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Ride Lordstown Stock — My Worst Trade: From $90,000 Loss To Making A Profit?
You know, on YouTube, all these traders, they’re always showing you how much money they make with trading, but very few of them are actually talking about the bad trades.
Well, you know what? I thought today I’m going to address this head-on because many of you had questions about a bad trade that I’m in. That trade being RIDE, Lordstown Motors.
I want to discuss why I entered the trade in the first place, what went wrong with this trade, how it is hurting my account right now, and what I’m personally doing to get out of it.
Why I Got Into RIDE
So far my realized profits for the year to date are at $94,476. So that’s pretty good, right? I mean, for trading for only 6 months and this is on a $250,000 cash account, which I’m using as a margin account.
So I have a stock buying power of two to one. So $500,000 in buying power.
Well you see, all of this would be handy, dandy, and good if there weren’t this one pesky, huge unrealized loss. This huge unrealized loss comes from one trade, RIDE. Now, I want to tell you first quickly why I got into this, and then I want to show you what happened, what I’ve been doing so far, and what I’m planning to do.
