I may have just been put in a position with my latest MJMI trade where I will be forced to quit trading. I have been down by around $2000.00 for the past couple of months. I was gaining some ground the past couple of weeks, mostly with some intra-day trades with MJMI and a couple of over night trades. I was trying to be careful and not lose my money, but here's what just happened;
Yesterday I took a small profit of around $160.00 from MJMI. I was out and decided if it dipped, I would re-buy. I watched a little and the price kept climbing, so I decided to buy again. I bought at .70 since it looked to me like it was going to keep climbing, I placed my sell order and had to go work. After work, I saw last night that I was over $1000.00 loss on this stock as it closed at .245 per share. I was going to try to get out this morning and saw on my E-Trade account that my sell order was rejected.
Once I saw that my sell order was rejected, I did some digging around and found that this stock has been suspended. Not Halted, Suspended. Apparently, when stocks are suspended you cannot sell your positions and most of the time, you end up having to write this off. I was full in since my account was only at $1600.00 total yesterday. I was trying to get another quick gain, but looks like I ended up losing everything. I thought, this has been working so keep going while the momentum seems to be there. What a mistake!
So, I am waiting to see how this turns out, but if I truly lost everything, I will not be able to trade any more because I simply do not have the funds. I guess this is the risk we all take when trying to trade stocks.
I may still try to do what I can with my Robinhood account, but it has been spiraling downwards also, so it may be better for me just to quit and take the $400.00 left in that account before it's gone too.
I give my best wishes to everyone here and hope you do much better than I have.