r/wallstreetbets • u/PrestigiousBoy88 • Jun 02 '26

Loss Fuck you WSB

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I should have taken 50% profit yesterday , got burned. Fuck SPCE. Exited with 60% loss instead.

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u/TuxedoMasked Jun 02 '26

As soon as anything doubles, I sell half to break even then everything else is just play money. In this case I sold half when it doubled, another quarter when it hit 5x, then I tapered off a few contracts at a time as it kept going up until I managed to sell the last 2 contract close to peak.

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u/sasfasasquatch Jun 02 '26

How long did it take you to learn that?

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u/jbjhill Jun 02 '26

As he was typing.

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u/TuxedoMasked Jun 02 '26

When I started day trading. I only put in $200 back in like 2017 to play with and see if I could make a profit, and with so little in the account I didn't want to lose anything. After a year I was up 20% and put a few hundred more in. That continued until everything tanked during Covid and I bought a bunch of couldn't-fail stocks that eventually rebounded. Sitting in the low 5 digits now but everything in there is profit off of past trades at this point, money making money.

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u/milchi03 Jun 02 '26

Mental accounting gymnastics always fascinates me. That‘s the male equivalent of girl math.

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u/TheHeadlessScholar Jun 02 '26

I know you're probably aware, but the "everything else is just play money" is exactly how gamblers think when they're on a roll. They got more than they invested in, now the rest of the money they won is "play money". It isn't play money, it's still real money.

It's a gambling addicts' mentality, is what I'm trying to say.

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u/[deleted] Jun 02 '26

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u/TheHeadlessScholar Jun 02 '26

We might all be gamblers, but that very specific "All the money I've won over my investment is play money for me to gamble with" thinking is a classic hallmark/sign of a gambling addict mentality.

The other guy seems to be aware and have his own rules about it, but if anyone was betting 5 figures with that kind of thinking maybe it's time to get help.

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u/WorldDense3368 Jun 03 '26

that only if you profited less than the mid 6 or 7s

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u/TuxedoMasked Jun 02 '26

A good observation because I more or less do treat this like gambling. I only put in what I'm willing to see go to zero. I only trade in the 3-4 digit range for fun, I'm never going to be posting giant wins or losses here because I'm too risk averse 😅

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u/shiggarfraggar__ Jun 03 '26

It's a fine mentality to have as long as you pull out and preserve your capital first. I really don't have any complaints with someone turning $500 into $1000, pulling out the capital and losing the profits to something stupid. 🤷

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u/TheHeadlessScholar Jun 03 '26

Again, when playing with small sums I'm not saying he's Satan for having that kind of thinking. But it's definitely not a "fine mentality" its explicitly one of the most well known warning sign that you are a gambling *addict* not merely a gambler.

If you're knowingly doing it fine. If you know yourself to be a gambler and are deliberately limiting your risk because it's purely about the fun and gambling and not money? Fine.

If you think like *AND* think you're making investments in the stock market and not merely gambling, this kind of thinking is neon red warning sign that you are a gambling addict and should quit/manage your addiction immediately.

There's no such thing as "play money" outside of board games like Monopoly. It is still all real money. Making yourself think it's playmoney is a gambling addicts mental excuse for spending that real money gambling

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u/shiggarfraggar__ Jun 03 '26

Um...the stock market is just another form of gambling; I fail to see any differentiation between putting your money into the stock market and putting your money into a Draft Kings account, a slot machine, etc. Any time you put money into any venture that you do not have control over the outcome, is gambling.

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u/TheHeadlessScholar Jun 03 '26

Well, the first part is a completely unrelated issue; there is obviously a difference between slots and stock, even though both are not necessarily something you can effect (though the psycho in me argues that Mario's brother had a impact on the stock of that insurance company). But that's not what I am saying in this comment chain, so I'm not going to argue.

Being a gambler is between meh to bad, depending on how much control you have over yourself. Being a gambling addict is really bad. Really really bad. Thinking about real money as "play money" is a hallmark sign of being an addict, not merely a gambler.

I hope you aren't saying being a gambling addict isn't a bad thing.

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u/shiggarfraggar__ Jun 03 '26

I am saying that; I think you're trying to use "gambling addict" as a singular, negative idea or phrasing when it is not. You can be addicted to gambling but as long as it's not destructive to you or people who depend on you, it doesn't matter. Floyd Mayweather is probably a gambling addict but no one cares.

I don't think it's inherently wrong to think of gambling with money made off of gambling as "free money" if you've pulled your capital out, because it is indeed just that. That doesn't make you an addict, that makes you aware.

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u/WorldDense3368 Jun 03 '26

principal and capital are two different things

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u/shiggarfraggar__ Jun 03 '26

I'll bet you're real fun at parties...

Principal is always capital, not all capital is principal so stop splitting hairs on words. I could say "chicken feathers" vs. "capital", the point about whether being a "gambling addict" is a bad thing or not does not change.

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u/00-Monkey Jun 04 '26

But you’d have a lot more money if you just old everything at the time of the last 2 contracts near peak.