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This is a follow-up rant to my post about how to make it rich in the stock market.
For those unfamiliar with my plight, I explained that anyone could become mega-wealthy by just doing the opposite of whatever I do. Think I’m kidding? The proof is indisputable.
When I bought stock, it went down. When I sold stock, it went up. I have the innate ability to change the fortunes of companies and shareholders through stock transactions. It’s really weird and I truly think I deserve my own advice column in the Wall Street Journal called “Opposite Day”.
Well, I am happy to report that my intuition has struck again. This week’s beneficiary? Anthracite Capital (AHR).
When we last left off, AHR was trading at $.54, which was a far cry from the $.81 per share I had paid. I considered the money lost and decided to stop my cycle of buying high and selling low.
On Friday I was so excited. After several weeks of teasing me with gains and losses, AHR actually made a comeback and fought its way up to $.84 a share. I sold every share I had about an hour before the market closed, ecstatic to break even. If I hadn’t already lost half of what I put into my account on prior transactions I would have had a party. I still may.
Today I figured I’d check in and see just how far AHR had plummeted after the announcement came that they were in violation of the NYSE’s requirement that a stock’s price be above $1.00 a share.
Today’s price? AHR had skyrocketed to $1.11 a share.
Huh? I thought bad news meant bad things ahead?
While I’m really happy that my trade could help so many, it’s really quite defeating that I suck this bad at playing the stock market. I am so done with it.
Proceeds after selling at $.84 per share: $455.00
Proceeds if I had waited six trading hours: $603.50
Here I thought I had gotten the last laugh, but alas, the stock market has made a mockery of me once again. I am but a mortal man and I am obviously not cut out for such a seasoned foe.
In an act symbolizing a waving flag of surrender, my Scottrade account is now closed. The stock market can hurt me no longer.
I feel free.
Broke.
But free.
{ 8 comments… read them below or add one }
I know! It's SO painful to watch these things– I don't have the constitution for it– I hate it when I overpay for bananas, so I don't handle it well when my investment decisions do not produce (not PRO-duce, but pro-DUCE) the desired results. That undergrad degree in economics did nothing for the ability to choose the right stocks. I do have an uncanny ability to select good bananas, though…
.-= Leah Rubin´s last blog ..Good Manners, Part Two =-.
Well…. at least you didn't lose anything. I'm too chicken to play the market.
.-= Casey´s last blog ..Support Chocolate Equality… seriously. Do it! =-.
@Leah – I hear ya on economics. I took it in college but I only now know WHY I lost it…no clue how to reverse the trend.
@Casey – I definitely lost…more than $500. I had originally invested $1000 into my stock market endeavor. The original post makes it quite clear that I'm cursed, lol!
That's why we have a financial planner who does all that for us.
.-= Amanda´s last blog ..Wordless Wednesday – Blongoball! =-.
yeah that just sucks Greg. I have to back Amanda on this one, I use our financial planner *cough (my husband)…and have done well. Ok well except for my inisting to invest in irobot….but I am convinced that will turn around soon to as roombas and scoobas dominate every home
.-= Christine´s last blog ..The Mom of Ow-ee Girl and Becca =-.
hahahah and this is exactly why I stay away from the stock market! Sorry sir but in reality its better to play it safe as you did, maybe you can be the last one standing with 200.00 extra bucks in your pocket and not saying how you lost your Arse on a long shot.
Aw, man. That dang baby in the commercials makes it look so easy, doesn't he?
;o)
Just buy low risk CDs or something. You'll want to kick things less, yes?
.-= Lisa´s last blog ..How often do you change? =-.
Sometimes I have felt the same way. Check out cheap penny tech stocks. Think green and look into small emerging firms. Figuring which technologies are going to be the ones used in the future is the tough part.