Here is how I got burnt, big lessons learned, big price paid. This was from fraud that I believe was by the auction site and the company behind it. I speak of the trainwreck called MLRE. BTW floydie, I remember your posts from back then, let me say to you now, "you were right!"
Heard about MLRE on Yahoo, there were tons of post and everyone said it was going to be great the next big AMZN. (1rst lesson any quote saying "next Amazon" is a major call for skeptisim) Well I investigated by looking on all the boards and finding out what I could and ended up buying the stock at 10.5.
Before I went to sleep that night I did tons of more research. (2nd lesson learned if there is tons of research left to do, you have likely entered the stock too early) I find out all sorts of funny things, like bogus web sites pitch the stock, stock sells at 1 dollar just days before, all sorts of stuff, I decide to get out. I stay up the night and get out. The stock goes up to 14 that day. I start to really kick myself and but stay away. I figure that there is nothing really holding this stock up.
Well the stock starts to climb and goes up to 18 then 20, I now disbelive my gut instincts and conclude that stock and hype are real and jump in. (3rd lesson don't discount your gut at ANYTIME) Well I get in at 22 and make a mistake on data entry and get in again at 25. Yikes, but I stick it out. Then stickystocks says the stock stinks. But the markets are closed for the holidays and I am stuck in. I don't know what to do. Steve Samblis comes in and answers question and I think I can hold off to the web site. The stock drops and I could have take 18 but I read the hype and stay in another day. I exit at 13.5 and take a 14,000 hit. I talk to some nice people on freerealtimes board an they convince me that I am a fool to get out, I will regret it and so on. So I get in at again, and jump out again for another 1000 loss.
At one time I listed all my concerns about bogus information, I got that at home which I will post later.
To think I did this on a company called Millionaire.com, do ya think I should have seen it coming? |
