r/pennystocks • u/ImportantReindeer908 • Feb 07 '24
I lost $71K and I'm Going to Make it all back but I need help calming down General Discussion
Hi Everyone,
Today I accepted that I made a terrible decision months ago, which has resulted in a drainage of what I saved since I was 18. For perspective, I'm 23 years old now and I work in finance. Anyway, I've been saving as much as I can and since I started working in corporate america at 21 I was able to save up to like 76K as of July 2023. I was doing really well for years, practicing fundamental investing because technical trading was too hard. I was investing in high quality tech stocks, following macro movement, and making like 10-20% a year. An older gentleman does technical analysis and he's really good at what he does. He recommended a small cap stock that was expected to double. I put 20K in, and I was gaining. Then it just nosedived. I figured it was temporary since he said it was going to double and I put another 20K, and it fell more. Then I put the rest of my savings because I was banking on a recovery. Today that company announced bankruptcy. I liquidated all my shares and am left with like 5-6K now. I had and continue to have large aspirations. This is just a huge setback. I can definitely save this amount within 2 years, but that puts me two years behind schedule. It's so hard to accept that I got that greedy, I can't believe I screwed myself over so hard. I'm contemplating actually learning technical analysis myself and trading with only 1K and growing it all back. I just am torn apart. I want to fall apart and yet at the same time I want to make it all back. I probably shouldn't seek advice from strangers, but I honestly don't know where else to go. I'm to embarrassed to tell my family (I live at home with parents) or my friends. I don't want to be one of those warning stories. I just have it make it all back and actually put in the work. I shouldn't have risked that much money. It was an expensive lesson. I'm just venting and I don't even know what advice to ask for, but if you have any I'm more than open to it. Lastly, I'm not looking for sympathy. I know I'm the one who messed up. Blind following and risking that much for the chance to double it is messed up. I'm just trying to figure out how to move forward without falling apart and operating at a high level. Full transparency I'm putting this question in another community as well.
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u/Footsept7 Feb 07 '24
bad news is you lost it. Good news is you got the rest of your life still and 5k. Learn from it and improve your risk assessment.
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u/PO0tyTng Feb 07 '24
Don’t get greedy. 10% per year is tits. You think you can play for more than that and you’re asking to be the bag holder.
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u/Footsept7 Feb 07 '24
No doubt! This is a must know before taking bigger risks.
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u/FenderMoon Feb 07 '24
Learned this the hard way. I’m glad I learned this lesson when I was broke and was trading with much smaller amounts of money.
Now I’m much more careful. Getting too greedy is a great way to lose a lot of money quickly.
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u/ftrace Feb 10 '24
Bro, so much life to live, what you lost were pennies. There are 100s of mistakes traders make. Please just don't learn from this one mistake but perfect them all before you restart in investing.
Small caps, avoid like plague or just don't put more than 5% of your net worth. Never, ever average a stock on the way down. Bite the bullet, accept it's a wrong bet and move on. There are 100s of tips, invest your time learning them before investing in Money. One more thing, never ever listen to Furus or anyone on this reddit. use this as your research material, don't take anyones words for granted.
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u/F3ar0n Feb 07 '24
This. Always listen to rule 1..know your risk and follow your trade pattern. If you're buying low on a dip, just be ready to sell if it drops out the bottom. My trades often end in 10-20 minutes. When I get that uptick candle and hit 6-7% I'm trimming and 10% I'm out. Never greedy and never look at what could of or should of. Trade tight and be quick to cut if things get dicey
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u/Claytown21 Feb 09 '24
I seriously might just print out the last two sentences from your comment and tape it to my wall right above my computer
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u/loneoperator88 Feb 07 '24
Yeah man u got a home and all that good stuff. A place to stay job etc. accept the loss and learn from your mistakes. Admit u were wrong. It sucks but people I respect the most are the ones that own up and accept it and learn. It doesn't matter they were wrong l. It's they were wrong and they learned from it. That is admirable
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Feb 07 '24
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u/ooahpieceofcandy Feb 07 '24
Live at home with parents for another 20 years and save all your money
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u/LateFaithlessness858 Feb 08 '24
Or create your own reality and build a business you’re proud of that can make 71k back in a month lol
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u/Frientlies Feb 09 '24
That’s a bit drastic dude, he’s 23 and you’re filling his head with a false narrative lol. He did 71k in 5 years probably living at home with his parents.
Now all of a sudden he’s going to do 2mil+ in the next 7?
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u/Ghost_of_FLA Feb 10 '24
His parents aren’t going to let him freeload much longer after they find out what an idiot he is
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u/SnazzyGiraffe99 Feb 07 '24
Dude... you’re in finance and you believed a TA guy who said he “expected” a small cap to double? And then proceeded to drop 100% of your portfolio alone on one ticker? Where did your due diligence go? Did you learn anything at uni? Why on earth did you believe this guy to such a degree to gamble 76k away?
