There is an art to investing in meme/yolo/wsb stocks. That art is pretty simple. Be one of the first 100 in the door and one of the first 10 out of the door. These momentum plays are strictly hit and run jobs. I am not saying you cant hang around and make money but... The odds are stacked against it. Its why I preach always have an investing plan before you ever make a trade. That plan has to have an exit strategy. I was a proud owner of AMC for about 37 minutes. Bought it in the pre-market at $7 (after it had already been running up in the 4am hours) and was out at somewhere around $15 before 9:45am. Could I have made more by hanging around longer? Yes. My plan was to bail as soon as I doubled my money and I did. Haven't looked back since.
To be successful you have got to limit losses and opportunities to create losses. Its impossible to avoid them, but you have to limit them. One way to do this is not be a hog. Don't always swing for the homerun Roaring Kitty style. Use the tools available to limit losses and protect gains like trailing orders. This also applies to SPACs. Have a realistic return in your mind and GTFO when you hit it, or at least set stops to protect your gains once you hit those targets. 20, 30, 50% gain on a SPAC should be realistic exit targets. The average annula return of the S&P 500 is about 10% for a year. Making 30% in a month's time on a SPAC flip is amazing. Which is why buying near NAV is critical. Have a plan. Stick to the plan. Don't be a hog. Enjoy tendies.