Hi
@Fredwah,
Thanks so much for providing me with food for thought and for taking the time to post your thoughts and examples.
I first bought 100,000 NXM in Sept of 2017 at 11c. They were a buy and hold for me then. At the time, I think they had about 88m SOI, not bad for a company that had been around for ~7 years with no capital reconstructions. (Previously known as Hemisphere Resources). NXM have always been conservative with their funds, putting most into the ground, something I really like and look for.
I bought NXM based largely on the “nearology” to then ASX:SAR and what I thought were projects with potential upside. At the time, they were taking auger samples that were returning good results for anomalous gold in soil in the right area.
https://hotcopper.com.au/posts/27807177/singleA couple of years later, I doubled down in the mid 4c range and I kept buying with spare funds and now hold a large amount that I’d rather not disclose here. I have traded medium sized parcels a few times and increased my holding at no cost.
When the antagonistic custodian or nominee seller was around earlier this year, I kept buying based on what I was seeing at Wallbrook, the promise of Pinnacles and my hope that Paint would return a discovery hole like SAR did at Karari in the 1990’s. I really don’t know what my average buy is, but I’d guess it’s less than 8cps.
So I don’t need a new car or anything right now. My holdings are largely in my SMSF (so CGT is also less of an issue). My goal is to sell enough shares to make one bag and leave the rest in for upside, using the funds I make to re-invest in, as you put it, XYZ. ( I have three on close watch at the moment and will add KWR to my list for further research when I can.)
I take on board your comments re greed and those related to [Sic} “Falling in love with a company” (I’ve been guilty of that before, buying at 2c and seeing 80c become 20c again. I’m in no hurry to revisit that again anytime soon!)
As I have said before, my TA is almost non-existent, my FA however is very good. I always seem to uncover rough gems at very cheap prices, buy lots but don’t convert at the right time, hence wanting to learn more about TA.
So, I have a few scenarios written down for tomorrow. Prices, number of shares etc. Scenario 1 is a positive ann pre-open and is my best result but failing that, the time has come for me to take my initial stake and one bag off the table, leaving whatever is left for upside (or buy back some in the future depending on what unfolds.)
Thanks again Fredwah and good luck all NXM holders.
Perdy