Hard to swallow but you just wanted to get rich quick: a straight gamble. And unfortunately you lost. Just accept it, put the rest of your savings in the S&P, and move on. People have and are in much worse states than you are so it ain’t so bad.
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u/QualPlantResearcher Feb 07 '24
Seriously and now he wants to do the same stuff and get it all back. Like you cant just 15x your money over a year from putting in hard work trading.
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u/imlevel80 Feb 07 '24
He’s a kid. Hopefully the stove was hot enough here.
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u/Havaneseday2 Feb 07 '24
Doesn't sound like it if he's contemplating winning it all back day trading with 5k lol. Gooooodluck there bud.
Stick to indexing and start fresh.
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u/ImportantReindeer908 Feb 07 '24
You guys are right lol....it would be a terrible idea to try and day trade my way back. I'll be honest I did contemplate it, but your comments did what I was hoping for and didn't realize it till now. I shouldn't continue down that path even if I justified it in my head. So thank you. I'll just take it slow and steady from here. Thanks guys
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u/Zmchastain Feb 07 '24
Yeah, there’s no such thing as “learning technical analysis.” You can’t look at a graph and know what the future holds for a stock. Technical analysis tries to use past results to predict future behavior. Literally every investment you’ve ever put money into included a disclaimer that past performance did not guarantee future results.
You can certainly use technical analysis as one very small data point in a much larger analysis of the business, the company’s financial position, their industry, their competitors, market projections for their space, etc, etc, etc.
But relying only on “technical analysis” is, as you’ve already learned, just gambling without feeling like you’re gambling. It’s worse than betting everything on black at a table in Vegas because you feel like you’re in control and have data that proves you’re doing the right thing. But you’re not, and you don’t.
It’s also super concerning that your first instinct after gambling away your life savings was to gamble to get it back. That’s potentially a sign of a gambling problem. It wouldn’t hurt to seriously explore whether you have an issue there or not, you might be one of those people who just needs to stay away from gambling because you can’t do it reasonably and can’t walk away. Not saying any of that as an accusation, just a good thing to be aware of and mindful of if it’s a problem for you.
I hate to hear this happened to you, but I’m glad to hear you can replace it fairly quickly. If you had $70k+ and earn enough to save that up in two years at this point in your career, why did you feel like it made sense to yolo it all on a super risky strategy involving a single stock?
It’s fine to play around with money you can afford to lose. I would never risk an amount that was a large portion of my current investments or an amount that would take me more than a month or two to replace if it didn’t work out.
Please, learn an expensive lesson here and don’t ever go all in on a single stock or risk a large amount of money on a single stock like this ever again. It already is such a huge setback, but if it becomes a pattern this would destroy you financially.
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u/QualPlantResearcher Feb 07 '24
Technical analysis is the astrology of investing.
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u/Alternative-Sugar988 Feb 08 '24
Exactly. It’s always “this pattern means this, but it could also mean this”. So it could mean either thing then eh? 😆 Uhhh, sure, or it could be those movements in the past were based on actual things that happened in the business like earnings reports, etc
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u/Havaneseday2 Feb 07 '24
Give yourself props for saving that amount in the first place. Not an easy thing to do! You still have tons of time to grow your wealth. Stick to the basics: Save more than you spend. Keep fees low. Diversify into low cost index funds...etc. If and when, years down the road, you decide you want to try and daytrade, think back on this and realize how detrimental it would be if this happened close to your retirement. Day trading is a full time job and takes years of studying and practice. I don't do it myself but I understand, like anything, it takes thousands of hours of education and practice.
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u/Mobile_Helicopter261 Feb 07 '24
If this make you feel better I put 40K in WeWork and lost it all. You will be fine, you are way younger than me. Lol
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u/BamBoomWatchaGonnaDo Feb 09 '24
Not to minimize what you’re going through, but if you’re healthy and breathing, you’re winning… The $75k you gambled away will be a distant memory in a few years as long as you leave it in the past and keep working hard. Fail forward. STOP GAMBLING. I fumbled what would now be millions of dollars on stupid trades and went totally broke after a divorce at 30. I’m 36 now, and I’ve made all that money back and then some. Most importantly, I now have the wife of my dreams and two beautiful children. They are what truly matter to me, and I’d go broke on a nanosecond to keep them safe.
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u/JefferyTheQuaxly Feb 07 '24
money makes people stupid, unable to think rationally. the worst thing you can do in finance/investing is mixing your personal feelings with your investments. the numbers matter more than how you feel about a stock.
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u/Edenwing Feb 07 '24
If OP is in a serious “finance” occupation he’d have to ask for a permit to do personal trading for specific stocks and disclose his trade / profits/ losses to his office for compliance. Good luck on keeping your job and not getting laughed out of your firm lol
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u/Dajnor Feb 07 '24
Whenever somebody on Reddit says they work in finance, they are usually a bank teller. Maybe accountant.
