Author Topic: How to deal with losing $117k in stock market?  (Read 29285 times)

privatefarmer

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Re: How to deal with losing $117k in stock market?
« Reply #150 on: September 10, 2018, 03:10:56 AM »
as a fellow pharmacist, I feel your pain brother. I am sure you are like the rest of us PharmDs and looking for an early retirement... particularly in retail pharmacy, I know burnout comes quick and hard. my .02 :

1) if you are in retail pharmacy, get your BCPS and try to transition into inpatient. the burnout is far less as it is much slower paced and less strenuous.

2) spend your free time reading bogleheads.org. it will teach you everything you need to know about investing. also buy all of john bogle's books and as others have said, jlcollinsnh.com is a fantastic resource.

put the past behind you. you got very fortunate to be one of the lucky few to make it into pharmacy school. so you got very unlucky with some stocks. it all washes out in the end. you win some, you lose some. use this as an opportunity to pick the right path going forward (in other words, index funds).

Full_Beard

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Re: How to deal with losing $117k in stock market?
« Reply #151 on: September 15, 2018, 05:41:35 PM »
I think you ought to max your retirement account options, make additional payments on your student and mortgage debt, invest monthly amounts  in an SP500 Index in a taxable account, and if you can continue to do that and invest in stocks, then you should develop a strategy for doing so. And this, by the way, isn't a strategy for buying stocks:

Quote from: Fuperw84
I went through all holdings in XLE and OIH ETF and mistakenly loaded up on anything near 52 week bottom. Biggest mistake ever.

A chunk of folks here seem to think you have an addiction akin to an alcoholic. You might; I can't say and I avoid making diagnoses over anonymous forums on the Internet, but if you have a problem, you need to have someone else manage your finances while you get treatment. It's hard enough to make rational decisions without fighting an addiction; it's a recipe for disaster to try to make those decisions when also influenced by addiction.

Fuperw84

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Re: How to deal with losing $117k in stock market?
« Reply #152 on: September 18, 2018, 05:42:30 PM »
as a fellow pharmacist, I feel your pain brother. I am sure you are like the rest of us PharmDs and looking for an early retirement... particularly in retail pharmacy, I know burnout comes quick and hard. my .02 :

1) if you are in retail pharmacy, get your BCPS and try to transition into inpatient. the burnout is far less as it is much slower paced and less strenuous.

2) spend your free time reading bogleheads.org. it will teach you everything you need to know about investing. also buy all of john bogle's books and as others have said, jlcollinsnh.com is a fantastic resource.

put the past behind you. you got very fortunate to be one of the lucky few to make it into pharmacy school. so you got very unlucky with some stocks. it all washes out in the end. you win some, you lose some. use this as an opportunity to pick the right path going forward (in other words, index funds).

I took years and a lot of money lost but i'm finally understand it now. There's no magic formula to financial independence and escape retail hell as a pharmacist. You you have to prioritize. Work and save your hard earned money and pay down debts. That is the only way!

Fuperw84

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Re: How to deal with losing $117k in stock market?
« Reply #153 on: September 18, 2018, 05:50:45 PM »
This week has been difficult but I still have resisted all temptations to buy stocks. This is 24 straight days without stock trading. I unblocked CNBC again but watching a lot less. I have a strong urge to buy bitcoin and Tesla stock today but went on a 4 mile jog to kill the urge. It doesn't make things easier with me leaving for a new job and I just got a huge lump sum check for unused vacation of $17,000. Seeing that much money deposited into my checking account is major temptation but I'm determined to keep it in my bank account as emergency fund.

boarder42

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Re: How to deal with losing $117k in stock market?
« Reply #154 on: September 18, 2018, 06:19:01 PM »
This week has been difficult but I still have resisted all temptations to buy stocks. This is 24 straight days without stock trading. I unblocked CNBC again but watching a lot less. I have a strong urge to buy bitcoin and Tesla stock today but went on a 4 mile jog to kill the urge. It doesn't make things easier with me leaving for a new job and I just got a huge lump sum check for unused vacation of $17,000. Seeing that much money deposited into my checking account is major temptation but I'm determined to keep it in my bank account as emergency fund.

