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Started By
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What did u investors or watchers of ol Wall Street feel like last time we had a red blood
Posted on 7/30/24 at 9:16 pm
Posted on 7/30/24 at 9:16 pm
Bath and everything went to shite. I remember in 07 or 08 …the market just bottomed out one day…everyone freaking out…i was new to investing then…i freaked out and pulled out my $10k in edward jones acct which was prob at $6500 by the end of that week. Stupid me. Should have doubled down and added more influx of cash. Thats my biggest regret in dealing with the market.
5
Posted on 7/30/24 at 9:56 pm to SuckerPunch
If it bottoms out again I’ll be ready
Posted on 7/31/24 at 6:39 am to SuckerPunch
I mean we kinda had one in 2020. It was something like a 30% drop in 1 month. I panic sold every position in my Roth. I ended up buying a bunch of XOM a few months later around $40 cost basis which saved my arse, still holding those today.
Posted on 7/31/24 at 8:00 am to Sir Saint
Didn’t have much money in spring of 2020. I was a resident at the time. I figured it would bounce back or society would crumble so I opened a brokerage account and put 2k in there. Didn’t perfectly time the bottom but did pretty well. Wish I had had more to work with, but if I had been in possession of large cash I probably would have been way more nervous and less logical.
Posted on 7/31/24 at 8:42 am to bulldog95
quote:
If it bottoms out again I’ll be ready
Everyone says this, but it takes BALLS to jump back in after huge dumps.
Posted on 7/31/24 at 8:44 am to GeauxTigers123
I stayed on the course I was on and will continue to do that.
Posted on 7/31/24 at 8:48 am to SuckerPunch
My plans takes into account recessions and big red days so I don't really change anything.
Posted on 7/31/24 at 8:49 am to I Love Bama
quote:
Everyone says this, but it takes BALLS to jump back in after huge dumps.
Which is always why its so funny seeing people talking about "taking profits" and buying back in after the inevitable drop.
If you are in cash and are waiting for "good" news after a big drop, you will be WAY late and damn good chance you come out behind after factoring in tax consequences.
Posted on 7/31/24 at 10:12 am to SuckerPunch
I've got 3 or 4 retirement/brokerage accounts. The retirement, I wouldn't touch. Never really have deviated. I'm 20 years away from retirement, so the market will recover by then. I contribute at an even pace and don't change the funds.
My brokerage account isn't life changing money, but it is being saved for a specific purpose. I think I would have a hard time not panic selling if the SHTF, but I think the purpose of the fund would just be delayed if the market tanked.
I have a managed account that I let the account manager make the decisions on. And on that account, I'll live by the sword and die by the sword. Started the account designated to save for a truck, but then I bought the truck and didn't pull any money out and now I view it as a taxable retirement account. Don't think I'd make any rash decisions with that one.
I am curious about strategies for you guys who sit on cash looking for a buying opportunity. At what point would you decide to launch a bunch of cash into the market when it's going down? If it tanks 20%? 30%?
My brokerage account isn't life changing money, but it is being saved for a specific purpose. I think I would have a hard time not panic selling if the SHTF, but I think the purpose of the fund would just be delayed if the market tanked.
I have a managed account that I let the account manager make the decisions on. And on that account, I'll live by the sword and die by the sword. Started the account designated to save for a truck, but then I bought the truck and didn't pull any money out and now I view it as a taxable retirement account. Don't think I'd make any rash decisions with that one.
I am curious about strategies for you guys who sit on cash looking for a buying opportunity. At what point would you decide to launch a bunch of cash into the market when it's going down? If it tanks 20%? 30%?
Posted on 7/31/24 at 11:00 am to SuckerPunch
I have been waiting for another 08 for two years now. Ready to load up.
Posted on 7/31/24 at 11:26 am to I Love Bama
quote:
Everyone says this, but it takes BALLS to jump back in after huge dumps
Eh, not really. I would call it discipline, not balls
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