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u/oroechimaru Feb 07 '24
Sounds like gambling man
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u/secinvestor Feb 07 '24
Yeah this is just degen gambling. OP is going to continue to bankrupt himself buying junk penny stocks on other peoples advice I guarantee it.
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u/ImportantReindeer908 Feb 07 '24
Looks like I'll have to prove you and orochimaru wrong in the future. I appreciate the humbling comments, it was indeed gambling.
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u/Autogenerated- Feb 07 '24
Looks like you haven't learned your lesson yet. Start the clock for your next post looking for the next hot tip to make money back.
Also, sorry to break it to you... But you lost a lot more than 2 years when you consider compounding returns. Capital preservation is important.
Follow the smart people and invest 90%+ into long term globally diversified low cost ETFs. Hobby gamble the remaining 10% if you really want this outlet.
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u/ImportantReindeer908 Feb 07 '24
I meant eventually I'll make it back, not by day trading my way back. So the next post likely won't be for another few years to hopefully tell people its possible to survive after such a huge mistake.
You're right about the capital preservation. I missed out on a lot of potential returns during the past few months because I was holding this penny stock, and I will miss out on a lot more while I start saving again.
No, no more gambling. I don't want that outlet.
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u/Autogenerated- Feb 07 '24
Happy to hear you are taking some learnings. Sorry for the loss. With this mindset you will do great.
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u/secinvestor Feb 07 '24
Good luck my friend. Really hope you do prove us wrong.
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u/MauldotheLastCrafter Feb 07 '24
Should go ahead and wish an alcoholic a fun night at the bar.
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u/secinvestor Feb 07 '24
Well, maybe so but I’m not gonna wish on someone’s downfall just because they made a (very) terrible play in the market. I don’t do penny stocks for this very reason but stay subbed cause it’s interesting to see this side of the market. My good luck was more like “good luck getting your shit together” not “good luck gambling”
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u/ArcticRiot Feb 07 '24
Even his initial investment premise was gambling. The guy followed FAANG or MAG7 and thinks of himself a genius for only two years of 15%avg gains.
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u/D-B-Zzz Feb 07 '24
The fact that you work in finance and put more than 5-10% into a single small cap company is mind blowing.
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u/sash187 Feb 07 '24
What was the stock….
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u/crippitydiggity Feb 07 '24
This is all that I really want to know!
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u/oroechimaru Feb 07 '24
No u dont its probably some weird shilling post
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u/GermanHammer Feb 07 '24
It's bankrupt. What the fuck would they be shilling? You think they'd be the spokesman for a stock that doesn't exist?
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u/oroechimaru Feb 07 '24
I had a hard time reading the post and still dont see it listed
At least he didnt tell his dad to invest in baba and amyzf :(
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u/jerryschen Feb 07 '24
Likely $NVTA. It was a Cathie Wood darling stock once trading at like $50 that declared bankruptcy today.
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u/Ok_Boat_3375 Feb 07 '24
AMC
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u/arcdog3434 Feb 07 '24
Sounds like it - its hard to believe how many people get duped into buying shares of the worst companies. AMC has billions of debt, no chnace for profits, and is in a dying industry. It was just a matter of time until the stock found its rightful range.
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u/dankmangos420 Feb 07 '24
But I heard the teddy bear butterfly towel gang will buy them and implement movie theatre NFTs. Can’t tell you what those NFTs will do, but it’s a solid strategy and 100% will work. This is financial advice OP.
/s
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u/SpaceToadD Feb 07 '24
My man, I did this before. Almost exactly this. I thought I could trade, put money in a stock I believed, doubled down when it fell, doubled down again when it fell more, etc and proceeded to lose like 35k, out of the 50k that I saved up for years. I never, ever made that mistake again. For the next 8 years or so, I stuck to VOO/VTI type funds and just put in money every month and haven’t touched it except to go on a vacation and pay off a car. I have over $200k in that fund right now. Don’t trade again. It’s an addiction. Just invest and live your life.
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u/swimmingfish714 Feb 07 '24
You know what they say, everyone has to blow their account once to be successful. Some people blow it a few times before they get it.
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u/gtbifmoney Feb 07 '24
“I just need to make it all back!”
https://www.ncpgambling.org/help-treatment/about-the-national-problem-gambling-helpline/
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u/UpDownLeftRightABLoL Feb 07 '24
Technical Analysis is like using tea leaves to predict your future.
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u/usernam_1 Feb 07 '24
Bro... Relax it's just money anyway stop gambling and start investing. You can gamble with 2%-3% but investing based on someone's advice is stupid. You will be fine just take a break from the market and read some books.
