They have beaten me into submission. I can�t believe I have witnessed this day after day and didn�t pull the trigger before. I just couldn�t see it continuing to rise. If anyone wants to write and tell me what a dumb ass I am, go right ahead. I just don�t care anymore. I feel like I have been robbed. It gives me a sickening lump in my throat to think about what I�ve done. Dammed, I can�t believe this crap. Furthermore I�ve got to tell you, I�m not so sure this thing will come back to earth. Maybe were watching the birth of the next Nokia. If they come out with good earnings that beat the street, what do you think the stock will do? I can assure you it will continue up more from wherever it is at. I thought I could last out this run-up and kept shorting on the way up to try and recoup, but we all know what happened there. Let me be a warning, don�t let them get all your hard earned money like I have. I�m not kidding folks; this is a life changing loss. About 140,000.00 dollars and I�m just a working stiff. This takes me out of the market with a small emergency fund left over. I won�t be able to cut back at my job like I was hoping to do, etc. Life changing loss. And it doesn�t feel very good. I wouldn�t wish this feeling on anyone, but I bet there will be a long or two that will throw out the old �I warned you�. I do want to say I�ve enjoyed reading some of your posts. Some were very informative, and others made me laugh, even while I was losing all my money. So good luck to you all. Make the right trade so you don�t end up like I have. One thing is for sure, nobody knows which way this thing is going to go. It�s gone this far on absolutely no news. Maybe this is just the first quarter of them becoming a major force. I can�t say!!!!
I was short on rimm @114 and evry day it goes up i lost money but ican't fight the market so i covered my short and joined the long for now try to get some of your lose back don't give up ,don't give up don't give up .
When you short, you are borrowing shares from someone else at your brokerage and selling those share to whoever wants to buy them. You brokerage will set aside money from your account to cover the cost of buying back what you sold. Whoever bought what you sold could still be holding them for a long-term investment or could have sold them weeks ago for a profit.
But at some point, you need to buy back enough shares to give back what you borrowed. You are buying them from whoever is selling that day at the price you want. The person that you buy from might have bought them 6 months ago or earlier that day.
It doesn't matter, all that matters is that you sold shares at a lower price than you bought them for and lost money.
I'm really sorry to hear of your losses. I've lost quit a bit in RIMM before cutting loose to invest elsewhere while waiting for this POS to crest. I'm back in short again just waiting for my revenge ;>).
Isn't it dumb how we sometimes think that we have to get our money back from the exact stock that took it from us when the fact is profits are profits no matter where they come from?
Sounds like many of us could benefit from a trading support web site where people can share their mistakes and get tips on how to avoid those future mistakes from veteran investors.
I have to chime in here. I lost tens of thousands in this stock alone in the last 2 months. The market can be ridiculously illogical for long enough time to put us small investors out of business.
Think about it: The guys who have most of the money, own most of the shares and also own the ANALysts who keep upgrading this POS! How can anyone lose money with a TEAM like that. Instead, we the small investors are trying to do research (yeah right) and come up with logical decisions for investing our money which eventually gets stolen by these crooks! This is a disgrace of a market!
Hey everyone that commented on my losses. I really appriciate all ya'll taking the time to respond, well most of you anyway. Believe me this wasn't a post to try to get other people to close thier short like one guy said. It's all legit, and I appriciate the genuine concern I sensed in some of the responses. For some reason I already feel a little better. Not a lot, but a little. I think I'll take the one guys advice and get out of the market for a while, catch my breath, then see how I feel in the future. But seriously Thanks guys. And again, I've enjoyed reading your post over the last few months. Some of you guys should try standup. When you can make a guy that was loosing 15 to 20K on some days chuckle, that's impressive. Hope everybody does well in the end. Long or short. Were not enemys, were all just trying to make money. Some people need to remember that.
I am sorry for your losses and am concerned that others may not have hedged their shorts by buying out of the money call options for insurance. I am sure that no one, including those promoting the stock, intended any harm to you.
Life has a strange way of turning our misfortunes into positive experiences; it takes time, but it will happen if you're patient.
Good luck and God bless
Good luck and God bless you in your future pursuits.
I am sorry that you did get burned out this time by these "Financial Terrorists" who always hide and run with your money.
Save enough money to be back in the market, it is the only road to the early retirement!
i really feel sorry and i pray that you recover that money i am also trapped ..
what hurt is this bull run with no justfication...i can understand if some big news come out and it runs..but this is just insane....illogical what else to say...
i am hanging on with my short position but getting tired with losses it accumulating and margin intrest...so feel like getting out but again hope that tomorrow may be day when it fall but....that's not coming due to fu...analyst..everytime when it is due to fall these ass... comes and increaset their price target....
all i can dont short..dont buy....
Ok, GUY. don't be discouraged. Life goes on. There are much more important things than money, your family and yourself!
People lose money because of 3 reasons:
1. under capitalized.
2. No plan when something bad happens to them.
3. Keep making losses bigger by averaging.
I lost 50k before i started making money, and have since gotten that back many times over. oh, I was shorting expedia LOL!!!!
The key is to keep losses small, and not fall in love with a position. I would not lose more than 5% of the account in 1 posision EVER.
You can start with 1000 dollars again, and make 150k back in 10 years if you work on it, but I would suggest taking at least 1 year off.
And.... don't try to make all that 140k back in 1 day either. I know people that lost 50k, then lost another 20k, 30k credit card loans and now they are in deep shit.
Have a good thanksgiving. the market is always there, and you can always make money in a later day.