e often hear glamorous stories about people making millions at the stock market. 

But a serious stock market player will also admit to burning his fingers at some time or the other.

Three of our readers wrote in with the mistakes they committed.

• My biggest stock market mistake: Holding on for dear life!

My mistake: I sold too soon!

Enamored by other people's success in the stock market, I wanted a share of that pie as well.

I was smart enough not to put in my entire earnings in the market, I began with only Rs 5,000.

I made a profit, but my biggest mistake was not to hold on to my investments. Had I remained invested, I would have reaped in big gains.

Here are a few examples of my foolishness.

Patience is a virtue in the market.

In the long term, stocks give the highest return, more than any other form of investment. Don't be greedy and sell immediately. The little you gain will be even less after you pay brokerage and tax.

If you wait longer, you will get a better price. Moreover, if you sell after a year, you pay no tax on the profit when you sell your shares.

- Aditya Sharma
Write to Aditya

• How I made and lost a crore in the market

My mistake: Not buying when the market slumped

Buy low, sell high.

A stock trader will probably recite this in his sleep. All investors will swear by this strategy.

However, when fear strikes, all the gyaan drummed into your head flies out the window.

Post September 11, 2001, the markets plunged as everyone thought doomsday was approaching.

Had I bought my favourite stocks the very next day, I would have been rich.

Even if I bought just one share of each of the companies mentioned below, I would have paid a total of Rs 2,142. Had I sold them on June 2, 2005, I would have earned Rs 8,261.

What kept me back? Fear that I would be the only one to override the prevailing sentiment.

Never let fear rule your judgement in the market.

- Swapna Medhe
Write to Swapna

• I violated every investing mantra and made a killing

My mistake: Buying when the market peaked

I made one resolution this year: invest.

Which translated into investing in shares. And, true to my resolution, I began instantly. I bought shares on January 3, 2005.

At the time, the Sensex was hovering around 6600, and predictions stated that it would go upto 8000.

Take a look at my portfolio:

On second thoughts, I was aware that equity is a long-term game when I bought the shares. So I am mentally prepared to hold on for a few years to make profits.

But my advice to others is: avoid buying when everyone is flocking to the market, and when the only conversation at social dos is which stock everyone is betting on.

When the greed quotient is at its peak (during a bull run), stay away.

- Hina Zaveri
Write to Hina

Do you have any experiences or mistakes you would like to share? We would love to hear from you!