Put it in a fucking index fund Jesus. Then you're invested in everything. And you can just watch the broad market and not care.

Full_Beard

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Re: How to deal with losing $117k in stock market?
« Reply #155 on: September 19, 2018, 12:36:32 AM »
Quote
Put it in a fucking index fund Jesus. Then you're invested in everything. And you can just watch the broad market and not care.
Right, if you're fighting the urge to gamble on Tesla and Bitcoin, this is the best advice for you.

pbkmaine

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Re: How to deal with losing $117k in stock market?
« Reply #156 on: September 19, 2018, 01:48:50 AM »
Quote
Put it in a fucking index fund Jesus. Then you're invested in everything. And you can just watch the broad market and not care.
Right, if you're fighting the urge to gamble on Tesla and Bitcoin, this is the best advice for you.

And if you don’t want to die alone and broke, please seek help from an addiction counselor or a program like Gambler’s Anonymous.

marty998

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Re: How to deal with losing $117k in stock market?
« Reply #157 on: September 19, 2018, 02:01:32 AM »
This week has been difficult but I still have resisted all temptations to buy stocks. This is 24 straight days without stock trading. I unblocked CNBC again but watching a lot less. I have a strong urge to buy bitcoin and Tesla stock today but went on a 4 mile jog to kill the urge. It doesn't make things easier with me leaving for a new job and I just got a huge lump sum check for unused vacation of $17,000. Seeing that much money deposited into my checking account is major temptation but I'm determined to keep it in my bank account as emergency fund.

Ok look, congratulations on your willpower holding up, but there are two things here.
Bitcoin has no fundamental value.... just because it is down 70% in 9 months does not make it cheap.
Tesla is guided by the whims of a man who has not shown a lot of mental stability in recent weeks.

Am a little curious as to why you think they are good investments, as to me this shows it is obvious why you lost $117k in the first place.

But first, if this is your emergency fund, go put it in a time deposit.

talltexan

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Re: How to deal with losing $117k in stock market?
« Reply #158 on: September 19, 2018, 07:27:45 AM »
OP may not know this, but "time deposit" is australian speak for "certificate of deposit".

BicycleB

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Re: How to deal with losing $117k in stock market?
« Reply #159 on: September 19, 2018, 07:33:08 AM »
@Fuperw84, congrats on 24 days. Keep on being strong, you're doing exactly what you need to do.

boarder42

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Re: How to deal with losing $117k in stock market?
« Reply #160 on: September 19, 2018, 07:35:49 AM »
OP may not know this, but "time deposit" is australian speak for "certificate of deposit".

i didnt know that thanks for that tip.  its like we all speak a differnent language around here.

Full_Beard

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Re: How to deal with losing $117k in stock market?
« Reply #161 on: September 19, 2018, 11:10:46 AM »
Quote from: marty998

just because [Bitcoin] is down 70% in 9 months does not make it cheap.

That's worth repeating. That was your crazy earlier strategy, i.e., buy stocks that are at their 52-week lows. That makes no sense, unless you're also looking at the company's fundamentals and have sound reasons to believe its under-valued or correctly valued but going to make a turnaround.

You can't possibly say either about Bitcoin or Tesla. That's stuff to buy with your 10% play money while your 90% sound money is doing work for you in an SP500 Index fund.


smallstache

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Re: How to deal with losing $117k in stock market?
« Reply #162 on: September 21, 2018, 11:18:36 AM »
Am a little curious as to why you think they are good investments, as to me this shows it is obvious why you lost $117k in the first place.

There is four pages of history in this thread that will satisfy your curiosity.

theolympians

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Re: How to deal with losing $117k in stock market?
« Reply #163 on: September 21, 2018, 04:07:54 PM »
Do you have a retirement account? 401k, 457, IRA etc? Like was posted above, invest in index funds!