Hi everyone, I lost around 1.75 lakh rupees in options trading now including the amount which I take from my credit card in order to recover my loss. Now I have to pay EMIs. By the end of the month my entire salary gets used up and I have to manage my expenses using a Rupay credit card. Then next month, a new EMI is added every next month.
I am literally depressed now. How can I recover my loss. I started trading options because I already have a loan on me. In greed to repay all my loans early. I lost 1.75 lakh more.
Salary is between 25000-30000. Now loans and all become 4.5 lakhs.
What should I do to recover my loss and pay my dues. Please suggest something.
Need help.
Firstly stop trading. Pay the loan amount every moth as much as you can. It will affect your credit score but will get out of that don't take new loan and credit card.
You are right, I am paying my EMIs timely every month. I will first pay all the dues.
Just stop trading. If you cannot control yourself, options trading has become an addiction for you and you need to work on getting rid of it.
No easy alternative to it. Do better at your job, upskill as much as possible switch to higher compensation and clear off your loans and then start afresh.
You need money to make money in trading, you just cannot do it in this way with your current salary or taking out loans.
I don't know if it's possible for you but get rid of options trading. Equity trading will do wonders for you just give it time and patience. Wealth creation is a long term game. No shortcuts.
I made this loss due to the greed of just getting more profit.
Start investing, stop trading, you're addicted to trading and now you'll start revenge trading which is even worse, so I'd suggest you to delete the app and start investing
I will start investing now. We can make wealth with investment only. Trading is a short term profit.
Harsh truth is - focus on repaying the loan first now and GIVE A BREAK to trading.
Few of the very important rules which you learnt the hard way are -
1 - only trade how much you’re prepared to lose
2 - never take loan to put money in the market
Take your time to accept the loss and detach from market for a while.
Remember- Life is long , no need to rush to make money, Only 5-10 % of people are actually making money in the market. So take this time to learn more about trading strategies, start very small and even start from paper trading.
Let it take how much ever time to repay your loan first, grow in your profession and make wealth there and then think about putting money back in the market.
Again, don’t rush - let it take a couple of years (given that you might get some bonuses from company) . Plan your strategy to allocate the money for loan repayment. In the end - it’s OKAY - everyone takes heavy losses and then market teaches the lessons , even I have had losses in lakhs. But what worked for me is - detachment for a while and enjoy other parts of your life 🙂
Money is important but not everything.
Thank you so much for your valuable suggestion.
You learned a lesson. Now stop repeating it. Understand risk tolerance and move on. Switch jobs and hopefully this won't be as much of a hit as you think. People have gone through far greater losses in Options so consider yourself lucky.
Stop all non-essential expenses. Repay the loan which has the highest interest rate (must be your Credit Card Loan) Then repay your other loan.
Yeah I stopped spending money on unnecessary things but even after this, I don't have a single penny in my pocket by month end.
First convert your credit card bill to monthly EMI’s and stop trading. It can be challenging to leave trading but you have to do it. Until you finish all your loans do not even think of coming to Stock Market. Build some capital and then think of coming to stock market.
Yes right, I will never come to trading again, it's due to some finfluencers who made hype that we can get lakhs of profit with just 10k-25k money in hands.
Merge all the loans + credit card bill together by taking personal loan so that one emi you will have to pay. If emi is high then increase the loan tenure. And Start SIP MF.
Ducking dekte the app moron, stupidity is the second cause of human sufferings after desire
Hi Community members
I have lost 20 Lack in the stock market now working in a corporate company. Now my monthly EMI (80k) is double than my salary.
I stay in a rented house with my family in Bengaluru. Salary what I'm getting is enough...
I worked hard to get home loan and paying it on time but had a few important things to do and due to that I had a debt of few lakhs ! Now in a bad situation though if I get time I will be able to repay all of them. Lenders are not ready ...
He has a total debt of 7lacs including all PLs and credit card bills. His salary is 7lpa. Pls suggest how get out of this.