12-12-2021, 08:34 AM
(12-12-2021, 07:44 AM)fenders53 Wrote: cemanuel
I agree it's about discipline and starting early. I never made $100K at one job but I wasn't afraid to work a second job for many years.
I didn't let early failures discourage me too much. I had a separate speculative account I took to worse than zero. Actually had to pay my broker to close the account. Things happen for a reason. I could have blown up my account later with big money had I not learned to manage risk while I had time to recover.
And look at me now. Annoying people on the internet daily, lecturing them to realistically assess valuation and the risk in their portfolio.
Re-reading, thought this was worth touching on. I did the same. Never had more than $20k in it. Called it my play money. I used it to buy either very speculative plays - SDRL is the best example though I did a pile of short-term trades and got out with a profit in it. But I also used it to buy companies where I'd read about what they were doing and think, "Well, this is cool" and not go a lot further investigating - would do a cursory financial look to be sure BK wasn't imminent. I didn't go completely under but when for about the 5th time I had spent $5k on something and sold for $2500 I decided that at some point this would add up to real money and quit.
On the other side of the equation, I put $1k each into several penny stocks. Each of these, with one exception, was at least a double, two were triples. At some point and for some reason - no idea why, they aren't covered - the price popped for every single one and I immediately sold. My only loser was a company with ADV of about 10k shares where I couldn't sell when it spiked. I stepped away from doing that but I still have this sneaky idea of putting $1k each into as many of these I can find that fit my criteria, to a max of $100k, in my IRA. Then sit back and be ready to sell quick. Or lose it completely.