WHAT WENT WRONG WITH GOVX

(talking about my biggest loss ever, that major fucking lightning bolt dip on my profit chart, sold and realized my loss around the end of September.)

Everything. Like  I posted with the trade: a perfect storm of doing everything wrong.

Went against all Tim’s rules. Matter of fact, it was such a dumb newbie mistake, I’m not even qualified to write a fucking blog.

Now that I got that confession out of the way, what the fuck was I thinking?

 

Ok, I first heard of GOVX in some mainstream media article, back in May or so, and I wrote it down. GOVX. GOVX……

Looked them up on seeking alpha; they were trading for about 50-cents. Not on RobinHood, which was my only account before signing up with TimChallenge, and I see why Tim prefers E*Trade and bashes RobinHood, for one reason: all those penny stocks are tradeable on E*Trade but not on RobinHood, for one reason.

My E*Trade account was on suspension for gunslinging with EROS (the other major spike down on my profit chart when I first started), or something “suspicious activity.” I don’t know; I still don’t get it. Maybe they did me a favor, in retrospect.

Anyway, I got my E*Trade back in July after being put on 90-day suspension in April, and I proceeded to buy GOVX at whatever the price was at the time. 1.22. I thought my well-kept secret was off and running, and I had to get in before it’s too late. What actually happened was: that OTC penny stock known as GOVX was at its all-time high, never to be seen again. I remember I bought some after it hit like 1.32 and got it at 1.22 thinking it was a good deal, waiting for it to just fucken skyrocket. They were working on the cure!! Yay!!!! Nope. The funny thing is, I think it was Huddie and Lento-san watching it to short (I’m going long; the pros are going short. That should classify as a broken rule, as well) and Huddie alerts something like: “GOVX looks like it’s about to crack.” And Lento goes: “Shhhhh!!” (because, you know, the people who run the chat don’t want to be accused of influencing the market, rather than just observing) and I STILL didn’t get the hint and instead of cutting losses quickly I just held and hoped and watched it fall. Gapping down with no volume. Nobody wanted to buy that shit, except me. So I did my next fucking genius trick: Buy more. Average down. I mean, theoretically, it’s possible to make a profit on anything. If you’re underwater with a thousand shares You could buy a million more shares and make your average a penny over what you bought the million shares at, then it goes up a penny and you break even, see? So I bought down in August and September, bought some at .30 and my average was about .78 , 40,000 shares, had spent $30,000

Looking at the chart on the day of the split. September 24^th it was on OTC, then the next day it magically appeared on NASDAQ. The 20:1 split had taken place. So they used 25-cents as the price, which, X 20, equals $5.00. It never really traded much at all at the lod of 25-cents on the 24^th, and on the 25^th it supposedly started out at $5.00 but that is nonexistent on the chart as well.

Blah Blah Blah So to make a long story short, I started buying at 1.22 and sold at the eqivalent of 1/20^th of 2.83, or about 14-cents. Had about $5000 left to cash in on a $30,000 investment.

I had to call E*Trade to make sure I am posting my profits and losses correctly.

And the weirdest thing is, and the reason I sold it all in one day, is because it registered as unrealized gain. It went from showing an unrealized loss of minus 25,000-some (that’s a lot of red) to a profit of $5000-some. That’s another reason I called E*Trade, but I had already sold so he couldn’t see what I was talking about. It’s like it flipped lots on me and thought that the .78 average before the split was my average after the split, and something that I bought at .78 that’s trading at 3.00 would surely register a profit. But no, there was no profit. All loss. That’s another mistake: believing something too good to be true (I thought they felt guilty and just refunded me or something) and acting out of greed (if it was a mistake I was going to cash in before they noticed). No; they don’t make mistakes like that. When yer fucked, yer fucked.

Anyway, it’s water under the bridge; I’ve fully recovered my account.

It sucks that I lost all that, but…..

Forget the money; Remember the lesson.