>>One other thing. I wouldn't have the huevos to trade ERHE before November.<<
I definitely don't have the huevos to trade ERHE before November!!
Bwaahaaahaaa!
Sorry! Couldn't resist that one.
A few years ago when I first started taking a position in this company, I was very hopeful ERHC would morph into a real oil producing asset that would pay a nice quarterly dividend. That is my investing style.
Now, unfortunately, it has become painfully obvious that SEO is going to sell ERHC and use the money to develop his other assets such as Chrome and Starcrest. Can't say as I blame him.
Over the years I've learned that unless a natural resource stock pays a dividend, they are great stocks to trade.
You take a position in a driller well before they PR their drilling plans to the general public, wait until you think the frenzy is peaking, then sell your shares to the momo players, 10% at a time.
You know you waited too long to sell if you start reading posts on message boards like......."This company just doubled their reserves and look how the share price is tanking."
With all that in mind, here is my exit strategy FWIW....
When the momo feeding frenzy hits I'm going to be selling into it. On extemely high volume days (10 to 20 million), the momo's will be buying a lot of my shares. If a buyin/buyout announcement hits in the middle of the frenzy, ALL of my shares will be gone.
In ERHC's case, I'm not selling all my shares until the buyout occurs. I will save 10% of my shares for that. The ONLY! reason I wouldn't sell all my shares into the momo ride is because I've been doing this for 3 decades and I can afford it.
If you are just starting out or if you are depending on this stock to set you and your family up financially for life, and you can do that for $3 or $4 or $5 .....SELLLLLL!!!! DON'T BE AN IDIOT!!!
If you can set your family up and still keep 10% okay, but your number one priority has to be your family. Please don't get overly greedy. Pigs get fat but hogs WILL GET SLAUGHTERED.
We all have seen that ERHC can come down just as fast as it went up.
"Yeah but this time ERHC ain't going back down." YES IT WILL!
"Yeah but ERHC is special." NO IT'S NOT!
"But what if I miss the buyout and it runs higher than what I sold for?" B I G @$#(*%^@! D E A L!!! YOU ARE SET FOR LIFE! ENJOY IT!!
I fully expect to leave some upside on the table, I'm not even going to try to get every last drop out of this pig. I hope you guys don't either.
Like I said, I may keep 10% or I may not. Depends on the price. What I do know is this......I am going to make a pot load of money on this because I've earned it. We all have.
When the party is over and the momo players have left and gravity starts kicking in, IF I think ERHC is good for another ride, I may repeat.
I don't have any exact dollar figures in mind as far as a target goes, I usually just let the market action dictate at what price or prices I sell at.
Keep in mind that this process won't play out in a week, IMO it will take several weeks or months. Perhaps as long as there is a drill ship in the JDZ. Impossible to predict.
WOW!!! That rant felt good!
bsk the preacher
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