So, I’ve been wanting to talk about this whole event ever since it started. How I felt and what I did when diamond-handed apes took over and made the Wall Street’s hedge fund into their bitch.
For clarification, this is NOT FINANCIAL ADVICE, and everything written here is for entertainment purposes only.
As a new investor, I started the game a year or two ago. I began my journey after reading Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money–That the Poor and the Middle Class Do Not!
by Robert Kiyosaki and Sharon Lechter. After reading that book, my whole worldview changed. I wanted out of the rat race and sought the means to for my escape by following in the footsteps of those wealthy who came before me, by making my money work for me.
After formulating a plan, deciding to try the long-term dividend strategy, I was off. Every month I would set aside a certain amount of money and would put it in my portfolio. I saw progress and was happy. One of those days, I decided to buy 100 shares of GME and a ridiculously low price, 1 dollar a share. Back then I believed that the prince might go up slightly so I decided to just do it. Months later, after learning more about investing and the importance of buying companies you believed in, I decided to sell those 100 stocks, a few months before the great Wallstreetbets/hedge funds war took place.
Now when I saw GME price soar so damm high, I felt sick to my stomach. Hindsight is 20-20 but I couldn’t care less, all I was thinking about is “OMG I missed out on life-changing money “! FOMO hit me hard and I started going to Wallstreetsbets to learn more. That’s when I read about how the race wasn’t over. GME, AMC, and other random stock were still going to the moon. I caved, after hours of debating to myself that this wouldn’t work, the greed was too strong and I finally caved, abandoning my principle trading ethics in pursuit of quick gain. I bought one stock of GME and a couple of AMC, at a low amount/volume to be honest as I still had some form of common sense in me. And I’m glad that I did. As soon as I made that purchase, Robinhood and other brokers decided to limit the abilities of its users. The rocket with diamond hands blew up mid-flight. Dreams crushed!
I lost money, although not as much as my fellow diamond-handed retards but regardless, I lost money. The whole event was a great learning experience for me, and firmly cemented Warren Buffet’s words of ” Be fearful when others are greedy, and be greedy when others are fearful”! It taught me the power of FOMO and exposed the greed I had within me. Unlike others in that Reddit forum who’ve lost thousands, some even millions, the lost money can be made back within a month. I was spared in my opinion. I was willing to tap into money not meant for investing but ultimately chose not to, and I’m glad that I didn’t. It’s clear to me that I was still a massive novice investor and that hype is a powerful trigger for FOMO.
Now, I’m seeing the same thing happening with Dogecoin, but after how GME turned out, I’ve decided to stick with fundamentals from here on out, if I miss out, then I’ve missed out.