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Anybody have any horror stories or triumphs they can share?

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Well, my big horror story isn't about CFDs but I think it's probably applicable.

I got interested in the cryptocurrency called Ethereum (ETH) just after it made its explosive push to $900 USD.  Had it been on my radar even two months earlier, I could have picked up a few thousand and retired when it shot up, but....no point in crying about it.

Anyway, I invested some money.  Did well trading on $20 and $30 daily price swings.  Thought I was SUPER clever as the price kept nosing higher.

And then....well, if you follow the cryptocurrency markets at all, you know what happened.  ETH lost about 90% of its value...about three days after I'd taken out a loan to buy more...class case of buy high and sell low, except I didn't sell.  I should have.  I should have sold at whatever price I could get to cut my losses and reinvest when it dropped to eighty bucks or so, but....I was stupid.  So I held my stake and bled red ink for two years.

Then, I did something that's typically a no-no.  I doubled down when it hit eighty bucks, buying more.  Normally, it's a spectacularly bad idea to send good money chasing after bad but I really believed in the underlying tech behind ETH, so I just kept buying, which slowly brought my average price per ETH down.

Recently, it started trending back up, so after two years in the wilderness, I finally broke even and have now turned a tidy profit.  Even so....I just about gave myself ulcers over those two years and ultimately had to just pretend the account didn't exist, save for once a month check ins on the price.

I made a BOATLOAD of mistakes during all that.  I can't swear that I'll never repeat them, but I'm sure gonna try hard not to.  That was brutal.

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ASIC: Retail Clients Post Net Loss of $150.8m from CFD Trading in 1 Week
The client loss occurred during the 16th until the 22nd of March 2020 from 12 Australian CFD providers.

READ ARTICLE HERE

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.