metalmusiclover432
New member
First off, I'm retarded for doing this... I'm currently using my bank ING to buy and sell shares and ETFs. Given the downswing this week, I sold everything I had on Tuesday. On Friday I thought I'd buy some S&P shorts as my first short-term trade, I've never traded options so wanted to do it via a leveraged ETF.
The only short/bear position on the S&P I could find on ING was this ETF. Now when I realised that the S&P was going down throughout the day but I was loosing money I knew something was up. Turns out I bought the S&P Oil & Gas Exploration & Production bull 3x ETF tracking the SPSIOP which went up 3.6% that day :'). I also accidentally put two orders in, bank said I didn't delete the first one fast enough. I knew it was a bad move as the ETF just reached a new high but hey too late... I now have 70k sitting on it (aprox. -10k atm), classic noob buying at the peak, bought at 196 and 190 the highest points of the day and it's now at 157,50.
I've been doing research today to find out what on earth I bought but seems there is not much information on it. I now understand it's a GICS sub-industry that's being tracked but can't seem to find a list of companies that are on it but assume it is these. I am absolutley clueless about the industry and what I've just baught, it seems like it's been going down for a while now and just spiked from the recent losses. I'm now unsure whether to hold or sell before next week.
I saw that Oil prices are dropping and read that there is a surpluss in supply, which gives me the hope that it will go down but it's just a guess.
Does anyone have any experience in trading in that sector or general advice to give me on what to do next?
P.s Just enrolled in some investment courses, realised I'm too clueless to short-term trade with no experience
The only short/bear position on the S&P I could find on ING was this ETF. Now when I realised that the S&P was going down throughout the day but I was loosing money I knew something was up. Turns out I bought the S&P Oil & Gas Exploration & Production bull 3x ETF tracking the SPSIOP which went up 3.6% that day :'). I also accidentally put two orders in, bank said I didn't delete the first one fast enough. I knew it was a bad move as the ETF just reached a new high but hey too late... I now have 70k sitting on it (aprox. -10k atm), classic noob buying at the peak, bought at 196 and 190 the highest points of the day and it's now at 157,50.
I've been doing research today to find out what on earth I bought but seems there is not much information on it. I now understand it's a GICS sub-industry that's being tracked but can't seem to find a list of companies that are on it but assume it is these. I am absolutley clueless about the industry and what I've just baught, it seems like it's been going down for a while now and just spiked from the recent losses. I'm now unsure whether to hold or sell before next week.
I saw that Oil prices are dropping and read that there is a surpluss in supply, which gives me the hope that it will go down but it's just a guess.
Does anyone have any experience in trading in that sector or general advice to give me on what to do next?
P.s Just enrolled in some investment courses, realised I'm too clueless to short-term trade with no experience