Harv, your honesty here is refreshing, and truly I feel for you.I've been in the market for almost 40 years now. I now also make a very good living in the market. But where I am now is NOT where I always was. In my early years, I made every classic mistake in the book, certainly including yours here. The good news though is you CAN recover, hone your skills, learn the tough lessons the market WILL teach you, and hopefully go on to thrive. Just a couple of thoughts I've only learned through wisdom of the years.
1) Do NOT measure a given trade by how much you've won or lost. The decision to buy or sell stands on its own. Rookie mistake: "Well I can't sell now...I've lost too much". The only question is, does it stand a better chance of going up from here, or down from here. Once you've decided that, act accordingly.
2) Find smart people on here and follow them. They DO exist. Learn from them. Ask questions.
3) Don't go for home runs. I aim to bat singles and doubles all day long. THAT is where the real long term win ratio comes from.
4) Never marry a stock.
5) Piggy's get fat, hogs get slaughtered. No one EVER goes broke taking a profit.
6) Be humble in the market. Be hungry to learn, ALWAYS.
7) The market is ALWAYS right. Don't argue against it. Never turn a trade gone bad into a long term investment, just to avoid admitting your mistake. Make mistakes quickly.
For all the years I have done this, and all the skills and knowledge and wisdom I have, the best I ever attain is about a 7/10 win ratio. Now that gets boosted, because I spot the 3/10 wrongful bets quickly, and exit with a nick rather than a gash. Emotion ges checked at the door, and ruthless focus and decisions are made, evaluated, re-evaluated continously, and I do everything possible to poke holes in what I believe. When the holes emerge, I exit.
Aurora is untouchable in my opinion. FAR too many red flags all over this thing. If I had a position, I would cut bait instantly. There are other good LP's to invest in. (Canopy is best of the bunch).
I'll finish here with an analogy.
You're on a bus, and the bus breaks down. You wish you were off this bus, but there you sit, and the mechanic only has bad and worsening news about the prospect that the bus will be back up and running. But there you sit. You see other busses go by that can get you to where you want to go, and it would be as simple as getting off the broken bus and stepping on to the moving bus. But you say to yourself, "no. I think I'll stay seated on this broken bus."
Who would EVER do that?? Exactly. ;)
Best wishes Harv. Know that there IS a way forward and that you can recover from this.
harv wrote: I am now openly embarrassed that I entirely went against my gut feeling about the pot companies when I bought into the frenzy to make a couple of quick bucks trading. Note to self : averaging down is not always a good thing (ever?). I am venting for a brief moment as I prepare to accept (barring a miracle) that my $110k "investment" will likey attain penny status again. I shoulda bought a boat with the cash. Have a great