Stockhouse horror stories
No, I'm not talking about website horror stories - I'm talking about investment horror stories. I know a lot of SH members are down in their portfolios - some WAY down. In fact, I believe that there are probably a number of members who have been completely wiped out, particularly if they were long commodities stocks using margin accounts. When I say wiped out, I'm not talking about accounts going to zero, but accounts going so low that they're impaired to the point where they're not well enough capitalized to withstand any amount of volatility, even if markets rally from here.
So what's really going on out there? Any Stockhouse investors care to share stories about their losses? What kind of portfolio damage is being done, in percent terms? Worst plays? Goldsource Resources comes to mind for instance, from $20 to $1 in less than five months.
But I bet there are members out there who are still making money in all of this too - or at least not losing as much - how? Certainly not by buying companies with great mineral discoveries. No one cares anymore. Inverse ETFs? The HXD (the TSX 60 inverse ETF) Bullboard has been very active in recent weeks, so I know there are some investors there who are making some gains.
If you have a story, comment below or drop me an inbox message.
Good luck out there, and keep your head down.
ps - for myself, I've managed to hold pretty steady with my 50/50 gold/silver investment via Central Fund of Canada (CEF on the TSX). It's been fluctuating a bit, and I'm still a few points down from my entry, but at least I've still got an account! My public Stockhouse portfolio does not accurately represent my holdings right now. I hold only CEF as a medium-term bullion play, and I've got a very small long position in a 30-year US bond ETF that is a bet on further Fed interest rate cuts.
As a side note to that, both Sean Mason (my writing partner at SH) and I had our trades spotlighted on BNN on Friday. We both emailed our trades to the news broadcaster in response to their request for viewers to explain what they're doing in this market, and they reported on my profitable trade on HTU (the 30-year bond ETF trade mentioned above). They also reported on Sean's trade, which was a stink bid trade he placed on a penny mining stock that got filled UNDER his bid...