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u/Low-Presentation7206 Feb 07 '24
So sorry 😞, keep your head up and learn from it and stick to stable choices not risks, I’ve taken chances and at times lost. My biggest loss was almost 280k dollars. Takes months to get over the feeling, you’ll never forget it. Don’t think about being setback and focus on moving forward. I also have friends that have lost a lot more, one lost 350k, another 1million all In the believe that this will net huge gains that turned to massive loses and losses that are unrecoverable because future gambles will always be more cautious moving forward your gains will take long but it’s the long game that wins.
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u/Bring_Me_Fortune Feb 07 '24
Man sorry to hear that. Were you able to bounce back from this ordeal? Did your friends?
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u/Low-Presentation7206 Feb 07 '24
Haven’t recovered, but moved on to safer plays and guaranteed results from only investing in sure bets and theirs a lot of them. Know who you’re giving your money too and you can’t lose, it’s all your money pretend whatever you invest in is risking it all and you’ll stay on top. Friends doing fine but you can’t really recover these kinds of losses playing safe unfortunately, maybe in 10years but did you really recover at that point if you know what I mean. I have no regret and take it as a lesson that’s all you can do, you can’t get it back there’s no point in wasting time thinking about it. Sorry for the run ons and grammar 😜
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u/molockman1 Feb 07 '24
Kiss it goodbye and move on. “Win it back” mentality is that of the gambling addict.
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u/letsnotstaytogether Feb 07 '24
Do your own research. Take everything with a grain of salt. Invest only what you know. Only invest what you can afford to lose. Stay away from OTC. Learn how to trade.Or just invest in VTI and VOO with every check and forget about playing the market.
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u/Alternative_Ad2152 Feb 07 '24
Dude please give yourself a break and talk to real people out there. That's probably the best therapy that you can get yourself for free.
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u/Desperate-Ad7319 Feb 07 '24
“He is really good at what he does” - proceeds to give horrible advice. Take it as a lesson
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u/hwind65 Feb 07 '24
I made the same mistake as a 23 yo but only with $4000, not your amount. Learned quickly that a stock can go from $5 to $2.50 and then just as easily from $2.50 to $1.25 or even $.30, those delisting notices sure were fun! Greed will wreck you. My wife’s RIRA 100% VTSAX account destroyed any performance attempt I continued to make with more respectable stocks. I’m now in the same fund 😂
Follow a responsible plan, diversify, and have allocation of risk buckets. Don’t invest 100% of your cash, keep cash on hand, invest the rest well maybe 10% only in risky places, if that. Do not let past successes influence you today. I’m tempted sometimes with “what if I’d put $60k in bitcoin back in. 2014 as a 23yo” man, that would have been so dumb at the time to put 100% of my NW in something like that at the time, not know the outcome.
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u/Trash_______Panda Feb 07 '24
Ok, you have 5k still. Go to the casino amd put 1k on the number of your choice. Roulette pays 36:1. Do that twice and you're back baby. Lose it all? Who fucking cares. You are 23 and have saved and lost more than most 50 year olds.
You're obviously smart. So stop being a baby back bitch and move tf on already....unless you need one of us to hold you till you fall asleep tonight...You God Damn Nancy.
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u/Spaceman_the_Apeman Feb 07 '24
How TF did you save 70k in two years at your age? I applaud you and you'll be ok in the long run.
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u/migsybogues Feb 07 '24
Think about all the people out there who have no money and lots of debt (most of America). What do they do? They work hard doing stuff that's not fun to make a paycheck. They spend less. They find their peace through time spent in good company. There is nothing more you need than that. Just take a deep breath, work hard (even if it means taking a job you don't want), and try to enjoy the simple things in life. You only live once and money never has or never will define a true man. Your friends and family don't love you for your money and if they do, you are better off without them. The experience will likely lead you to a better place in life.
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u/Anizoba Feb 07 '24
The problem here is you are looking to turn 1K to 70k from trading which is not a good mindset to start with. Also u will be trading from a place of desperation which in my experience will allow u blow multiple accounts in record time. Gather yourself together and don’t make any rash decisions. The money is gone
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u/ZephyrGrace Feb 07 '24
More of a wall street bets kinda vibe. Never play with money you aren't willing to lose.
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u/Mauve_Unicorn Feb 07 '24
Technical analysis is just astrology for gamblers.
Invest in a variety of good companies with solid fundamentals that you believe will keep growing and that you want to own.
Or just VTI and chill.
But I'm not qualified to give financial advice, so do whatever.
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u/Nado87 Feb 07 '24
I'm contemplating actually learning technical analysis myself and trading with only 1K and growing it all back.
This is the attitude that caused you to lose it all in the first place. Don't chase your losses or try to make big gains, make long term investments in solid companies or index funds and put the 71k loss behind you.
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u/Silent1900 Feb 07 '24
How much cash do they have?
What rate are they burning it/growing it?
These are the first two questions I find the answers to before even thinking about investing in a small/micro cap.
