* * IFTP.. Sad state of affairs and it was my last long stock and I guess I can thank them in a way because it is what turned me into a daytrader and not a LONG..
OK, not gonna make a long post (don't want any nightmares tonight LOL) I traded IFTP a few times and did well.. I like the company at the time and seen they were on TV and pushing body by Jake. Infomercials were everywhere. I admit I didn't pay alot of attention to the filings (huge mistake) and did not pay enough attention to the bashers (another huge mistake). They came out with some outrageous numbers.. projections of income. one was like 25 million of even higher for the quarter.. Many were in very high. Some got caught on the run to $1 at a real high PPS. The kicker was the CEO was posting on RB. IFTPONE I think was the alias. AKA FAT DAN.. That should have been the first red flag.. a 400 pound dude selling exercise equipment LOL.. Dan said all the bashers were wrong and liars. Dan even threatened to sue LBJ who was a basher (actually a nice guy trying to expose the scam).. Th PPS kept dropping and many kept averaging down. I started to average down around .07 I think.. then .06, .05, .04, .03, .02, .015.. Ouch! Dan disappeared off the boards..The company got real quiet. I emailed the other guy, Dans right hand man and asked him if they had any plans to do a reverse split, he said no.. 1 week later while we were all sucking wind a poster posted IFTP 1:200 R/S on the IFTP R/B board.. Everyone was like what??? NO WAY!!!!!!!! Sure enough there it was.. ugggggggggggg I bailed at .017 I think.. I lost a few thousand.. I was soooo mad that I was lied to. That I didn't do better DD.. I changed that day and thats when I went into DD mode and daytrading mode.. The stock opened up at 4.50 a share I think and dropped to a buck or so.. I traded it and did OK from there but man, so many lost their ass in a big way.. many emails from people who actually bought more after the R/S hoping for a pop and lost the rest..
Mistakes made on this one:
1. Never looked at the filings. Why? At that time filing were new to the OTCBB and not to many people read them. The story was there.
2. Listen to a CEO who was posting on the message board. Usually a huge red flag.. I knew a few CEO's that did that and all the companies are gone!
3. Never paid attention to what the "bashers" had to say. We were all one big lovely dovey group and attacked the bashers rather than discussed the issues.
4. Threw good money after bad without doing more DD. Averaged down straight to hell..
Bottom line? Lack of DD and an open mind is what got me on this one.. Always DD info especially from so called bashers.
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