Lost $100K on the Smarket today. Help?

Answer 1

by "Smarket" I assume you mean the stock market, correct?

***
I also assume that the 100k is a significant amount for you, or you'd not be here asking for help.

Here's my advice ... go flat immediately. Sell all positions, NOW.

***
If any loss in the markets is so large that it causes significant emotional pain, your position sizing is incorrect and you are in severe danger of going broke.

Trading, according to Dr. Van Tharp (US psychologist who studies traders), is 60% the psychology of the trader, 30% position sizing, and only 10% everything else [system, entry, exit, brokerage, order management, paperwork, etc.].

Since he's only been studying traders for over 20 years, Dr. Tharp likely has discovered a couple of things about trading that really are truth.

{Disclosure: except as a customer, I have no financial interest in Dr. Tharp's work, books, or programs.}

***
If you do not know what 'position sizing' is, or how to safely manage it -- get OUT of the markets NOW.

After all, the pros and sharks who are taking your money today only want to take all the rest of it as quickly as possible. Until you are playing with the same tools and understandings they use -- you haven't any realistic hope of winning.


I'd wish you good luck, but you don't need luck -- you need strategy. LEARN.

Answer 2

No help for it, stocks you chose went down and you're out of luck. Hopefully they will rebound. If not, I guess you get a write-off on your taxes if you sell/sold at a loss.

Never invest what you can't afford to lose.
Never invest on margin.
Never borrow money to invest.

Answer 3

Sorry about that!

Answer 4

don't jump