God I'm regarded.
I lost 80% of my portfolio due to too many call contracts (on another stock that was performing well). I turned $700CAD to $2600USD like a week ago (yes, I'm a poor). I've never earned that much money investing before, and I knew right then there I should just pull half out to lock in the gains, or wait a bit and go back in at an optimal when it has a reasonable dip. Or maybe look at some other stocks.
But no, instead stock started falling further, activated stop limits, price went down, caused more people to sell, activated more limit stops, etc. The stock had been lingering around 9.50 - 10.50 for almost a week - after that huge drop it went down to $7. What's worse is I had a reasonable number of puts (bought too high) and I wanted to get rid of them. Eventually it broke even and I sold it, thinking it would surge back up at any minute.
I was also buying additional calls because their price was so slow, I was sure that there would be at least a mild rally and I'd be able to get maybe 50 - 60% of my money back.
Eventually today it went up to 8.06, and I only had 2 days before expiring. I didn't want to risk holding onto it much longer only for it to fall more. So I sold it and lost $1200USD.
You know what the best part is? It raised 25% immediately the next day after I sold and I would earned over double if I just waited 12 more hours. It went up to like $9.10, and my breakeven was 9.12
Not looking for financial advice, admittedly I've only been in and out of investing for a few years on WealthSimple.
I hope this doesn't break the rules but I'm wondering what more experienced investors in a similar situation would consider doing. If that does break the rules, perhaps there's a way that's safer. I've been looking into thetagang but I just don't have enough money unless it's a penny stock.
Thanks for listening, sorry for long post