My heart says yes, but the stock price action screams no! What are we missing that "the market" knows? I loved it at 9, 8, 7, 6, 5, 4, 3, 2, and orgasmic at 1.
Little rhyme I made up, replace cluck with you-know-what. I cannot believe this has happened. The worst experience of my financial life... 500K down to 80K in the stock market and mostly off this PGN...
I think he is doing OK with probably billion dollar net worth lol. Closed my account, decided eventually it would go to 0.
I hear ya man. Luckily (I guess) I spent all night thinking about my limitations. I don't have what it takes. All it took was a drop from 500K to 80K. This last one was the final straw, covering UVXY at 45 when it will be 15 in a week now. I cannot play the game. Just off the phone with my broker, and the funds remaining in the account are being transferred out. The experiment, at long last, is over.
There is some truth in what you say, about the market being a scam designed to take our money from us. I cannot tell you how much mental anguish I am in over it all. It really hurts after all my losses, to have shorted UVXY last week and covered at 44, now I see it at 39 and probably back to 20s. I was not forced to cover, I did it to myself like all the other times. It seems like I get in too fast too hard on something, then panic at the wrong time. The only time I held on really long hoping to make it back, was PGN where I said it's down to 4, how much lower can it go? Well it went to $1. Down from 500K account to 80K, one of the worst performances of all time, and I find myself reading Livermore Wiki about how he lost his fortune and then suicided, pathetically it makes me feel better.
What is hopeless is just having lost over 80%- it's actually unbelievable. It's not the money so much as the feeling of worthlessness at having done that during a raging bull market. I know it does happen sometimes.
I am not back in yet- personally I think it very likely the company will go bankrupt. But I am desperate for gains now so maybe a Hail Mary is in order.
It looks like this junk is going to get destroyed tomorrow, although it looked like that this morning too. I cannot even believe it. Just needed to hold on two more days. Truly sick and demented beyond all reason.
I noticed this #$%$ when I naked sold UVXY calls too. It's impossible to buy them back without moving the price huge, so they get you coming and going. Total scam, and I turned 500K into 80K playing the scam.
No, it's really me and I really lost the $$$. This market has more than tripled in 6 years which I thought was unprecedented.
Yup. I don't have a head for business which is sad because many of those guys could turn 80k into a thriving business.
Yes, it might be temporary. And then, it might not be. Though it is true there are always choices- temp agency for 80 hours a week, or getting some roommates and then only 60 hours temping. Or, teach English overseas and just try to forget about what happened.
I do know some people in my life who lost much, much more than 500K and basically lived pauper's lives then- and were mostly happy. I suppose it could be possible.
I like the sentiment there, just worried about how clean it would be. It actually is a very nice sentiment- it's pretty clear that losing this kind of money during the greatest bull market of all time makes a man worthy of death, or unworthy of life.
It's a sign of my state of mind that I thought your screen name was david belmar coffins! Good points of course- while I don't have a family, I do have my health and I feel thankful to be able to get out and enjoy the great outdoors. In some ways it might be better if I had 100% loss and didn't have to even think about trying to make it back.
Exactly right I think. You start getting desperate. I remember at one point I was down to 400K. Thought PGN would get me back, got real aggressive, hoped to sell when I got back to 500K. Then it got to 300K, I bought more, and more, etc. Finally was down to 100K. Then lost another 20K shorting UVXY this past week, so am down to 80K. From 500K. It'll just about make you punch yourself in the scrotum.
That is encouraging that you made 300% gain to get the losses back and then some (what is the account worth now?). I need 525% gain! Wow! Not only that- everyone is saying US stocks are about enter a bear market after years of easy money, and that it will be very hard to make money going forward. I do not see how I can get it done but I am committed to trying. The turnaround needs to begin NOW!!!!
My peak account value was 500K. It is now just over 80K. I'm doing this "for a living" too. Not for much longer apparently. Got enough cash for about 18 months before I would have to dip into the account. When it was 500K, at least I had something to dip into. What a cotton picking fiasco.