But to spell it out: what all new punters do, buy up all the crazy oil stocks hoping to make a killing. Believing tipsters and bulletin boards and the bloke down the pub.
Putting nearly everything in just a tiny handful of risky stuff and not having a balanced portfolio. Holding onto losers as they crash and hoping they will come back.
As you can see from the email this reader can't bring himself to sell even now. It's a terrible psychological problem. As he says he "might" plan a new strategy with proper stops. Will he though?
Never ever allow yourself to get into this sort of mess. Greed was part of it - "this oil share will make my millions".
Losing punters always think they will get the money back, find excuses for holding onto duffers, never use stops, etc. They never buy companies making real things with real profits, always hoping against hope their company will find oil or gold. They get influenced by idiots.
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