Hi all,
Fairly desperate situation I've found myself in these days/years. I'm afraid to say I've lost around £200,000 in the last 6 years 'trading' on the stock market. The fact that I don't know exacty how much is a sign of how out of control it's been I guess. Most of it was mine to lose (some inherited, mostly earnt) but have about 25k of debt now and absolutely nothing to show for it. I had always been very careful with money - when I had it in the years before this I could easily gone and bought a sports car but I wouldn't have done... now an E type looks like a pretty sweet alternative.
When I say trading of course I mean gambling. Originally I was patient, researched what I was buying or selling and did reasonably well at for what I was trying to do - I was lucky to have a nest egg and I wanted to grow it. That's all I wanted to do. I started to get involved with leveraged trading where I could effectively borrow money to trade and things can move very fast - at one point I made about 30 grand in over a month... thought I was a genius. But, of course, I wasn't. I was trading reckessly, putting far too much at risk and I was lucky. So when I started losing I made excuses... one huge loss of 50k; I couldn't handle it. Couldn't accept it. My answer has been to keep on trading - with less research and just being compulsive in placing trades- making some money here, losing a lot there. In the last fortnight I've lost another 6k and am completely broke. It's shameful. Suddenly it's like I've woken up out of a coma.
I know it's ridiculous but I think I'm only now wanting to stop - I've always convinced myself that if I keep it under control I can make money at it. I'm really struggling to accept that I've lost this amount of money.
Any advice welcome. Thanks.
You've done the hardest part which is owning up to it. It's now finding your way of moving on and sorting yourself out. Try talking to people or counselling as a start.
Stick in there and keep busy
Hi Suilven
Welcome to the forum and thank you for posting.
Loosing £200,000 in six years must have been quite a difficult time for you. You have acknowledged your gambling, describing it as reckless and making excuses. You say it felt like coming out of a coma.
Sometimes recognising you have a problem and taking ownership is the hardest part of the journey. However today you have made a progressive step, so well done.
You also mentioned having debts of £25K, try contacting the National debtline on 0808 808 4000 http://www.nationaldebtline.org for some information advice and guidance.
I would like to encourage you to call our helpline on 0808 8020 133 and speak to one of our Advisors. You can also use our free counselling service for additional support in your recovery process. www.gamcare.org.uk/support-and-counselling/free-counselling
Hope this helps
Kind regards
Cade
Forum Admin
gI feel your pain
In a similar boat, easy to believe that buying stocks and betting on the price of oil and Dow Jones or ftse is not gambling! It is investing I would tell myself. Really it's just red or black like every other form of gambling. The only people that win on the stock market are those betting with other people's money!
Cash is a commodity, it will come and it will go, don't dwell on it.
You could have bought a brand new rolls royce a few years ago and still be sitting on a similar loss.
It's obvious you are good at making money, focus on doing it your own way and investing the money back in yourself, stick it in a pension you can't touch.
Think about the positives in your financial position rather than chasing it.
I have started collecting books for a charity in Africa, this helping me understand that value of money and what I can offer to others
Good luck whichever path you take
I too have £250k losses and everything has suffered including my family and business, the lockdown has me back online spread betting and watching losses multiply!
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