Too bad for you: I made money every time I trade XDSL. Same with HITT, IMON and many others. It goes to my contention that a really skillful trader can surmount the difficulty of going long on heavily "bashed" stocks and profit from them. The trading portfolio that I designated for trading "scam" companies have, as of the close of Friday, June 11, advanced to approximately 2,400% gain this year, and this is barely June.
I am not sure whether you are familiar with a grandmaster by the name of Victor Korchnoi. He, too, on many occasions, purposefully entered into difficult positions, partly to sharpen his skills in such positions and partly to throw his opponents off balance. A few others, such as Yasser Seirawan, Joel Benjamin and to a certain extent Maxim Dlugy, do that occasionally.
By the way, don't confuse investment style with trading style. I INVEST in stocks like MSFT, LU, CSCO, YHOO and the likes; I TRADE pennies, bbs and many internet highflyers.
As to the particular trade you referred, I bought XDSL at 7 3/4 and sold it a few minutes later at 8 1/16. A very small profit by my measure, but nonetheless it was a fun trade. |
