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clock Created with Sketch. 13/09/14
14:08
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Originally posted by srb123
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Thanks for the comments on my earlier PSY post everyone. I must admit that it has taken me a while to come to peace with the whole 'what coulda been' saga with PSY but in reality mitta hit the nail on the head when he asked would I have held through those lows and the honest answer is "no way !". I do think, however that it is extremely beneficial to periodically review your past trades (both good and especially bad) and try and work out if you could have played them better. With the benefit of hindsight you will always think that you could have made more money, however what I did was make a profit of over 100% in 1 day without having to even outlay a cent (due to the whole T+3 thing). I think that if I keep that mentality of taking decent profits when they are on offer then I am much more likely to survive this sometimes crazy trading game and stick around long enough to make some good long-term coin (even if it means missing the odd runaway success story). Lets face it, the majority of these penny stocks we trade in each day are never going to do anything but line their director's pockets, so now I try and split my trading time/funds between ST 'momentum dogs' (for want of a better term) and trying to pick LT 'sleeping bulls'. The skill lies is in picking which is which and trying to do it before everyone else. I recently read on another forum that as long as you invest your LT dollars in companies that are actually making more than they spend then you are half way there and I think that is pretty good starting point. With that train of thought I ask myself again "should I have sold PSY last November for a $5k profit and the answer is a resounding YES ! Sorry for such a long-winded post but it is the after hours thread and Nasabear would only have just finished typing the heading by now if this was his thread (just kidding my old vein graphite buddy). I welcome people to share their own thoughts on this subject.
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Someone posted here that if anyone holding SIR had set themselves a trailing stop of 30% from initial purchase at 5c as it rose and rose.....they would never have stopped out to above the $4 mark.
