That is the only way to make money EVER, on a spec stock. You guys should have always been doing this. You get up more than 20-40% you take profits buy on dips. With Spec stocks you NEVER EVER catch the falling knife. Let price settle and fill its gap. I cannot believe that people just hung on never taking profits, just adding shares? That is insane. Lesson learned? Same with Biotech stocks. The problem with Spec penny stocks (That I usually NEVER touch) is that you get rookie investors that put all their money into one stock hoping to get rich quick and retire. They are not the most savvy of investors usually and most times they fail. I am not talking specifically about anyone on this board I do not come here that often and do not own EVIO. (I did own EVIO and ALWAYS put EVIO on the shortest of leashes. If it dropped more than 5-10% I was out. I took profits at 20-40%. Overall I made money here but not a lot. What I never got was why anyone would hold this long knowing the management was as bad as they are. At these levels I would buy at .06-.07 sell at .10-.12 rinse and repeat. But I guarantee you what will happen is it may run big one day to maybe .20 and no one will sell thinking its coming back. Really? Did management change? lol. I made the same mistakes in Bio this year, played an FDA Adcom meeting and it went south and the stock lost 70% in one day. I had two choices, let it ride and wait for a turn around (great management and great science with this company) so I bought and doubled my shares and cut my pps in 1/2. So far so good.
A few simple rules:
ALWAYS take profits. No exceptions.
NEVER buy into FOMO, never. (you guys seem to have all done this)
Set mental stop loss and ALWAYS no more than 10-20% loss at any given time.
Average up or down depending on stock and market sentiment.
Never EVER invest in a stock with bad management especially a penny stock.
owg2- I think your strategy is more than sound on this now. If you continue to do this....buy and take profits, set mental stops, you could recoup some, if not most, of your profits.
I came here today to see if THCM was still here. You guys can learn from his dd and experience. Look we all have made bad investments. The question is did we learn from our mistakes?
Merry Christmas, Happy Holidays, Happy New Year, GLTA
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