I bought this last month as it was insanely cheap. Although I went from $400 to $4,000, I see I made two mistakes. Not betting bigger and not holding longer. Had I held to today, it would've been another $11k. I still find it hard to hold my winners longer. I've left a good $30k on the table the last couple weeks in my trades. I'm generally very good at picking bottoms, but I'm shit at picking tops.
Loss aversion: The tendency for people to have preference for avoiding losses rather than acquiring gains. Disposition effect: The tendency for people to lock in gains and ride losses. Randomness bias: People assume the market is random and has many tops and bottoms they can trade easily. Why take off a position that is working?
I think it's so easy to look back and think you made a bad call, but you just "went from $400 to $4,000" in a matter of one month. That's worth celebrating my friend.
I bought WELL back in March...$43. something. Did a covered call at Jan 21 $50. One of those for the past few weeks, I thought would surely get called away. Patience grasshopper...COVID-19 has to work it's way through years of questions/answers. The lawsuits..."YOU KILLED MY GRANDMOTHER!!". The value of the company...Where to put older loved ones...
When I started trading 3 months ago I had a simple motto: 1 today is worth 2 tomorrow. Since then I added another: Never bring up "woulda, shoulda, coulda", it's pointless.