Down 86%, I'm broke
Hi all, I am new to commonstock and have joined the platform to get some quality advice.
To tell you about my full investing experience: I started investing in June 2020 with around 100k in savings. Being a twitter user I went for advice there. I rapidly made big gains and my portfolio went to 180k in september. Back then I started taking debt to invest, I could borrow an extra 150k. Between september and february my portfolio was obviously in the green every day, I quit my job, started going to expensive restaurants, invited my girlfriend on ski trip in the best hotels. The sky was literally the limit. Mid february came the first market pullback, something completely new to me... however after some margin calls I was able to get through june 21 with a portfolio worth 400k minus 123k in debt. Over the summer I remained invested in the high flying tech names $ZS $CRWD $FSLY $UPST $SOFI $TSLA $LSPD $SE and so on I guess you know the music too. To keep a long story short and not to bother you too much, my portfolio is now down 86% from its peak and I am hugely indebted... I got margin call after margin call, my mortgage application got rejected and I still have 100k to pay back. I am basically broke as even if I sell all I still have today I cannot even pay my debt back. And I don't even talk you about the $SOFI shares I added on margin before its earnings release... All of this to say I really don't know what to do, I just want to liquidate my whole portfolio and get back to March 2020 where I did not know anything about the stock market and I still had my job. So basically I don't expect a lot from commonstock but would be grateful to hear your thoughts. Thanks for reading till the end. #bullsneverdie
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Head up man. LEARN from your experiences and you will thank yourself years from now for going through this and being better for it. You came to the right place to learn. Commonstock has an exceptional community and like minded investors with QUALITY conversation. I’d personally avoid Twitter for any investment advice. Without the verified portfolio and trade activity visibility, there’s a lot of a bad actors over there and hardly any accountability. Glad to have you on board here, I’m confident you will really like what you find!