“Check yourself before you wreck yourself…”
This weeks fun with $MARA
I can’t tell you how many times I hear “how can I get rich quick like that gamestop guy?” Or the best is “what stock should I buy right now?”
They’re probably the most asked questions when it comes to investing and trading. Hell, I asked them myself when I first started trading and the answers are simple – It’s extremely unlikely, that depends on who you are and what type of investing you want to do.
Myself? Personally, I try to steer clear of the meme stocks and short squeeze trades when I can. I have been burnt many times from those gambles being an original Gamestop victim and I just choose to put my capital in something a little safer. However some do sneak by, as one of my main trades is $MARA, and even though I personally don’t consider it a MEME stock, there is a large community that does. It being a bitcoin miner and bitcoin still being considered “risky.” So as I said, those questions depend on YOU, and where YOU want to put your money.
The funny thing is if I had put all of my capital(cash) into MARA like I felt I should have, I would have doubled my account in two weeks. But I still grew by 27% based on this 65% gain. I was safe about it, I didn’t trade more than I was willing to lose. I say this because MARA is also a stock in which I’ve lost most of my account. Not because of MARA, but because of my stupidity to go ALL IN.
I’ll admit, I got a little let down when it continued to rally but I just reminded myself, this was free money! This is how you trade to win.
If MARA had gone south I had my stop losses in place, I was ready to back out when it dropped below 10%. I got nervous when it dropped 5, 6 or even 8 but then it would bounce off that resistance and go even higher. The third pump was the day of the CPI, and those were just too many risky red flags to gamble so I only left a small small percentage on the table. Just in case this 3 day weekend doesn’t pan out. I’m managing my losses, something I never did before. From what I read, hear and see, this is what makes and breaks traders. We will always lose more than we win, that’s nature, right? So why not keep your losses small, and gains big?
I look back and continuously think of the gains I could have made. I much money I could have made, quickly. IF I had just timed it right, I could have been a millionaire by now.
But the biggest and most substantial regret is not managing my losses. Not setting stop losses to catch my account when it started to fall. I wouldn’t stop abiding by the ever so stupid “you don’t lose until you sell” mentality. That thought killed my account so many times. And I was left with no capital to come back with, starting from scratch yet again, 50 dollars a week. If I had done the most important thing I would never have lost that much. Period.
The bottom line here is the mindset we are trying to achieve. You have to value patience over immediate gratification. Greed has to go out of the window when building a small account. It’s a slow and grueling process and you have to watch everyone else gain massive gains because they are able to invest more than you. But just keep in mind that you WILL get there. You just have to start small. And so here we are.
~~I am not a financial advisor, I do not nor will not tell you to buy, sell, or trade any of the stocks I mention in these posts. This is merely for educational and entertainment purposes only. Thank you and happy investing.~~
Check out MooMoo and WeBull to get your journey started. Used those links and we both get some free stocks once you deposit.