Hi all,
Many thanks in advance for reading this post.
Over a period of two months, I have recently lost £9,000 of my £11,000 life savings by trading (gambling in actuality) with CFDs on the price fluctuations of Bitcoin; this is obviously a highly risky strategy. For those unaware, Contract For Difference (CFD) trading is extremely similar to spread betting. I am deeply regretful because my actions, which began as a simple £300 experiment, turned into a £9,000 loss due to impulsive trading behaviours, such as panic selling and then buying back again in an idiotic cycle. I feel as though I deserve to be punished, to be honest. Upon reflection, it is obvious that I fell for the seduction of greed (i.e., I wanted to substantially increase the £11,000 savings for future retirement purposes, and I got badly burned because of my actions).
I am aware that time will heal this loss; however, losing £9,000 is a very painful experience and it is raw at present. Luckily, I had the insight to stop my foolish trading behaviours when I had £2,000 out of the £11,000 of my own money remaining; I have not accumulated any debt — no credit cards or loans. Furthermore, I am aware that, in the grand scheme of things, my £9,000 loss is quite marginal in comparison with the huge sums that certain unfortunate people have lost: for example, £200,000 on the horrendous FOBT machines. Also, I wish to confirm that I do not have a compulsion to "chase losses"; I intend to take on extra work to make the £9,000 back.
I would be grateful if fellow members could inform me of the following: how do you psychologically deal with your losses? It seems to me that it is merely a case of accepting the mistakes, moving on and ensuring that the same mistakes are never repeated (and to NEVER chase losses).
Many thanks again.
Best wishes.
I postponed my vacations. And someone advised me in this forum to take it as a past expense. I think it is a reasonable thought. However, the thought about the losses come back and haunt me from time to time. But I try to look at the bigger picture that I will save up my money again in one year so that I can enjoy the current moment. Good luck to you.
Take it as a lesson, never ever do it again I’ve lost £250+ k over 15 years spreadbetting and still fight the urge
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