I need your sincere advice here. I started trading LNGA:LN ETFS on my banker's advice in 2014. I did make around 80,000$ on different trades and finally the greed got to me when back in Sep 2014 I bought 13698602 units at the cost of 0.0364 for 500,000$. Prices jumped up within weeks to 0.043 and I had a chance of making 70,000$ right away but decided to hold on to make it BIG.
U.S. had a mild winter, with natural gas production at all time high, prices tumbled. And now since 8 months, I'm 70% underwater. If I exit now, I can still salvage 150,000$.
Would appreciate your help and input in this dire situation.
Mohammad, i feel your pain. We've all been there at some stage before. I don't think i can give you any specific advice, however what i have done in similar situations when facing a loss is to find a 'line in the sand' where if the market sells off beyond that point, you exit. This 'stop loss' must be obeyed...
And never, I repeat NEVER, put your "life savings" into a single asset, let alone a penny stock... which should be avoided at all costs no matter the amount.
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
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Given the fact that LNGA is currently trading at 0.01 USD it's very hard to actually say 'get out' OR 'stay in'. It might seem like the world's end but trust me it's not (I should know I've blown my account 3 times). If its money you absolutely cannot afford to lose then just get out and save yourself the pain in case something goes wrong. Also it's nothing to be ashamed of (although it is very painful) since even professional investors get hit quite often albeit being (hopefully) vigilant managers of their risk something you clearly weren't. What you shouldn't have done is pile in to ONE symbol with money you couldn't afford to lose. Then you got sentimental thinking 'it's gonna come back' when it started going south. The choice to keep it or cut it is totally up to you but clear your head and make a proper decision.
Best of luck
P.S: you weren't trading but investing. totally different ballgame based on completely different approach
Last edited by Vladis1985; July 8th, 2015 at 11:35 AM.
Like many have said, we have all been there and some are still there. No one can tell you what to do, just tell you what they have done. Personally, I have found the greatest mental relief by selling it all and moving on. It is too easy to get married to a stock. Don't get wrapped up in trying to get back to $500k. Most people start by losing a lot, then move to losing a little, then break even, and finally begin to consistently make small profits. You have the first part over. Protect your cash and trade small positions until you can consistently make the small profits, then move more money in. I don't know how many times I burned myself by thinking I am a genius after a big (and usually lucky) profit. You are not alone and good for you for seeking advice.
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