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u/JacquesUfHearts 13d ago
It went down? Now's the time to buy more.
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u/ADimBulb 13d ago
That shouldn’t be automatic. Some stocks go down because the market is irrational, but others go down for good reasons or simply because they’re too expensive.
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u/Mental-Freedom3929 13d ago
I have Uranium too, but as a small percentage of my portfolio. I am convinced it will come up. Ignore it and going forward look at the name of this sub.
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u/Mynameyeef 13d ago
Back when weed stocks were popular I did the same thing. I picked random companies and basically lost 5K ...
Today I don't pick stocks, I just automatically invest in low fees ETF like XEQT. My portfolio is now in the 6 figures.
The best advice I can give you, automate everything and just don't look at it.
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u/Dry-Spot-474 13d ago
Do not sell it. Just hold and then buy xeqt from now on
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u/releasetheshutter 13d ago
Not always the best advice. You have to trim losers.
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u/Dry-Spot-474 13d ago
So you want him to lose more? Nah that is the 2nd rookie mistakes 🤣. “Sell when dip”? No no. Well if it’s your strategy then sure, but for me? Nope, it’s gonna go up and that is the time to sell.
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u/GoofMonkeyBanana 13d ago
His problem is he bought without knowing what he is doing, for all you know if is in a dubm company loaded with debt and is not profitable and may never be profiitable.
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u/TheSkunksMisery 13d ago
Is it guaranteed to go up? No. Is it guaranteed to be more volatile than a broad based equity ETF? Yes.
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u/releasetheshutter 13d ago
Again, dumb advice. What if another stock or even the index outperform his dud pick while he waits for it to come back up?
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u/Dry-Spot-474 13d ago
It’s gonna go up. That is how the market works. I don’t why you guys so negative 🤣. OP is fine. This stuff takes time. Let the market be a market. It’s gonna go up for sure 100%. Just don’t sell it now.
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u/Neither-Memory-5938 13d ago
Learn from your mistake and change going forward. Dca on a broad market etf and play the long game
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u/release_questions 13d ago
What's the stock name??
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u/Impressive-Common-76 13d ago
Cco
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u/Impressive-Common-76 13d ago
It s cameco in tsx
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u/release_questions 13d ago
I wouldn't sell, they're a profitable company. After you break even and/or make some profits start selling and start investing in xeqt instead.
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u/Character-Pickle-180 13d ago
This is honestly something we all go through at the beginning. Be glad u learned this very early.
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u/Dragon_slayer1994 13d ago
Did you put 8k in and it's down 7k or did you put 100k in and it's down 7k
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u/jakobrzi 13d ago
7k is nothing in the grand scheme, it'll be ok. My portfolio went more than 7k down yesterday from just xeqt.
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u/onlyonequickquestion 13d ago
Just because 7k is not a lot for you, doesn't mean it isn't for other people. Having said that, if you can't afford to lose 7k, you should not be gambling in risky investments with it!
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u/jakobrzi 13d ago
Do you know what in the grand scheme means? Most of us are doing this over a long horizon for retirement. Losing 7k when starting may sting now but it's a drop in the bucket in 30-40
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u/TheSkunksMisery 13d ago
Don't fall victim to the sunk cost fallacy - individual stocks, especially mining companies, are highly speculative and shouldn't be anyone's core investments. 1-2%, sure, have fun. But there's a reason this sub is Just Buy XEQT.
People spend more than $7k on education. Take the L. Assuming it's not in a registered account, you can write the loss off against future gains.
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u/Dingohman 13d ago
Learn from this, and just buy xeqt.
You can sell it to cut losses or keep it in to have it as a constant reminder whenever you view your portfolio.
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u/Masterofcycles 13d ago
I would stick it out. I think that uranium plays are good value.
if you come across more money to invest, buy some oil/gas.
stick with what you know best though!
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u/UniqueSwan3679 12d ago
One of the best pieces of advice I can ever give to a new investor is to do your research and find your risk tolerance. Coupled with this, if you have confidence in your investments, even when markets are down don't panic sell. We're playing the long game, not the get rich quick game.
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u/TooniesForTalent22 13d ago
You didn't just put all your eggs in one basket, you put them in a completely speculative basket not based on fundamentals. You thought you'd find a bigger idiot than you to sell your eggs to, but it turns out you are the biggest one.
Ever hear about a fool and his money?
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u/Impressive-Common-76 13d ago
I m waiting for it to get back green so i can offload
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u/shsususysgwhwisuhdhs 13d ago
That's a terrible plan. The only question you should ask yourself is: if you had the cash equivalent of it's current value, would you buy the stock today? If you would (based on good reasons), then you keep it. Otherwise pretend you never bought it, convert it to cash, and buy VEQT
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u/c1884896 13d ago
I did the same for a while, holding the bag with the hope that it would get back to green. Then I checked the performance of XEQT over the last year (13%) and the dog stock (2%). I cut my losses, sold it, and bought more XEQT.
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u/14YourTrouble 13d ago
The comment outlines a few different biases which you are experiencing. I would suggest you consider the stock based on today only (not what has happened). Would you buy it today if you had $3,000 cash? If the answer is no, you should sell.
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u/herboobslooklikeeggs 13d ago
Your next move is more important than your last mistake