FNMA Stock Loss – How I lost 30K in 5 hours / Stock Market / Investing
A short story and lessons learned on how I lost 00/hr (30K) in FNMA back in 2013. A friend of mine brought the stock to me when it was trading in the .20 cent range. I had only a few times traded „penny“ stocks so it wasn’t something I took seriously. However, when the stock started to show signs of life shorty after he mentioned it, I took another look. Fannie Mae had been trading in the 60’s prior to the 2008 fiasco. So why not take a look at a .20 cent stock and see if some money could be made.
We both ended up trading the stock when it started to perk up to .85 cents. We both made a few thousand dollars on the stock in just minutes. We did this for a few days making a little here and a little there. Then came doomsday on May 29, 2013 when FNMA went parabolic and then just rolled over. We both got caught in the mess. I had a sell order in but it I could not get a fill. Short restriction was in effect as well. Once the stock caught a bid, my sell order filled of course. I had just lost 20K in a short amount of time! Frustrated as many traders are after a big loss, I proceeded to „revenge“ trade. So I got back in after a small break on signs that the stock was heading up just to have it roll over on me again! Another 10K down the drain!
All told, I lost ,000 FNMA in 5 hours (00/hr) and my tail between my legs. Come to find out, my friend was way worse off than I was. He never really admitted to me what he truly lost, but he did mention that he was down K at one point.
If you are new to trade, please do not trade penny stocks. They are pump and dumps. Unless you have an inside scoop, you will likely lose. It’s really all luck.
I would suggest if you are new at trading to look into trading blue chip companies and/or quality indexes like VTI and VOO.
If you have any questions, please put a comment below and I will respond.
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