If its any consolation mate, I have lost about 240, 000 over the past 10 years on the Aussie stock market.
>>>>>>>>>>>>>. Clearly you have never traded with a ‘trading plan’, a plan that apart from other essentials, dictates an exit strategy that preserves a good portion of your capital.
In fact I hardly made a paper profit.
>>>>>>>>>>>>>>>> Surely you are not ‘paper trading’ – so why mention it? The only profit you can claim is profits (after tax) from your sold position(s).
I lost 70K on South Pacific Petroleum (shale oil in Gladstone), 50K in Indochine Mining (the Mt Kare Gold Mine in PNG), 100K in Axiom Mining (Solomon Islands Nickle) and now down 60%, $20,000 on MXC in just 3 months. MXC has actually been the biggest and quickest loser.
>>>>>>>>>>>>>>> and your 'exit strategy' was?...... is?
Now, I am NEVER going to buy another stock ever
>>>>>>>>>>>>> well that to me sounds like very good self-inflicted advice. At least don’t buy another share until you realise that you MUST have a trading plan that includes an exit strategy.
and I contribute $800 each week into my Superannuation account after cashing in my Super 2 years ago to buy Axiom mining shares. I am basically starting all over again at 57 years of age and still need to finish my half completed house.
>>>>>>>>>>>>>>>. Too much information for here – not necessary.
So, the moral of the story is work hard, put your money into safe investments or real estate. Leave the stocks for the fool hardy because as an average investor, all the big guns know all the news before it becomes public.
>>>>>>>>>>>>> there are no morals to this story. It is a simple fact that when you enter this trading casino, you know the cards are likely to me ‘marked’. Your cash preservation is paramount. The real truth here is if you don’t have a trading plan you might as well walk into the casino wearing a hat bearing a ‘sucker’ sign.
Hence why so many small fry get burnt. I am well educated, but I still have no idea because the big boys manipulate this like a toy and we are just cannon fodder. There is no easy road to riches, so if you think it is here, then dream on. PS I still hold 500, 000 MXC shares but I expect they will be diluted to nothing and this will be a long drawn out loss in the end like all the others.
>>>>>>>>>>>>>>>>>> you are happy to see your 500,000 MXC disappear as well and add to your long line of losing trophies? Come on! I don’t get it! – No-one is ripping you off other than yourself. You are the one that buys and sells. Only you make the trade, a trade that should be based on nothing but your prepared and thoroughly calculated “carved in stone” trading plan, that is based primarily on your capital preservation. Your “planned” exit strategy should minimize your loses and maximize your profits.
I wish you ‘luck’ in the future, because without a trading plan, you will need all the luck you can muster. Sorry if that sounds harsh, but that is the reality of engaging with the market.
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