You can imagine why it has taken so long to pluck up courage to even post this, i need to though to not only she others how hard it is and not make my mistakes and for me to look back on in a few years time and think WHY.
Well i finally did it and put in £3,000.00 the funny thing is if i had put another £500 to a £1000 in i would be ok because the minute i lost everything the market changed in my favour.
WHAT WENT WRONG
Well i knew better of course and got greedy by not sticking to any rules i had learn't in the past, i was ok in the fact it was nice to buy multiple shares in different companies some gained some lost and the gains out did the losses so i was up.
The problem started when the UK 100 wasn't going my way and i just held on and on with a sleepless night and before i knew it i was a few grand into this share with no sign of getting out, there was too much tied up for me to just close the account. When the share started coming back in my favour i thought this was it and placed a couple more hedge transactions trying to get my money back fast, the result was that the shares then turn against me and this time because of the henge transactions it was losing more.
I may have been ok in the long run with this UK100 but for the fact i had also bought shares in a couple of other companies which were both minus £200 each, i think if it wasn't for them i would still have been in the UK100.
At some point i had to nip off from my pc for half an hour and after closely watching for two days i came back to find everything had been closed due to no funds, if only i had topped funds up before i went away.
What i have learnt is by having more cash i stayed in longer but still lost the lot i am now thinking i need £4,000.00 to £5,000.00 in minimum to keep afloat and not 2 or 3 as i have been saying. Even with this amount i still need to obey simple rules like only buy 50p stakes and don't go silly by getting £10 stakes, i was doing well having about 10 different companies with 50p stakes and should have stuck to that.
The end result after managing to lose nearly £3000,00 in two day is that i was left with about £300 on the Friday of which i took nicely down to about £140 by Friday eve and Monday morning, so that was it this time last week i was playing with 3 grand and on Monday i had £140.00
This week
I have tried to set a target from monday of trying to get just £9 or £10 a day with a view of getting a couple of grand in a year, i want to use this experience to learn how to handle money how to walk away after making a few quid and how not to buy expensive shares thinking i will get more in return. It's mad i made about £30 on Monday off 50p share having only £140 in account which is more than i made having 3 grand and nothing to show for it..
I will keep going as long as i can and try my hardest to keep things simple ie 50p on UK100 and draw out small amounts until i reach my £10 a day. Up to now (7am weds morning) i have £211 and it's so far so good but then again it's only day 3
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