I fucked up

Nojokur
Nojokur

Recently got into stocks with $2000 investment and turned it into $3000 in a month. Suddenly got too cocky and lost $2500, now I am down to $470.

Help me biz, what did I do wrong? I need to make the money back, my dreams turning into memes

hairygrape
hairygrape

what did you do? in what stocks did you invest

Methnerd
Methnerd

@Nojokur
I lost much more money than you before I learned a critical lesson:

Keeping the money you have is more important than growing it.

There is a reason blue chips and index funds are there.

PackManBrainlure
PackManBrainlure

@hairygrape
SKLN

Snarelure
Snarelure

@Nojokur

lost 2500, but learned a lesson that is
priceless

Skullbone
Skullbone

@hairygrape
I started with blue chips and sort of day traded aggressively using my 3 trades in a week, every week.

Biggest fuck up was MGT where I bought into it and forgot to put a stop loss, my avg was 4.30 and it went up to 5.50 and I should have sold it, but I got greedy like a mofo. Well the crash happened in minutes where it went down to 2.60 and the rest is history.

Firespawn
Firespawn

@Skullbone
MGT is up today

TalkBomber
TalkBomber

@Firespawn
I didnt loose it today, this was a while back when the first MGT rally that happened from .7 to 5.50 in couple of days.

TreeEater
TreeEater

@Nojokur
This happens to a lot of people starting out with stocks.

I started with $500, turned it into $880, got cocky and lost all of my profits.
It's just a lesson to be more cautious and research stocks more before putting your money into them.

PackManBrainlure
PackManBrainlure

Stop listening to Veeky Forums memes as actual financial advice. It's just going to hurt you.
Also, DO NOT PANIC SELL

kizzmybutt
kizzmybutt

buy etherium

JunkTop
JunkTop

@kizzmybutt
*ethereum

New_Cliche
New_Cliche

You have to realize, that youre gambling. Nothing of your profits has to do with you beinh wise and nothing of your losses with you doing something wrong.

Build a system. Analyze it. Backtest it. If youve done this things you might understand, what you did wrong.

LuckyDusty
LuckyDusty

@New_Cliche
I am so afraid of when my dad sees the loss on my taxes next year. I am Trying so hard by the end of the year to get atleast some of that 2k back, but now I might still be reckless.

Skullbone
Skullbone

@Nojokur
Buy BNTC right now before it goes over $2, then sell it (don't be greedy)

TechHater
TechHater

@LuckyDusty
Why the hell is your dad looking through your taxes anyway? If you're an independent adult, there's no reason he should even care to be involved in your taxes. If you're not independent enough to do your own taxes, you shouldn't be trying to play Warren Buffet in your free time and probably shouldn't even be on an 18+ imageboard.

Lord_Tryzalot
Lord_Tryzalot

@TechHater
Because I "live with my parents" and all my stuff goes to their address, plus my dad prefers to verify the information I type in my taxes to find any mistakes. I live on my own in the city during college season.

Soft_member
Soft_member

@Nojokur
It's only a loss if two things happen.

1. You withdraw the amount when your profits are in the red.

2. Your stock gets delisted.

Sounds like you were playing around with penny stocks. If that's the case, sorry bro. You're fucked. Best shot is to do solid research and invest in small cap stocks that have upcoming events like quarterly announcements. Commissions on your trades are going to kill you though. You'll need to get a job if you legitimately lost all your money. Then try again next year.

happy_sad
happy_sad

@Skullbone
Forgot to mention, if you do this, use a limit order even if it is for current ask (volume is increasing but is still relatively low and you could get screwed on a quick jump in asking price)

SomethingNew
SomethingNew

@Lord_Tryzalot
It'll show anyway. You need to declare all income you make during the year and your father can do the math. Just come clean with him now. It'll be easier than trying to hide it from him.

cum2soon
cum2soon

@Lord_Tryzalot
sorry about Bernie, millennialfag. Guess uni won't be free. Enjoy your perpetual man-boy status.

Or I guess you could go to H&R block or use TurboTax or learn to check it yourself like your dad magically is able to do. like an independent adult but nah

Carnalpleasure
Carnalpleasure

@SomethingNew
There are 5 months left, maybe I might get lucky with CERU ma nigga. double my 470 to 1000 would be nice. but yea I am not gonna try to hide it.

Burnblaze
Burnblaze

@cum2soon
Thank you, i'll take your compliments. I do use turbo tax but meh i'll let my dad skim over it just to make sure.

SniperWish
SniperWish

@Soft_member
It was "play money" and it was going great temporarily until I made the huge mistake of not stop lossing my shit and then MGT just fucked me.

BlogWobbles
BlogWobbles

@Nojokur

You should to rest of your money in books are and prepare yourself more for your next time entering the market.

I recommend "Trade your way to financial freedom" by Van Tharp and "How to make money on stocks" by William O'Neil.

DeathDog
DeathDog

@BlogWobbles
You should to rest of your money in books are and

I don't know what happened here. It should be "You should invest your money in books and..."

whereismyname
whereismyname

retard tries to invest
buys retard stock
retard stock drops
retard panic sells
retard loses money
retard kills self
retard

Bidwell
Bidwell

@Skullbone
What are these made up numbers. I keep seeing them too so it's not just op but what the fuck is going on?

It's never been to 5.50 recently or 2 anything. What the fuck. Op isn't the only one using these numbers is Robinhood broken?

Poker_Star
Poker_Star

put it all in CERU. thank me in a week.

Carnalpleasure
Carnalpleasure

MGT looks good, it's a long stock

I don't know why you'd sell when theres so many catalysts next month. Even one tomorrow...

Poker_Star
Poker_Star

@Poker_Star
t..t..tanks!

askme
askme

start doing stocks with $3k in summer 2011
during European financial crisis
I buy RBS, it was cycling between $3 and $8, wanted to swing trade
rationalize that the world isn't actually ending, and RBS is UK govt majority owned so they'd get bailed out if anything super bad happened like Greece defaulting
end up buying on 2:1 margin
nearly get margin called
held my nerve
came back up and I profited $1500

I was proven right in the biggest financial gamble of my life but it was the dumbest thing I ever did with money even so. Even when your instincts are right, your timing will be wrong.

I'm never touching individual stocks again, and definitely no margin trading. Unlike most I got lucky and got out while ahead. Stick to index funds.

Ignoramus
Ignoramus

@Bidwell
?? MGT rocketted to 5 something and then tanked to 2 something, go read a chart dumbass

WebTool
WebTool

Being poor I found the best way to invest is to find .000 penny stocks that have a decent share structure and could potentially run big. You can get a shit load of shares for $100. Bought CHRO back in November for $0.0005 a share and still holding for the next run up which I think should be starting around August. Only invest what you can afford to loose.

TechHater
TechHater

@askme
You're a pussy bro
Index funds are for cucks

Raving_Cute
Raving_Cute

@Nojokur
my dreams turning into memes
damn....

Nude_Bikergirl
Nude_Bikergirl

@Raving_Cute
MFW

girlDog
girlDog

@Snarelure

Priceless like a mother's love, or the good kind of priceless?

Evilember
Evilember

AMD gonna take me back to the moon LADS. I am gonna MAKE IT.

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