Check out this post I read on a message board just now.
Feel like dying
3 weeks ago when DOW was around 8100 everyone was saying that we are due for a 10-15% pullback so I bought SDS, SRS, FAZ with a small amount of money I was willing to risk for a quick profit. The market then kept going up and up. I assumed it would eventually come down and I doubled down 5 times now. I'm now down over 70k in only 3 weeks. After taxes it takes me over a year to earn this much money at my job. My wife wanted to go to a vacation in florida and I told her it was too expensive (cost $1k total). Instead I intended up losing 70k. I just feel like selling all the short stocks I have and then killing myself before I lose anymore of mine and my wife's hard earned money. I don't understand why gambling is illegal here, but not buying these stupid inverse ETFs?
This guy just proved to the t what I was talking about earlier. He made the classic mistake of going all in by doubling down over and over on a losing trade. Now he has been reduced to a crippled dear in the headlights. Please learn a lesson from this guy. He broke the golden rule of trading and paid dearly for it.
The funny thing is that these were the types of posts I saw in 2001 after the tech bubble burst. People doubled and trippled down on their favorite tech stocks and became stuck like this a guy. What do you think this suggests will happen next with the market?
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