Preston
MBow30 alt account
Nah I did hoard cash in a bigly way tho on the pullbacks. Helps outperform the index
Hey Nerds: Blockchain
- Thread starter zeke
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Preston
MBow30 alt account
When it has those Momo runs that's when I sit back and do nothing. It's fun because I'm less active but it's the easy part of my whole strategy. I wish i could be a buy and holder. I'm jealous.
With the said my biggest win was not from a pot stock. 2000% gains on a stupid degenerate telemedicine stonk.
LeafOfFaith
Well-known member
That's awesome. I don't have that many that went up like crazy - just two that were in the 300%-500% range. The rest in the 100% or under range, if I recall. I wish I had one of those thousand percenters. Kinda feels like a failure that I didn't have one frankly, considering how many there were last year.
Buy and hold is the only way I can do what I do. I would've made so many crazy bad mistakes if I was trying to time. I was thinking earlier today actually, that I might be an epic diamond hands-er. I've seen such huge swings both up and down on my names, and I've never, ever panic sold. I made two dumb calculated sells with Shop and Citi, but not what I'd call panic. Today I'd never make those same mistakes. But yeah, the only time I sell is if I see the end of the road for a company. Sold EA because I think it's a piece of shit, sold WORK because it's capped out, sold FIT (my one and only sell at a loss ever) because it was dead money stuck waiting for a Google acquisition to happen (for like two years now, I think).
Buy and hold is the only way I can do what I do. I would've made so many crazy bad mistakes if I was trying to time. I was thinking earlier today actually, that I might be an epic diamond hands-er. I've seen such huge swings both up and down on my names, and I've never, ever panic sold. I made two dumb calculated sells with Shop and Citi, but not what I'd call panic. Today I'd never make those same mistakes. But yeah, the only time I sell is if I see the end of the road for a company. Sold EA because I think it's a piece of shit, sold WORK because it's capped out, sold FIT (my one and only sell at a loss ever) because it was dead money stuck waiting for a Google acquisition to happen (for like two years now, I think).
Preston
MBow30 alt account
If I bought and hold the telemedicine stock profits would have been well into the 7 figures. My share count back when I made my final purchase was stupid. But I trimmed on the way up. Still did very well but I should have let you take the wheel once I made my final purchase. Fuck.
So.... You're probably onto something with that and the logic makes sense. Invest with conviction. If you believe in a company, don't sell. If anything, buy more.
LeafOfFaith
Well-known member
I do everything except the buy more part. I can't justify paying way more than my initial purchase range, even when I'm expecting it to go way up. Super irrational. But Josh was kinda saying it about ZM in that video CH sent, that he's in at $70 and wants to buy more and will, but not at this price. But yeah, conviction all the way. I fall in love with each stock before I buy it, which is not necessarily a good thing either, to go to the other extreme. Yet when you're making decisions on stuff to buy that you may never sell, I guess that's the way to do it.
Mamamia about the seven figures though.
LeafOfFaith
Well-known member
By the way, I feel like I should turn my retirement account (tax deferred on trading) over to @CH1 to just day trade. I'd probably be up 300% in the past year alone.
Preston
MBow30 alt account
Yeah conviction is good unless you have blinders on, which is very easy. Lots of folks treat their stocks like their favorite sports teams and it's hard to have an unbiased opinion. I like my stocks but I always have feeling at the back of my mind that all it takes is one scandal and all my profits are gonezo.
This particular company was speculative and at the time of my last purchase I was in the middle of accumulating because I felt they were primed for a 100-150% run, which I felt was fair value. So I trimmed some after the first 100-150% and said I would sell the rest after the next 150-200%. I'm just thankful I didn't and only trimmed around 10% at a time.
Tldr: I had conviction at 11c. I had no conviction at 40c. So I played it like a bitch but ch1 and I were having fun so I never sold it all.
Preston
MBow30 alt account
I had conviction that they were worth around 30-40c but yeah after that I played the momo
But...it's fun to dream. I would have never held the entire lot. Not in a million years. But I wish covid sent me into a year long coma. Or six months or whatever it was. That would have been a fun way to wake up.
Also AAPL in 2001 would have been stupid at the time according to many!
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LeafOfFaith
Well-known member
I think the more experience you have, the more you go through this stuff, the more diamond hands you get, as long as you're a mostly rational actor. Like I said, dumping my Shopify shares like I did was such an enormously stupid mistake that I'm pretty sure it has probably already saved me a bunch of money on what came after that by not making me fearful to hold on. I've had a lot of positive reinforcement doing what I do now, so the confidence rises over time.
CH1
The Artist Formerly Known as chiggins.
Exactly...we both were fairly certain they would not go bankrupt. That was educated bet we were making.
As for AAPL in 2001, Cody Willard (web fin-analyst, later FOX biz, now mostly retired) was pounding the table on it. And I used to read his every word!!! I got in a little higher and sold for a 3-4 bagger.....aka peanuts.
*note .25 was around $15 back then (pre-multiple splits)
LeafOfFaith
Well-known member
Looking back on some stuff, it's criminal to think that I ignored some obvious trends for as long as I did. Like, iPhone taking over? Clear as fucking day years and years ago. How did everyone not just put every dime into the company? I'm trying to be always on high alert to new trends these days and capitalize if I like them. But those kinds of phenomena don't come around every day, and you have to catch the wave before it becomes a 20-footer.
CH1
The Artist Formerly Known as chiggins.
what about Netflix ("the quality is too pixelated"). like steaming quality wouldn't improve over time...lolz
CH1
The Artist Formerly Known as chiggins.
yep...all the risk is gone!!!!!
LeafOfFaith
Well-known member
Oh shit, I forgot I got scared out of Netflix too. I bought it at $87. Not a big position, but obviously a 5x right now. And when I told my cousin, he started laughing at me - "Netflix?? That's old news, it's already gone as far as it can go!" This was one of my first purchases, so I was still very easily swayed. I held on though, till $110 I think, and then I saw all these articles again about priced to perfection, way overvalued, etc., and I bailed. The day after I sold, it had its biggest move yet at that time by rising $10 in one day to $120. Again, another early learning experience. Diamond hands all the way.
Preston
MBow30 alt account
Thesis on hold. Looks like safe is coming and it's coming real soon (will be re-introduced in the next two weeks before April 1st). But it's going to be the raw bill that was already passed in the house it seems. No 280e removal or safe harbor language. Bleh. Not particularly excited about it. Slow, incremental progress is the US way I guess. BoJo lied to me. Wake me up when we uplist.