Read? Uncle8888 did a Mind Flip
Next Mind Flip
When 2008 Bear hit on Jan 2008, I (CreateWealth8888) lost $76K on that month due to losses on contra trades.
From Feb 08 - Apr 08, I didn't lose but manage to make an average of $2.5K per month.
On May 08, I made another $25K and that really made me believe that I was smarter than the Bear and regained my confidence of making an average of $10K per month. But, unfortunately the Bear came back and hit me even harder. I lost on Aug 08 ($68K), Sep 08 ($18K) and Oct 08 ($31K).
I have never experienced two consecutive months of big losses before. It was nightmare and sleepless nights in Oct 08.
What was really wrong with me? TA not powerful enough? Books read not enough? So many why???? I did serious soul-searching.
Suddenly, one night in Oct 08 I have a Mind Flip and the next day I closed all my positions and stopped Contra Trading. The rest was history. I have survived the Great Bear of 2008! Lucky for me, right?
Posts
My comments on Xiaxue episode
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Some of my thoughts on the recent Xiaxue's name-and-shame fiasco.
First of all, I do not wish to take sides on who is right and wrong.
Because obviously it...
37 minutes ago
After your Mind Flip, do you still invest?
ReplyDeleteShort or long term?
Any strategy?
I can emphatise with you as I went through the same journey. Going back through my records, I was sitting on $500,000 paper loss at the end of 2008. By end 2009, it was down to $50,000 after I bit the bullet ans started aggressively selling some of the stocks at a hefty loss and re-balance it with more liquid stocks. BY end 2010, I was looking at a paper gain of $200,000. It was a rollercoaster ride but luckily I survived to tell the story.
ReplyDeleteX
Thank you Create8888 and anonymous X for sharing your personal experiences.
ReplyDeleteIt's good to put things in perspective as newer entrants to the markets just see the "on-stage" advertised successes and glories of "gurus" and summer days bloggers.
The tears and blood suffered at the backstage is often not revealed.
When I was staring into the abysss, the only one still sticking around is my reflection in the mirror (all the well meaning "advisers" disappeared).
At the end of the day, only we can do the walking ourselves.
You have the right investor mindset. You knew when to get out and not hang on to a losing position.
ReplyDeleteI know I don't have it. Thats why I am going for those trading platforms that allow auto-setting of stop loss or better still, trailing stop loss. Let me set these up when I am rational and calm. Then let the machine sell off for me when necessary.
Hi,
ReplyDeleteTrading is really hard. UTD lost(estimated) is 150K. And I very seldom trade. I mean short term trading. I choose the wrong counters & strategy lol. i think i am done with short term trading; i don't think i am going to be good at it.(No heart for it.)