Chill, stressing and over analyzing come with bad experiences with penny stocks. You have to remember my starting point. I lost 60% of my account because of holding after being up 50 to 400% on multiple occasions. I’m not the only one who has gone through that.
I started 6 years ago with $53,000 in an IRA from a converted pension. My first penny stock went up 400% and I was sure it would go up $2 more. Everything was looking bright. My account was about $58k and then it declined, and declined and at a lower price I bought more. What started as $2000 which went up to $8000 became a $10,000 investment that declined to $340 .... buying and holding would have been better as I would only be down $2000 on that one not 10,000ish. Another one went up 400% and I sold but had only put in $400. I repeated that a few times and got better at picking. I made $600 to $1600 trying to get back my losses.
Another one seemed a sure bet. And they uplisted to Nasdaq and I was up 300% sold for my small gain and it fell much like sirc has, and on the dip I bought in heavy at $7000 and it doubled and I held all, and they defaulted on a loan and their major business was foreclosed by the bank. They merged and I was still up 50% but they got delisted from NYSE. And there it sits. I can’t sell. And who knows how it will turn out.
I had 3 other good ones I went in small with and 2 other bad ones I went in big with. I ended up down to $15000 left that was usable.
By the time I caught the .03 dip on $sirc I was sure it would run and I went all in with the remaining cash not locked up in a CD and put in $9000 at an average price of .045.
I had a good feeling this could run to .80. I was almost sure of it. And made a plan to start selling at .75 to recoup cash from all my losses. I only really needed .33 to recover all my losses and get back to $60k or so... and as this board grew, it gave me courage to hold longer. I put my sights on $1 and I sold spikes and bought dips in the .31 and .75 range just to get some back into cash.
The day it started running hard passed $1 I had a doctor appointment and was just watching it go up and up...
My current balance is 8 times my starting place for my entire account in this IRA.
When we hit $3 again I will be over 10x my starting point 6 years ago. I will be really close to the same if I held it all, but my goal was to secure profits while I had them and not keep making the same mistakes.
My strategy is now different than before because of experience and seeing hype and dump patterns in penny stocks. And the unexpected. I’ve seen market changes, fraud allegations, SEC actions and investigation, CVEM even on SIRC, defaults, bankruptcy, and dilution and failed business delivery, all in stocks I believed in.
I am happy to be on this journey with you all but 5 years of trading speculation and early stage companies gives me scars that I use to be safer for myself.
I still believe in this company and still hold $150,000 worth of stock at this price. I started with $9000 in it. I consider anything that is positive from this point on will have been a successful investment.
I don’t have to milk it for every penny to be happy with the results.
And how I played it was mostly according to the plan I created when we were at .06 and I told a friend who also bought about 100k shares and has since sold out and moved on.
Sometimes buying and holding is the worst
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