On this day (just so happened to be my girlfriend's birthday - maybe i wanted the two to correlate somehow hahah) I claimed the stock market had hit bottom. Now, anyone with a brain in finance and most people with common sense will tell you that these things can not be predicted, but feeling bold I tried and as you can imagine I was wrong. Luckily, the market did not have much further to decline because I rushed in to start investing.
The second mistake I made was to dump the majority of my funds into the market all at once into only a few stocks, hoping that I could capitalize on the volatility - too bad volatility works in both directions because ING ended up cutting my portfolio in half.
The third mistake was to try and correct this mistake by dollar cost averging in very small amounts. I thought that I might as well make the best out of my two previous mistakes, however, I invested in such small amounts each time that I cost myself a few hundred dollars in trading fees.
Ok, so moral of the story is when you invest do the exact opposite of what I did!!!
About Me
- Quinten08
- I am a graduate of the University of Connecticut Business School where I recieved degrees in Finance and Economics. I worked at UBS for a short time exploring the world of personal finance, but made a move to corporate finance where i work as an analyst for the Travelers Insurance Company.
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