Hi jay1983
I think you saw a good example today the reason this stock is jumping around in a puzzling way when 2 people came onto the thread telling us they had jumped on to a totally unrelated stock.
At least one of them sold RNX to fund another gamble. Most day traders are playing with fairly small money but there will be a few able to buy $50k parcels. They are trying to generate excitement and will take out a price point hoping others will follow... but that same person is going to sell at the best opportunity to make a profit. RNX is on the day trader's radar... but until genuine new buyers take an interest it just creates noise.
In this case... IMO... you have picked a stock which is going to provide a healthy profit... but... I get the impression you are just being lucky this time around. The approach of betting to "set my family up" is a trading psychology which is guaranteed to blow your account up one day.
There are far more ways to lose money than there are to make it. My impression is most people don't have a clue how to value things... and they resort to trying to make quick profit based on momentum and sentiment. To that end they will come onto a forum and try to get people excited and emotional... they have already bought and now just want to sell.
Today's example of TMI is classic. It's instructive to go to that thread and read the complete nonsense that was sprayed around.
There were a couple of posters
@2ic@Maverick7 who tried to inject sober analysis and just about everyone else was hyping the crap. There were people who either didn't read the announcement other than the headline or worse were deliberately misquoting the content.
The only way to be immune is to do the necessary work yourself to gradually understand what is real. For example, the whole GoldCoast conference can be viewed on YouTube... almost every company has a compelling story... and all of them are selling cheaply. Maybe 1 or 2 will actually succeed... the rest will be back next year trying to get some interest from punters.
If you make money in the market it's 100% because you do the work and learn how to value things correctly. Sometimes you get lucky but that’s not the winning strategy. The only thing you have complete control over is how you handle money and risk... get that right and everything else becomes easier.
(20min delay)