Buying is easy, selling is hard. By far the hardest part of this job is SELLING. Just remember nobody ever went broke taking profits.
My first trade ever, I invested 100,000 in "The Internet Fund" I read a bunch of books on investing and I subscribed to Mutual Fund Forecaster By Norman Fosback...and his book Stock Market Logic (which I highly recommend to anybody who trades) had a long track record of Seasonality Forecasting for Mutual Funds...long story short I put it into a mutual fund because I was risk adverse, so did not want a single stock, but because I was aggressive and at the time the internet was all the rage a the time I picked that fund because I wanted to participate...according to Seasonality Forecasting Labor Day Weekend trading week was a plus 4 (++++). So that would be 4% on $100k I thought I'd make $4k not bad for a 9 day or so trading period.
I know you guys here on the OTC laugh at that but this was 1998, and if you could get 18% for your clients in a YEAR you were a fucking Overlord. I thought 4% in 9 days with many more +4s and +5s on the calendar I could get 18% in no time and I would have $18,000.00 dollars!! Low risk mutual fund trading....and then next year I'd have $118 to invest and if I could keep it up for 6 year I double my money!!!! (Rule of 72).
Well, after nine days (or whatever it was) I sold on schedule: When the dust settled I had a little over $140,000.00...I sold even though it was still going up...guess what? It pretty much kept going up for three more years LOL. I missed one hell of a lot of gains. But who cares? I made 10x what I thought I would...I literally threw up when I saw it clear...I just made more money in a trade than I had all year for a lot of my life. I can remember working my ass off all summer 40+ hours a week and making less than a quarter of that.
But that was it: a speculator was born. Learn how to sell. More than that learn how NOT to look back. People usually focus on the part that I missed, I would have doubled my money had I held on longer like two weeks but that wasn't the plan. So you set a realistic target hit the target and GTFO....know when to sell.
First weed stock I invested in (and I agonized over which one on my watch lists to pick, and when to get in, and I'm sweating the charts, finally pull the trigger: goes up 60% that day. Sorry, I'm out! I'm like, "holy fuck I've turned into a day trader." And then it dips back down and ends the day red...usnforunaely I did not have $100K at risk because I was just dabbling. Do I focus on the fact that it's probably up another 375 percent since I sold it? Do I focus on the fact that I was a dumbass and should have added some zeros? NO. I focus on the sixty-fucking-percent in a day.
I'm seeing posts from people who put money in stocks that just went parabolic and now they are underwater because they came back down again...usually after they had been green...so let me see the thing is up 500% in a half a month you got in at .o2 and now it's back to a penny...lol...and they seem shocked.
One more time nobody ever went broke taking profits. In this sector identify your objectives...and your desired rate of return. I am certainly here to make money but also build a weed portfolio for my sons, and support the sector and the companies with my dollars...stock doubles or triples sell half, or a third get free shares, lather rinse repeat. This rarely ever happens...dot com, bio tech, pharmaceuticals, tech, but weed is hotter still...take advantage of, I won't say once in a life time but rare in a life time opportunity to literally change your family's destiny forever...while at the same time helping end this ridiculous prohibition and restore our use of this most beneficial plant.
Better than MJ is hemp...when it comes to industry. Money there soon too...
Weed stocks are crazy, they scare me...or maybe it's exhilarating. This is adrenaline addiction plain and simple...up or down...anyhow make plans so you know when to sell. Stick to the plan. Focus on the gains not the gains missed. A string of 8 -10%'s, is better than 100%, a string of 4, 20%s is better than 100% ...do the math. Everybody always wants to go for the big score. The name of this game is buy low, sell high; not buy bottom, sell top. Richest guy I know is an extremist: HFT, buys low, sells high 1000's of times a minute...you need only do it once or maybe twice a day...for my part usually I speculate and trade a few times a month unless it's 60% in a day lol...and then build a long term portfolio where I'll be in some of these with a core position for YEARS, riding free shares.
It is not the buying, it's the selling. On the OTC you must become expert at selling.
Penny Stocks and women...fall in love with them = lose money.
GLTYA
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