Should I cut my losses?

I have a a play account that I opened a couple of years ago, where I made a serious mistake in buying a meme stock (CEI) on 3/8/2022 somehow thinking I’d make a quick buck or two. To be specific, I bought $15K of CEI and it’s down 99.78%. Literally a day later that stock tanked and I’m stuck holding the bags as you can see. Around that time I also bought TSLA (down 43%) and OXY (down 15%), obviously all in the in the red.

This is totally my fault. I got sucked up in the excitement and therefore opened this account to see if I can be an effective day trader with about 50K in the hopes of going to the moon. Clearly I am not a good trader and that plan didn’t pan out. However I have other accounts that are properly invested in ETF’s etc and all is well there, and blessed to say money isn’t a problem.

So the question is, should I cut my losses and put the remainder back into the ETF’s? Or should I keep it and set a sell at some limit in case the meme traders load up on CEI? What about TSLA and OXY? Not sure TSLA will have a positive quarter for a while, and OXY will see slow growth soon I believe.

Thanks for your advice.


Leave a Reply

Your email address will not be published. Required fields are marked *