GV, Re : "run the portfolio the way you know best, cognizant of the lesson learned. Do not try and "get the money back" that you lost."
Very wise advise, IMO. I think it is better to loose and learn to do better in the future.
Hightechhooper, I am very sorry to hear that you are in this situation. Lots of my friends are in similar situation and have tried different strategies (low-interest credit cards, writing covered calls, borrowing money from friends, selling of some stocks at a loss, etc).
A few years ago I was in a high-risk, but less serious situation (with call options, but not with margin). My first few attempts with buying calls made me easy money and I got a little carried away and bet all the profit (fortunately, it was only the profits) on more leaps. Eventually, they expired worthless. My strategy is now geared more towards writing calls, which is lower reward, but lower risks. The point of the story is : I am not sure I would have changed my investment style without this loss and it would have most certainly hurt me at a later date even worse.
My advise to you is, try to either take a loss by selling some of the stocks, or try to give up some of the upside by writing covered calls and generating money. Your health and a peace of mind is worth much more than quick, high-risk investment in the stock market (Though, I must admit, all my current investment in is in large cap high-tech, but the risk is minimised by writing covered calls).
good luck.
Maui. |
