My broker goes bust

So, that’s it. Yet another blow – two actually – to add to my trading journey. My broker informed me that they’re closing down.

GetStocks closing-down notificationGreat. Some of the podcast episodes on Chat with Traders have mentioned this as a risk.

But surely that won’t happen to me, right? – Pah!

The timing isn’t exactly ideal.

I’m in a trading break. Trying to be sensible and figure out how to become profitable besides dealing with life’s other demands and distractions. In a sense that is good because it means that I have only one open trade with GetStocks.

However, this trade is probably the most stupid one I have ever taken out. The only reason it is still open is that it turned so bad that the only way was up… well … or complete and utter failure. Anyway, since I wasn’t doing anything else with that money, I just kept the trade open hoping for a turn-around at some distant point in time.

Today, I closed that trade and finally booked the loss. The request to transfer my remaining funds to my bank account is now pending.

What a crappy reason to close a trade. To be honest, I have become numb to the losing state of this particular trade because it’s been staring at me for so long. (It was one of my very first trades.) An upswing would have brought me relief but no pride. It was immensely badly managed. Unbelievable!

Maybe it’s a good thing that I’m without a broker for now. It’ll keep me focused on studying and paper trading. At least that’s the plan…