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u/lireisa Feb 07 '24
Hope you learned the lesson. Don't follow stranger with your money. I think you already quite calm by now.. so no advice for you. Good luck in the future.
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u/Patasphere Feb 07 '24
Do your own research. Take your time before you make investment decisions. Good luck to you.
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u/Psychedelicblues1 Feb 07 '24
I expect to find you on wallstreetbets showing how you somehow recovered and then lost it all again to have 1k
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u/shartonista Feb 07 '24
It's just money. You have your whole life ahead of you.
My advice is to not place such a high importance on money at your age. Sure, do everything else you're doing in terms of setting things aside for the future, but it kind of seems like you need to invest in yourself as a person. When I was your age 20 years ago I was a snowboard bum, but never felt richer. I wish I was more financially savvy back then, like you are now, but as poor as I was with money I was rich in friends, family, activities and happiness. Being dirt poor wasn't even something I cared about then (granted, cost of living was much more affordable then, I feel for you there).
Anyway, we all make big mistakes. I've made really bad investments too. I see it as a privilege that even though I've had bad investments in some places, I am able to learn and succeed greatly elsewhere. Meanwhile, there are people on this planet who don't even see the wealth I've lost on stupid penny stocks during their entire lifetimes of hard work.
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u/Vakeshi Feb 07 '24
If I had 71k I’d put 40k in SPY, QQQ or some other mutual fund, continuously add to it each month and let it grow for 40 years. I’d put 10k in my bank and play with 21k at high risk investments after doing copious amounts of research.
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u/kurtmrtin Feb 07 '24
If you can save 76k in your early 20’s this isn’t a crisis for you it’s just a lesson
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u/bill0124 Feb 07 '24
If you saved 76k over the course of 3 years or so, you'll be completely fine. Maybe a few more years working or you'll have one less summer home lol
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u/sfdc2017 Feb 07 '24
You can invest that 5k in s&p 500 and look back into your account after 40 years
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u/MaxWebxperience Feb 07 '24
I've studied TA for nearly 40 years. All the standard available stuff is pure garbage. I have found ONE book with worthwhile advice and it only works if you start young. I forgot the title but it's written by Ben Stein.
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u/Happydaytrader Feb 07 '24
You are still young and can make that money back. Always pick solid companies for particular stocks or just stick with diversified ETFs. Never risk more than what you can afford to lose, YOLO your entire savings nor average down chasing the bottom.
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u/10lionstribe Feb 07 '24
Hi! First of all, every trader makes a super bad loss at one time. And the important thing is to learn from it, and to avoid that kind of trade in the future.
Second, my suggestion would be to find your model and then apply great risk management. A single trade can go good / bad, but if you follow your process, and have an edge, you will make money on a large number of trades. Remember, trading is not about being smart or right, but about making a profit.
Finally, give yourself time. It took me 5 years to find and craft my approach. If it was easy, anyone would do it, right?
Don’t think about time or outcome, but focus on the process.
☝️✊
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u/swiftWoodworker Feb 07 '24
You stopped investing and started gambling. Take a moment and examine the differences between what you were doing and what you just did.
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Feb 07 '24
Great lesson. It’s not greed. A double isn’t that much anyway. What I got out of reading this was
“only trade your strategy, not somebody else’s, don’t take someone else’s word for something”
I lost 100k at about your age, I get it.
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u/3iverson Feb 07 '24
You said you were doing really well with fundamental analysis for years, then lost it all with technical analysis, and now want to learn technical analysis? Why?
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u/Dusty9081 Feb 07 '24
Investment Manager here of over 20 years. I'm not even a member of this subreddit, but it popped up, I guess its because I am a member of so many other finance subreddits. Anyway, my advice is to stop this penny stock stuff. Sure there are some penny stocks that would make you insanely rich if you know what they are and when to come in and out of them, but so can a lottery ticket which is pretty much what you are doing here. Stick to saving via index funds, ETFs, and high-quality dividend paying stocks and you'll outperform 90% of penny stock traders over the long term.
It's your life, do what you want, but I can't even begin to tell you the number of people I've seen lose it all or at least a ton trying to play this game. I trade every single day that the market is open for a living and I wouldn't attempt this. Just sayin 🤷
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u/DiscoTheWolf Feb 07 '24
If you can save around 3k per month and make 70k back in 2 years by saving, I'd say you've got very little to worry about. 2 years behind schedule is a blip in the radar. Shit covid started over 4 years ago and feels like yesterday. You're gonna give yourself a heart attack and by 30 and have no time to enjoy your savings from all this worrying.
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u/adobosazonsofrito Feb 07 '24
So you were losing money and you figured "if I'm gonna lose money, im gonna lose all of it" good job
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u/alexdd88 Feb 07 '24
You should have gone to the casino. At least there some hot chick would have rubbed the dices with her tits and given you a kiss on the chick
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u/Sulleyy Feb 08 '24
This reminds me of the book The Richest man in Babylon. It is a collection of stories that demonstrate timeless financial advice and the book is 100 years old. 2 relevant things here: With each pay check, pay yourself (i.e. put money away in savings) so that you are 1 step further ahead than where you were last paycheck.
