Holding the faith, is all that it takes to be involved in what could be a life changing experience. OK, we all know that stocks, even the good ones will retrace below the price that you may have bought in at. Many pi's are fearing a bigger retrace so, inevitably will sell just to be safe, hoping then that the retrace will continue so as to buy back in much cheaper. STRANGE HOW investor sentiment changes to suit their own strategy? GOOD STOCK when they are in, BAD stock when they are out?
The trick is to have other cash on hand, for other investments or for topping up...and most important to be in at the early stages of the stocks progress. IF the sp drops like a stone, then you have plenty of time to bale out and still make a killing.
This happened to me some years back with a stock called Tanfield, they make electric buggies and fork lifts. I followed the sp from 3p right up to 21p and still I WAS NERVOUS ABOUT BUYING IN.
A 7-bagger, yet I took the plunge at 21.25p and what happened next was truly amazing. It just would not stop rising. I did everything wrong, through the 'jitters' I kept buying and selling, buying and selling, making modest profits along its steep rise to 78p. Then my nerves broke, at 78p that was my last sell! I really thought, any day now this will tank all the way down on profit taking. But there was profit taking all the time, just that buyers out stripped the sellers! Then, within a month of my last sell at 78p, it doubled again to 162p.
Yes, I MADE MONEY allright, the point I MAKE IS THIS...if I HAD HUNG ON TO 162P or even only 130p and then sold my mortgage could have been paid off years back. I DID THE SAME WITH GULF KEYSTONE...and I SWEAR i WILL GET IT RIGHT this time with Range Resources...my apologies for such a long post. Either hold on or get out now, the choice is yours,imho...regards dickie
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