yep -key is finding something that works and have a plan, keep the emotions out of it. for me I focus on the active trades and leave the ones alone I'm holding which need more time to develop. I see more coming here so I am still here. meantime there are plenty of other active dragons to slay.
I am a big proponent of having a plan *before* buying a stock, stick with it as long as it fits the plan. and if something no longer fits that plan- cut bait and move on to something which works for the plan. some think that booking a loss is not good and will stay in something indefinitely, based on nothing more than emotion or sentiment. for me I would take that loss, move the remaining equity into something else currently active, and make it all back.
key is having a plan for all scenarios, never feeling stuck, because only we make ourselves feel stuck. how does one get a plan? hang out with, and watch, the traders who consistently do well and over time you will learn what they do. you will do that, in the same way, and achieve similar results. - and i don't mean the frontloader twatter crowd or 2-tick flipper crowd. good traders don't need that garbage. those good traders are the ones making less trades per year but pulling in 500%-10,000% per trade.
sitting long in any equity, especially a penny stock- carries big risk but also potential for big reward. one must be willing to hold - sometimes a long time - to see it through. and other times you drop it and move on, take the hit, and do better next time.
it comes down to what your plan was before buying the stock. if i had a 3 month plan and it did not hit my goal, i would be gone. if i had a 24 month plan I would ride it out and load on dips. I have dug myself out of a hole more than once by buying the lows well below an initial position and averaging down. NECA is a great example and check out that recent chart. i held that turd for 24 months and averaged my holding price down to 00025. it just hit 004, now, how much of a gain is that? lol - So why did I hold it? because it was a clean shell and someone was going to eventually merge with it or buy it, or the owner was going to likely pull a rabbit out of his hat. there were things I saw that indicated ongoing interest even though it was very subtle. that was my plan and the trade fit my plan. if I got emotional I would have sold it off last year when it hit 0003, and missed out on a lot of money. Anyway, lots of methods- just need to learn the game properly, approach situations level headed and without fear or anguish driving decisions. that is why a plan comes in handy, it removes emotion.
Lastly- you will never see a good trader whining or dispensing negatives on a stock board. ever. that type of stuff just means they are either looking to scare out cheap shares (intentionally playing on other's emotions) or just don't know wtf they are doing trading stocks. sorry if that sounds harsh but that's reality.
GL and good trading.
My opinions are my own and are not a suggestion to buy or sell stocks. Always do your own homework.
