Nightly Topic: Trading on emotions.
Ahhh, the ole Enemy of us all. That is trading on emotions that we all get so often caught up in including myself :) It can happen prior to getting into a Penny and it can happen while one is invested in a Penny.
On entering a Penny, many times we will see on Board Posts how a specific Play is skyrocketing. It might be up 80% at the time and we read all the Posts on how it is going to the Moon. "Better get in now or you'll be left behind". One has to make a decision at a moments notice (aka trading on emotion). Always remember to look at a few things. What has been the average volume in the past 10 days in case you wanted to get out? Is this just a 2 hour momentum Play and after that you'll be stuck? What is the spread between the Bid and Ask? The larger the spread the harder it will be to get out. Who is it on the Boards that is posting the hype? All things to look at prior to making an emotional decision to enter a Penny.
Maybe you are in a current Penny Play and have been for weeks. All of a sudden things go "South" and you are not knowing what to do. The pps is falling and there is gloom and doom on the Board. You may have a gain from having held for a short time (even days) but you are now frantic and again thinking of selling on emotion. Take a few things into consideration. Has the Penny that you are in had a history of having large Dips only to be met right back with buying and move right back up? If so one might literally want to take a break, walk away and not watch it for a few minutes during the downfall. That is an option. If it is one that you have been anxious about since you got in, still have a gain then you might think about quickly selling while you can still walk with a gain.
There is no real answer to trading on emotions as it hits all of us. The above are just a couple things I have found to have helped me out over the years. And... one thing I always say as you all know; never look back at the "What ifs". That will kill you doing that and knowing what you may have had if you had held or had you bought.
Next Topic tomorrow evening will be "Why do my Board Posts get removed on the Boards".
