Great post @momentum71 And thanks to all other contributers to...

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Womtrade

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23/06/18

09:34

Post #: 33899544
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Originally posted by momentum71 ↑

Hi Wormtrade.....i'm glad you posted this as i've twice started to write something but haven't wanted to be perceived as a know it all ( trust me i'm not ) or a Harry hindsight and rub people's noses in it. Let me state categorically i feel for everyone who has been blindsided by this.

These are a few things I think may help others. I'll try and keep them succinct and to the point.

1. Whatever your total investment fund pool is divide into 10% portions at best and ideally lower and only commit this to anyone stock

2. This allows diversification, spread of risk and limited exposure to a black swan event. The investment world is filled with sharp and seedy characters. The only thing you can trust is your plan so mitigate risk by way of your plan.

3. When you are considering opening a new position step outside yourself and pretend you are working for an investment firm and your boss is looking over your shoulder. Would they approve of the risk level you are taking

4. Don't try and get rich off one trade. We live in the age of the internet and there will always be a new opportunity around the corner.

5. If you get into a nice profit, take some off the table.

6. What i think is the most important is to learn how to read price action on a chart. It isn't hocus pocus. I think this is critical because as you can see you can't rely on reports for honesty whereas price action doesn't lie. It is the market and no matter what anyone thinks, where it is currently is what it's worth as it takes a buyer and seller to be there......when it decides to move it will show you. Company reports can be a bit like a real estate agent's ad, a " delightful cosy renovators dream " is usually a piece of rubbish. These guys are always going to spit and polish. Even if you learn some simple basics about how to recognise up trends, down trends and periods of consolidation and begin to be able to see where a market is at then that could save your financial and mental health a bunch.

7. Never succumb to FOMO ( fear of missing out ) and don't kick yourself if you do miss out. There will be others. Knowing the basics on chart reading will mean you shouldn't ever buy in too late.

8. I saw someone post or someone sent me a quote of Warren Buffet's saying he buys dips in uptrends. An important point to remember is that he does this on quality companies only. Even he has missed out on some of the greatest stocks in history.

9. Risk control, small consistent wins and compounding work well together.

I could add more but feel very hesitant to go on too much under the circumstances.

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Great post @momentum71

And thanks to all other contributers to this thread.

As a holder its definitely a hard pill to swollow, however if every investor can learn from this experience and make better decisions in the future then at least something can be taken away from this whole experience. The unfortunate thing is it has cost some more than others.

BIG Price at posting: $2.22 Sentiment: None Disclosure: Held
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Great post @momentum71 And thanks to all other contributers to...

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