precious metals hype after the 2007/8 financial crisis. Account balance: 2004 - £40k 2007 - £90k 2013 - £55k 2019 - £8k 2021 - £9k If only I'd left the £40k in the stock market in 2004 and done nothing... If only I'd seen sense in 2013 and invested more sensibly... If only I'd pulled the trigger in early 2019 and gambled on Bitcoin... I know it's pointless dwelling on this and beating myself up about it but it's not easy facing up to what an utter fool I've been. --------------------------- Maybe the right thing to do would be to forget about the past, ditch the silver investments, and start again with the £9k. However, that's easier said than done.
To be honest - a £31K loss in one trade stings, but I've probably lost considerably more myself in tuition to the market, although over several accounts as I've been learning to trade. If only...I'd invested in the stock market 10 years ago and didn't pursue day trading I would have been far, far better of myself. But hindsight is always 20/20. I can't give you any advice on what to do, but regardless of if you keep holding or liquidate it, you need to archive this as a loss and forget about it and move forward.
Sorry to be blunt...but are you sure you have learnt from the past? Gambling based on hype, taking position and not doing anything are few habits that is sure to blow one’s account up.
Well, I've learned that I'm no good at speculating. I suppose the sensible thing to do now would be to just put the £9k in a conservative fund. But even if it doubled by the time I'm 70 (in just over 10 years) it would hardly be much use as a pension. A useful sum would be over £100k but that would require 1000% growth in 10 years. Which would presumably involve high-risk/gambling?