HairyMoose
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Sean Quinn is in the Irish news an media almost permanently at the moment.
He was once Ireland's richest man, but he dabbled a bit in CFD's and loss an awful lot of money, his businesses and maybe even his family home, eventually.
He bought CFD's in the now delisted Anglo Irish bank at the wrong time and instead of offloading some or all of them when Anglo plummeted he borrowed money off Anglo and averaged down to the eventual tune of €2.5 billion which is an awful lot of money.
There are lesson's to be learned from for us minnow traders from his exploits with Anglo.
1. Even as a billionaire you are not bigger than the market.
2. Don't forget your stop losses !
3. Be careful with averaging down !
4. Don't trade more than you can comfortably afford to lose on the stock market.
5. Don't get over leveraged.
He was once Ireland's richest man, but he dabbled a bit in CFD's and loss an awful lot of money, his businesses and maybe even his family home, eventually.
He bought CFD's in the now delisted Anglo Irish bank at the wrong time and instead of offloading some or all of them when Anglo plummeted he borrowed money off Anglo and averaged down to the eventual tune of €2.5 billion which is an awful lot of money.
There are lesson's to be learned from for us minnow traders from his exploits with Anglo.
1. Even as a billionaire you are not bigger than the market.
2. Don't forget your stop losses !
3. Be careful with averaging down !
4. Don't trade more than you can comfortably afford to lose on the stock market.
5. Don't get over leveraged.
