I signed up and made my first deposit in COL Financial sometime in 2014 and here are some mistakes I still cringe on and make me bang my head to the wall.
- I became most of the time impatient. Really. It seemed the after I buy a stock it immediately plunge to bottomland. The prices go way down and it seems a really long time but then eventually they go up again and by then I have already sold my positions at a loss. I did this countless times.
- I chased falling stocks without a ground, stable information. I did this for PLDT because I was hoping it would go back to its 3000sh Php old glory but, oh well.. I also did this to a lot of stocks who have come and gone out of my portfolio.
- I panicked and it happened lots of times. I guess this goes hand and hand with number 1. I’ve seen too much blood in my portfolio but somehow, they go turn green again but since I mostly panicked, I seldom benefitted from the rebound.
- I got hyped. Most of the times, I ‘feel’ that THIS stock is the next big thing so I buy hundreds of thousands of pesos and then watch it plunge to bottomland.
- I got hyped because I believed the people/ gurus I happen to follow in Facebook. Really, most of them are just hyping stocks because they are also ipit. There are probably legitimate teachers/traders out there but I was not wary who they really are. I fell a lot from these hypes because I was a newbie, was easily impressed with their technical analysis, believed and impulsively bought their recommendations.
I think that the game is really for long term. Tsupit is mostly for the masters of the game or for the lucky ones. Had I stay put with my first BPI stock that I bought at 34 Php and just continued to buy I coud have millions now. But then again, oh well.
One thing I did right though was I just continue to deposit in my COL account and treated it as my piggy bank. To date, I have an overall loss of more or less 50k Pesos but I still consider it okay since at the moment pse is down. Although a lot of my positions in my current portfolio are basura because I got hyped.