Mohit Mehta, a 32-year-old dentist in Mumbai, had been trading in the stock market since 2018. After incurring losses of nearly ₹4 lakh, he was left with just ₹20,000-30,000 in his trading account in March 2020, when the covid-19 pandemic surfaced in India. Being a medical professional, he could sense its severity.
“I knew a lockdown was coming, in line with other countries. I decided to bet on the stock market falling as a last lottery ticket to recover my losses," Mehta recollects. “I bought put options expecting the markets to fall."
In trading lingo, put options represent a bearish outlook while call options imply a bullish view of the market or a stock.
That’s exactly what happened. Not only did Mehta recover his losses but he also made a profit.
And then, he kept dabbling in futures and options (F&Os) in the following months. Amused by an expert who would often appear on television channels, he subscribed for his premium services. “Initially, all was good. But after two-three months, in 2021, his calls started going wrong. Whatever he would tell us to buy in the morning would fall by afternoon. I sensed a pattern," Mehta recollects.
“After the market went on a downtrend, his language changed. He would tell us to hold on to his recommended stocks. My portfolio was already down 40%. I booked losses and invested the remaining money in Nifty Next 50 Junior BeES (an index fund)," he says.
Mehta broke down before his parents. “I had never taken a penny from them after I graduated. I had lost all my confidence."
هذه القصة مأخوذة من طبعة November 07, 2023 من Mint Mumbai.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
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هذه القصة مأخوذة من طبعة November 07, 2023 من Mint Mumbai.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
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