Financial Horror Stories: Investment Gone Wrong

We’ve asked several people to share their financial horror stories with us with the idea that we can learn from their mistakes. Today we have the opportunity to get to know Tony, an accountant with a passion for personal finance. He started the blog, Budget Chew, to document what he has been doing in his personal finance life and hopes his experiences can be useful to others.

What is the biggest money mistake that you ever made and how did it impact your life?

The biggest mistake I made was when I invested in the stock market. When I invest in the stock market, my tendency is to look for short-term gains.

About four to five years ago, I was making a very good profit on a specific stock. I was able to follow the pattern and keep profiting for months. One day, I got carried away and started using margin loans to increase my buying power and therefore increase my profit. Back then, I was so confident that I thought using a margin loan was a no brainer: make a quick profit...

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