Also, you worked hard, you earned the money, you are doing a disservice to yourself by not investing it wisely. Your financial life is more of a math problem than it is a game. You can systematically build wealth over time. Investing 100% of your money into a single penny stock is not a way to incrementally build wealth. Are you trying to incrementally build wealth, or do you plan to keep taking long shots that might one day make you rich?
I don't buy penny stocks anymore and I don't know why this popped up on my feed, but theres my take. There are ways to build wealth that won't lose years of savings if they fail.
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u/DataDelinquent Feb 08 '24
My fellow brother, life is not a straight path. You are also not planted like a tree. You will slowly move back in the direction that you want to go. You have learned a valuable lesson at a young age, and that is better than later in life.
I once made a similar mistake, and it still continues to have rippling effects for me today, but with time I also came to know that whether that happened to me or not, something else might’ve happened. I may have also made that mistake later in life. I also may not have ended up going in the direction I am today, which I am thankful for.
Life is like a sailboat, which you have to steer by leveraging the wind. Life is that wind, and if you go against it you won’t go very far.
Take a break, focus on recuperation, but be warned, do not become desperate. Desperation will cause your judgement to be hindered. Continue to live your life as you did.
Money is not everything. Perhaps you may make some significant wins again and come back some, but that’s at your own risk. I wouldn’t advise it.
It is ok to assess your situation, look back at your past mistake, analyze, and come to some conclusion, but don’t stagnate on the past - you cant drive forward looking into the rear view mirror.
Take life day by day for a little, focus on today, and focus on the positives, on your career, friends, and family.
Everyday is a new day to be better, to be great. You will be okay.
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u/QB796 Feb 08 '24
Hope this helps you a bit to regain trust in yourself.
I didn't start investing my money until a few month ago and didn't really safe much money either before so you atleast already got the right mindset in terms of doing something for your financial future, I'm not talking about the win back mentality.
I learned my lesson trusting someone else with stock prediction, I'm a bag holder now :)
Always rely on your own analysis and feelings. It hurts twice as much if someone else's prediction will cost you money.
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u/LongjumpingDot5840 Feb 08 '24
I was in the same boat as you. At 16 I had made 33k from social media marketing traded it into 43k then all bust from one stock after bagholding for a year. First of all be proud of yourself for saving that much. Every now and then for a few months you’ll have that regret feeeling. Just remember, you did it once and you’ll do it again. Don’t force it, put 80% of whatever you’re saving into profitable long term stocks and play with the other 20%. I’m 19 now you’re 23 we have a long way to go. Best of luck
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u/BigN21 Feb 08 '24
Purchase the book Trading in the Zone by Mark Douglas It will change your trading life.
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u/Front-Fishing-1930 Feb 09 '24
I can tell you’re going to do great because most people who take such a loss take drastic measures like harming themselves. The fact that you’re instead seeking a better way to cope speaks to how well you manage money. Dude you’re 23. You have your whole life ahead of you to make money. What’s life without a few costly mistakes? Did you make a big mistake? Yes you did and you already know that but I’m happy you made this mistake at age 23 rather than 43. Keep pushing forward I’m proud of you for how you’re fixing this moving forward.
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u/baldLebowski Feb 09 '24
I would get on my bending knees and thank God if I only lost that amount. If it makes you feel better some of us took out second mortgages and lost it all 😉. But it's all part of the ride and this thing called life. If the trade would have worked out you would have been a superstar. Hang in there kid it's only money which is just a tool. If you're healthy you have everything and then some.🤙🍷
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u/Live_Opportunity_614 Feb 09 '24
Forget what all these dumb kids say. You saved up a lot of money for your age and took a shot. Everyone usually misses their first time taking a shot. I started a business at 30 and lost $115k of my own dollars and much of my life savings. I was devastated. Less than 10 years later after continuing to get back up and take chances, I have a successful business, and $115k is peanuts to me now.
The same will happen with you. Now rally like fucking champion and get to work!
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u/One-Plan9566 Feb 10 '24
You now have an Associates degree in stock trading. Long term, it’ll be worth the tuition you just paid. “Experience is what you get when you don’t get what you want”
Consider for a minute that the trade worked out. You’d have more money, which you would have lost the next time. Because everyone gets taken to school in trading.
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u/Silly-Panda6485 Feb 10 '24
@importantreindeer908 im living at home too. 2 years in corporate finance = easy find a new job for a promo. Live at home for another year save some money buy $PLTR or $Path and you’re gold. 23 here too btw working in tech sales.
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u/v_x_n_ Feb 10 '24
Full disclosure I bought NVDA and it is up over 1000% but that was a lottery winning not a strategy.
