Thread: I don't have any particular bad guy in
mind, but I'll tell you worst of the "Bad Guys"
is greed, plain and simple:
You should have seen the hype over on the MINE thread
these past few days--I read posts that expressed that
the stock would go as high as $20, with several posts
in the range of a few bucks, right on up to that. Crazy!
(fyi mine is a penny gold stock which started the year
around a nickle, they claim to have 6M ounces of proven
reserves--a huge story if it turns out to be true, but
there are something like 60M shares out there too...)
I while back, several of us on the thread bantered
about what we thought the stock was worth--I came
up with a conservative estimate of a couple bucks
and then cut my target in half, to one dollar. I don't
recall how I came up with the number, or even if it
was the right target--but I do remember it seemed
reasonable at the time, and there wasn't a lot of
feedback saying I was too high.
Anyway, to make a long story shorter, when this opened
for trading again the other day the thread lit up. I saw
claims of buys executed at 1 1/4, then 1 1/2. Since I
was in at 3/8 from weeks ago, I put in an order to sell
2/3rds of my position at 1 1/4--yup, here comes the greed,
I should have set it at a buck--there was no bid/ask quoted
and an hour later when I called the broker back he gave me
a bid of 7/8ths (which I should have taken!!!). Anyway, I
did get out at 3/4ths, and would you know it, now the silly
thing is right back to where I got in--3/8ths.
There is a lesson in there. I think it is stick to your
target and stifle the greed. I'd have made an extra fifteen
thousand quarters that day if I'd just gone for the buck
right from the start.
Good luck out there, it is brutal. Mainly don't lie to folks,
don't get greedy, keep the pump and dump to an absolute
minimum, and above all, keep making money. Oh one more thing
for newbies I would suggest--keep to your mental stop losses,
since I started doing that this year my luck has turned right
around.
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