lessons for me

Trying to learn from other people mistakes so I went through many posts to find out. Here is what I have gathered. Hope is beneficial.
1. Many bought on FP recommendation. In a commodity bull market most stocks went up and FP looks good. But in fact FP is no better than an average punter. FP recommends around 35 stocks, some think is diversification but others feel that they are increasing the probability of getting some right - throw the coin many times and sometimes heads will fall.

2. Qtly report did show the company is burning cash at $2m a month and would soon be cashflow negative. One post said that when cf is negative the company can't trade in this state and administrator will be called in. Checking the report will confirm the alarm raised is accurate.

3. Fail to understand the industry. Grade cannot sustain the high cost of underground mining.

4. Living on hope. Hope that SP will rebound. Chart was screaming out to sell. Fail to LISTEN TO THE MARKET.

5. No risk management. No "what if I am wrong". No use of stop loss.

6. Treating specky as investment grade. Buying for the long term.

7. I can't be wrong. Those downrampers.

8. Know and admit the trade was wrong, but fail to deal with it. Procrastination.

9. Bought on one good announcement. Is a matter of interpretation. Another sold on the same announcement because it was so similar to the one that went broke.

10. Bottom drawer plan. Turning the short term trade into a long term one when the call was wrong.