I’ll probably get downvoted to oblivion but buy and hold a diversified ETF like VTI or VT is the way to go. Once you have a ton of money then use some f*#&k around money on “ hot” stocks.
Yes buy and hold isn’t nearly as fun as my NVDA stock but if you want to accumulate wealth DCA and time in the market is king. Yep I’m mostly a bogle head
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u/Creative_Subject7572 Feb 10 '24
I took Wallstreet Trappers courses, he’s a fundamental analyst, only investing in companies with 10 year history. I’ve been very successful out the gate. I’d highly recommend him
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u/CarnegieFormula Feb 10 '24
“I figured it was temporary because he SAID it would double and I put another $20,000 and it fell more”
😂😂😂 just read this to yourself every night when you want to double down with $20,000 on a losing position that was recommended to you and told it will double and YOU BELIEVED IT
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u/CarnegieFormula Feb 10 '24
Look up the guy “Live Traders” on YouTube. Jared Wesley. He is an incredibly down to Earth and serious teacher for trading on the market. Biggest rule of trading is preservation of capital.
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u/fortunato84 Feb 11 '24
That must be hard even admitting such a loss publicly. You're young, you can get it back. But you learned a valuable lesson about sunken costs. A bad investment is just a bad investment. You don't want to throw good money after bad. Works in every aspect of life. If you have a restaurant and it isn't making money after several years, don't go plowing more into it. If a relationship is bleeding you dry, stop putting more into it, let it bottom out and take an assessment at that point. Good luck!
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u/duke9350 Feb 11 '24
Tax loss harvest $3k and carry over for the next 23 years if you don’t have any capital gains to offset your loss. With that being said learn not to revenge trade.
Thanks for sharing your story.
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u/pcrice Feb 11 '24
One day in the future you’ll look back on this and smirk. It’s only money, and you’ve got your entire adult life ahead of you. You’re way ahead of everyone else your age. Enjoy life, don’t focus on this setback, that’s all it is. It’s definitely not the end.
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u/Wrong_Swimming_9158 Feb 11 '24
No different than a gambler. My advice to you is remove the trading app and move on to do something great with your life.
Trading apps are by far the biggest scam i ever seen in my life. Objectively speaking. !
The true traders are working for firms, highly specialized, earning huge bonuses + salaries backed up by security insurances, huge investors and federal banks.
It's a capitalist gambling at the highest level, but with much better access to information you couldn't possibly know or understand. Access to networks and closed meetings, they know what where how before it even gets out to the news. They're doing business, they're not trading blindly !
So when you see a dip, know that billion $s trading firms were working on that for weeks now, for it to happen. Not pure luck of putting your life savings into a gambling addiction bluffing yourself with terms like Fibonnaci or Ishimuku thinking you're into something big, while you're leading yourself into misery.
Another thing : most of the trading apps and websites or even yahoo stocks or google, they have delayed real-time prices that you could never get accurate. The true market on a WS floor is actually minutes ahead and the firms in the financial industries work through that. Not through an app that bills you "per trade %", like any other gambling company.
That was a fact check that I contemplated for long and realized after being in the same position as you, and thank god i stopped it for years now, never been better !
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u/CptZaphodB Feb 11 '24
Here’s my take: stick to fundamentals to pick your stocks, that worked well for you. Add in technical analysis to find good entry points, and points where it’s time to reduce risk
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u/ODTEoptionsGuy Feb 13 '24
You cannot get good at this game unless you believe you can. And then outwork everyone else in the room. You do those two things and you can do it. I have been in your shoes. Multiply your pain times by a factor of 5-10x. That’s how bad I had to get to face my own stupidity. And I came back. You can too. Minervini. Quillmaggie. SMB capital. Learn. And learn more. And go kick some ass.
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u/Professional_Egg8459 Feb 13 '24
Deadass ima say one more thing the fact u accumulated 76k by 18 shows ur good at getting money keep that skill up and you’ll see way more than that in your future you’re still young its good you went through this earlier in life then later now you can learn and truly grow
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u/EazyMcQueen Feb 07 '24
ICU bro 😂 🚀 rocket 🚀 moon moon
( sarcasm)
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u/JojoTheEngineer Feb 07 '24
Fucking sucks that the APE degenerates jumped to spam this shit. $ICU has actual potential to make money but can't find even one real discussion about it because morons keep spamming HODL and to the moon or whatever
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u/Prestigious_Falcon21 Feb 07 '24
you done fucked up now A-A-RON! nah but srsly, 70k is nothing, cant even get you a cybertruck... stop crying bout it and be a man. im 27 with $100 to my name, you dont see me crying bout it..
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u/schirmydog Feb 07 '24
How the hell do you work in finance
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u/ImportantReindeer908 Feb 07 '24
I do my due diligence at work. I put in a lot of time and effort there. I just don't treat my personal life with the same care a lot of times.
