May I ask you in relation to any financial mistakes what they might be in order to avoid them
in relation to period 50 to 60 or 65? did you just use savings to support yoursefl?
I started investing directly in the stock market. I had no fear. Buying and selling. There were about a dozen companies that I studied. Making about €300 per week. Used Campbell O'Connor, so fees were low. I noticed that I could regularly do 30 trades on the trot, all showing a profit. I started to become reckless and began trading on gut instinct rather than fundamentals. I noticed that one trade done badly would easily wipe out all the 30 profitable trades. I did a bit of short selling, not recommended. It's all very well as some companies have a trading pattern but when the market price shifts.....you get caught.
Just before 9/11, I invested heavily in Insurance companies. Lost a huge chunk. Began to lose my nerve but kept on trading. It took me 5 years to get my losses back.
Then the recession circa 2007. Lost again. I had become more cautious since 9/11 so I began to invest in more "safe" shares. Lost another chunk of money. I more or less exited the market but kept about a half dozen shares that were showing a loss but the companies had good prospects. These came good and in the last few years I made money and got all my losses back. I sold half of my holdings when Campbell O'Connor closed last year....big mistake, the market has kept going upwards. I haven't lost any money but if I had held those shares, between profits and dividends I would say I missed out on about €40k. I have a decent amount of money sitting in an account in Davy, just sitting there, I don't want to go back in and buy at the top of the market. I also cannot purchase shares that I sold last year for say £25, that are now £30.
Just to end....I remember sitting on the balcony of a hotel in Spain, having a drink. I had been trading BP on a regular basis. I remember ringing COC and asking them to sell my holding while sitting on the balcony. I turned to my wife and said "that's the holiday paid for"..... a real Dell Boy moment.