Long term is the only way to keep sane unless you have time to watch every single minute. The biggest angst I’ve had is the short term bets. I’ve made plenty on them so I haven’t minded but I’ve made far more on my long term buys and honestly would have done even better this year if I just stayed the course on my long term buys and just kept adding.LOL. I was in this thread 10 years ago. Started with $2K. Wish I could say I was successful, I kept going for homeruns and would sometimes buy and sell within minutes. I had no patience and still struggle with that.
I cashed out my stock options from work and decided to give it a go but with a different outlook. I still jump into some plays here, but again, I usually get frustrated when they go down and lose. up 30% over what I would have been if I kept my old work stock, so happy.
Been in and out of AMZN quite a few times and am in the green overall.
My strategy now, which it should have been years ago, is to only buy stocks I dont mind holding a long time. Hence, I keep adding to AMZN to lower my cost. but not selling it for quite awhile, hopefully over a year for tax reasons. Maybe forever.
My goal this year is to have
AMZN
AVGO
MJ
CHWY
PLTR
RBLX
ABNB
and hold for a very long time.
edit - (I remember when facebook was highly debated in this thread if it was a suckers bet. I think it opened around $30)
Also, don’t get frustrated over losses, especially in the long term stocks. Not a single one of my long term buys outside of ZM didn’t go lower in March or another time. APPN was one of my worst performers until the past few weeks and then it was a better performer than some of my stalwarts.
No idea how much you are dealing with but I would recommend adding some additional stocks if you want to go long term. Diversify a bit more. It can be a slow addition so you don’t have to sell off stuff you like, but it helps to have some stocks popping all the time. Might make you worry less about drops when they don’t kill your overall returns.