"always take profit and never average down on a speccy stock....

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YMCA

628 Posts.

51

03/02/23

20:28

Post #: 66063739
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Originally posted by mrspeculator: ↑

I need to admit that I criticized you for a while long ago when you began to smell a rat that none of us refused to admit was even there. I'll man up and say you were right and I was wrong.
So, where did all this go wrong?
I think it started with overly ambitious expansion plans. Sometimes, companies grow themselves into oblivion. I really thought the SaaS side would do well, and that the UK / US markets would grow exponentially. Sometimes investors do the figures in their heads rather than face the reality of looking at the balance sheet.
Secondly, the costs were way too high. Likely rents, salaries, and travel to on board clients, especially as the pandemic began to wane.
I personally exited when they pulled the US venture and it dipped below $1. Although I lost just over$12K on this, I have picked it up on another stock, but what a learning curve this has been! Namely - always take profit and never average down on a speccy stock. They can bite very quick!

From here - well current holders have to walk through a fog for a week. Remember that this suspension is voluntary, but on the negative side, they seem to be trying to get blood from a stone regarding securing ongoing financing. It would appear Meydan is pulling out.
So, Prosperity you are the voice I should have listened to rather than the one in my head saying things would eventually turn around.
I never made one red cent out of this dog, but what I've learned is priceless!
Good luck to all holders next week.

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"always take profit and never average down on a speccy stock. They can bite very quick"

Agreed 100% but sometimes it's difficult to get out with 1 or 2 bags when you're looking/potential is there for 5-10 bags. Having said that I got out of OPY with under 2 bags because there was NO potential.

OPY Price at posting: 19.5¢ Sentiment: None Disclosure: Not Held
2 Upvote

0 Great analysis

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