Wow, I am an idiot. Bashradamus, I wish I had believed you. I am going to lose my entire net worth when the bell rings. I never gambled in stock options until recently. I'm 25, been working for 2 years. I had saved $60k in that time (I'm frugal) and only invested in index funds. I then thought index funds were too boring and bought some tesla stock and call options as it was going up and doubled my money -- had a $120k net worth just in May. I then proceded to lose $80k in a week in the recent crash with most of my money lost in SPWR and SCTY stock options. Today I'm going to lose the last $40k --- I had bet it all on $14, $15, and $20 July 20th call options.
Now I don't know what to do. The reason I'm frugal is that I hate my job and my life. All I want is to have $500k and retire and live on $20k a year. Now that seems decades away :( What should I do? Kill myself?
If you're smart enough to have made that money at your young age, then you'll make it back again. You're young. If you're going to gamble in the stock market, you better get used to the sick feeling in your stomach, too. I lost $35k in 2009, and another $20k this year. You win some, you lose some. But don't be stupid, never gamble more than you can afford to lose. Always keep some in the bank or set aside.
Ya i lost money as well once. I got out of blackberry after z10 was released. I made a mint. Then gambled it in other stocks and lost most of it. I put the rest in a penny stock which bottomed out a few days ago a nd is sure to fly in a few months. You surely learn this way. BlackBerry won't go bankrupt. They are hanging in and getting better all the time. I think it will take a year or so but I think the stock will be worth money...not worth selling now. just hold. As long as you don't have weak hands and get scared. And can wait a year or more it will be ok. Everyone thought it was the end when they were at 4 bucks. Back then the phone was horrible. The phone now is great and more apps being added plus consistently updating the phone. No worries dude.
Sure. It's just about having a different mindset. I'm not saying it's a good thing, but material things don't interest me much after I have clothes to wear, a roof over my head, a computer & a working car. I realize that's luxury for third world countries, but in the US you can have these things for very cheap --- on the order of $1000/month which is about what I live on. (which unforunately means I just lost over 3 years of living expenses today :( )
This guy is flat out lying. No one is THAT STUPID to put all their money in options at the same time. Now if he really did put all his money in options. Then he deserves what he gets. So stop feeling sorry for him.
bailwl6, there's more to life than money. You made some fast, you lost some fast, you can make some again. Give it time, tomorrow is another day. Again, money is just money, make your life to be about more than just that. Enjoy the little things, helping/making someone else feel good. Don't lose your hope, your faith, or your life. Learn from your mistakes, never put so much into options, go long on stocks that you truly believe in, with the common. But, more importantly, believe in so much more than money. If you quit, you'll fail forever, if you keep at it, you will succeed. Take care and God Bless.
When I first lost my money I was depressed. Now I could care less. You can't make miney until you lose it. This makes you a seasoned investor. You make smarter calculated risks. Just build your empire again and think to your self that you will kick #$%$ this time
I am really sorry for you
I am more then 50 you still young!
people learning from mistake
My suggestion to you forgot the money but do not forget the lesson
in trading no place for half time job