Originally Posted by
RemoveB4flght
My buy and holds are in my Roth IRA.
My ‘mentor’ I guess you could call him for investing always said “it’s not buy low/sell high, it’s buy high and sell higher!” Get in, see a few points gain, get back out and look for the next one. I don’t have a crystal ball and I’ve made a few mistakes, but overall I’m more up than down.
I remember a few years ago when crypto was the “thing” and out of boredom I decided to give it a shot. Turned 5k into 8k, took the white meat out bought a nice new set of scuba gear. Let the 5k ride a bit made another ~2ishk around the peak, got out totally and took a kick ass dive trip. One of my best friends who never played in the market got into crypto near the beginning and made almost a six figure profit. He refused to sell and rode it all the way back down to earth. To this day I’ll still randomly call him “bitcoin” to see what combination of expletives he comes up with.
Good on you for timing the market correctly, but my experience has been quite the opposite. Last year when I was bored on reserve I thought I would get into day trading with some play money...and whew boy was it ugly. When I finally threw in the towel I was down like $2k or so, which was sad considering that even the village idiot could've turned a good profit in 2019 by just buying and holding pretty much anything. You live and learn...
So starting in 2020 I swore off day trading and decided to just buy and hold for awhile in hopes of turning a small profit...and you can probably guess how well that has turned out so far. I sold on the way down since I might be needing that money if this all keeps up. Safe to say that was my last foray into the stock market for now. I learned my lesson, and that is there are much better minds suited for this kind of stuff, and I am not one of them. I'll just settle for being the airplane driver.