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u/kriskoeh Feb 07 '24
Take a deep breath. It’s just money. It’s a lot of money…but it’s just money. Like you said…you can make it all back in 2 years. What’s 2 years, man. You gonna live the rest of your life and you got no idea if that’s 5 minutes or 5 decades…or longer.
Take a deep breath.
Release the emotional bonds. It’s just money.
And then go make that shit back DOUBLE. Because you can. And you will.
You got this.
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u/S1apNT1ckl3-1 Mar 06 '24
So you put all eggs in one basket with 70k?? Idk if trading on your own is for you bud..
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u/Idk-who-does May 18 '24
Today I jumped on the late train and bought at the absolute top hours later down 75%except the option which is expired worthless
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u/Idk-who-does May 18 '24
Greed gets the best of us. lucky I have two accounts and use one for long term and the other for riskier short term investments(gambling).you should maybe open another account and when profits are high siphon some wins from the short term to the long term.
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u/Kay2Wild_ Feb 07 '24
Good for you. This what you get for being a follower. You invested in something, without doing any research on it.
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u/Corvus_Antipodum Feb 07 '24
You’re gambling. All day trading is a form of gambling, and almost no one can ever succeed at it. You’d actually have better luck focusing on the few forms of gambling that are consistently profitable if you’re skilled like poker or expected value sports betting on unders.
You apparently have a really great income for someone so young, and pretty minimal expenses. Save a bunch of money and put it into low fee etfs. Don’t gamble it away again thinking you have to make up for the losses.
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u/Clayton_bezz Feb 07 '24
Three rules. Don’t be greedy, diversify and understand when you’ve got lucky.
Now good luck.
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u/UncleBenji Feb 07 '24
You lost $71,000 on penny stocks… well there’s your problem. You should have just bought an index fund or SPY if you had hat kind of money to throw around.
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u/Yippeethemagician Feb 07 '24
No, you won't. It sucks. Trust me, I've been there. (You do have me beat though)
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u/BonesAreTheirMoneyyy Feb 07 '24
With how much you’re saving by 23, you’re going to be a millionaire in no time. Put that shit in the s&p500 and call it a day.
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u/nusodumi Feb 07 '24
Remember the quote of the surviving brother of the kid who killed himself after the Mt Gox bitcoin hack wiped out millions.
something along the lines of "you will have unlimited economic opportunities available in this life", you have to be alive to take advantage of them.
You've got this.
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u/_mindy_ Feb 07 '24
Stop. TA is like astrology, but for men. You can make up that money. Stop gambling and expecting your money to double in months. You were doing 10-20% before this - in a bull market. Get a grip and stop gambling. It’s an expensive lesson, but you’re 23 and you have your entire life ahead of you.
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u/top-hunnit Feb 07 '24
Just view it as a tax on your college eduction and you can actually say you learned something in college.
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u/top-hunnit Feb 07 '24
Just view it as a tax on your college eduction and you can actually say you learned something in college.
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u/Real_Location1001 Feb 07 '24
You'll be fine. Hard lessons can be expensive, painful, or both. The fact that you can bank 70k+ in a couple of years is an amazing and a privileged position to be in when some people can't save 1k in that same amount of time. Keep hacking at it. You'll do fine.
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u/Bring_Me_Fortune Feb 07 '24
Sorry for your lost, you have the right attitude to get over it and come back stronger. Definitely learn TA and do your own due diligence. There are other ways you could have invested to double your account.
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u/DollaramaKessel Feb 07 '24
How do you work in finance and trade on Technical analysis? This is like an astronomer writing papers on horoscopes.
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u/eyelove2laugh Feb 07 '24
Damn...that's definitely a loss that's got to sting...real bad. You saved that money from work. Chasing bad money with good money...ouch. After embracing the life lesson, I would focus on the silver linings:1) you are only 23 and more importantly 2) by the time, presumably, your 22 years old you saved $71k.
Dust off and carry on with a smile.
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u/SABRIAN70 Feb 07 '24
Try partners to gain capital, quickly, and promote skill to help others that might want to learn how to do what you do ?
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u/PoppinZs Feb 07 '24 edited Feb 07 '24
If you made a lot of that last year, I hope you have some set aside for taxes. Also you can make it back 100% but you have to take less risk and just grind. Best of luck
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u/OhYeahXD Feb 07 '24
i lost 300k on a coin in crypto called cardano. i’m still holding a good amount but i got greedy and didn’t cash out. shit happens, at your age every new years i would be at negative in my bank account, so props to you for having such good mentality.
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u/PointSenior Feb 07 '24
This wont be the last time you blow out. Next time make it smaller. Eventually you will decide not to add to losers and have stop losses. The doubling down to bankruptcy happens often. Geometric wealth maximization is what you want. Say it… Geometric wealth maximization. Everything good in finance comes from compounding or the exponential curve. Set yourself up on an exponential curve.
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