So you learned a valuable lesson, and I hope you are now applying what you learned to your DD of stocks you are now or will be interested in.
Something else to consider is this:
Buy good mutual funds, as they are far more diversified than most individual investors are or could possibly be.
Or, only invest in listed established, solid companies, which precludes all on the OTC.
If you must buy a high risk stock, think short term.... buy low, sell higher. But being able to recognize lows is not easy.