I apologize, let me rephrase, timing the market doesn't work for " most " people. I NEVER trade. I'm an investor, buy companies I belive in strongly and hardly sell. Being a trader, I understand why you want to sell since guess I you made gains on your past trades. I had the notion you were not a professional trader but an investor who has another main source of income. Perhaps you should sell something other than LCID, considering it has bottomed and there is no where to go except up! Many VINS coming today, deliveries will hit a record this quarter. I'm expecting $300 million on 2000 deliveries- this is the low end. Next year if ramp up contnues they will make 2 billion next year, average cost 100k, 20k deliveries. Don't listen to the lies Tesla fanboys and Ego Musk put out. With the pure, demand will be huge all over the WORLD!
Thank you for your apology. Accepted.
Actually, I am not a professional trader. I am self taught. I was a Podiatrist for 21 years. My wife who was my office manager advised me to retire early and trade stocks full time as I was consistently making 2-3x what I was I was making in my practice.
My comments concerning tax harvesting actually was towards another forum owner on this board who I agreed with his decision. I previously mentioned on this board that I do not own any LCID stock at the present time.
I originally bought 25,000 shares at the price of 22 when It was CCIV before it converted to LCID. I sold 250 call options strike price 30 for 2 points netting $50,000. When the option expired, I sold another 250 call options for another 2 points receiving another 50K. This time to my horror, the stock went to 30, then 40, then to the upper 50's, and I was kicking myself for selling the second call option too soon. LCID then steadily dropped down to about 35 when my option was called in and my stock was sold at 30(netting me an additional $200,000. After paying 50% taxes on 300K of short term trades(Federal tax plus 10% Oregon state tax plus 2.8% Obama health tax) the remaining 150K after taxes was more than enough to buy my AGT(139K at the time). Though my timing was far from perfect and I could have made a lot more if I held off, I was more than satisfied with the result. Expecting perfection in a trade is possible but rarely achieved.
Once I saw that Lucid was having trouble producing cars and was cutting its scheduled production from 20,000 to 14,000 to 7,000, I kept away and have never bought back the stock since. I may change my mind later, but at this time, I prefer to hold off, but I certainly can understand others buying more at this low price. I'm just not sure about the short term future direction of the stock at this time since we will probably be going into a recession with high inflation crimping peoples expenses, though you may be right and this may be the perfect time to buy
And everyone else's too! Hang in there everyone..
