Chill, man.It's been 7 weeks since I bought my first stock. I'm about as newbie as it gets. But I only invested the cash I had on hand that I was willing to lose. Most of my money is currently in an RRSP. I invested in MJ stock because I am interested in the industry and I did my research. With that said, I also invested in a more stable stock (Telus) so that I always had a point of comparison.
What I've learned in a short time is that weed stock is HIGHLY volatile. If you can't take the heat or don't feel knowledgeable enough, get out of the kitchen.
I bought WEED at $12.00. A few weeks later it had dropped to over $11, hung there for a bit (and I bought a bit more). Then eventually jumped up to $16 for a few days and then kept climbing until it hit $21, dropped to $17, climbed back to $19 for a bit and is now down around $17.
ACB has been a bit more intense, but I bought in at $3, bought some more when it hit $5 and then it mumped up to over $8. Now its down just under $7 and might even drop some more. So, what? I clearly don't understand the panic here -- and actually, view the knee jerk thing as the worst possible thing to do. The sky has not fallen. A new industry is acting as volatile has it has been like it seems from the start.
Obviously, I want to make some money, so given what happened this week, I've adjusted my plan a little for when and if that kind of high happens again.
I've learned from posters here, but the scare mongering is truly disgusting. I think the drop was inevitable based on the intensity of the climb over a short period.
We will see what happens, but I'm not letting the negatives take me down. If anyone takes me down, it will be myself. Then I will learn from the experience, pick myself up and make different maps for my own investing.