Chiron / I quite agree with your last sentence, and have said likewise a number of times on this board. Had we been wiser traders, and not in the investor mindset; and had we been somewhat less greedy, hindsight proves out that we would all have been extremely wise to have sold back when UQs were approaching $1 and P's were breaching the $100 mark. That was during the week or so just before Rosen gave his famous statement before JMW that WGM, as counsel for debtors in control, was not looking to share its litigious umbrella with equity interests - and that the POR and settlement negotiations were designed to stop the waterfall just short of equity, which was going to get assed out.
In the hour leading up to that infamous speech, we all sat dumbfounded as we watched our "investment" - along with our inferences about the future for equity recovery and the good-will glow we were all experiencing - reverse itself through a 90 or 120 minute plummet that saw my account holdings of over $150,000 in profit from the BK erode like beachfront property after a hurricane.
Had I simply applied the most most basic of rules about trading, I could have walked away in those 1 or 2 days before with 125k profit - more money than I'd EVER made with any stock I've played in 10 years - and with the leftovers, could have still bought back in the hours or days after, or even after re-emergence, and maintained the same level of holdings I'd originally had, at a mere fraction of the cost, with 1/8 of a million dollars banked.
Just plain dumb on my part. Greedy investor mindset. Should have had grateful, trader face on.
And even though none of us could really have foreseen what was about to unfold, STILL - we should have applied that most basic of rules about trading.
Spilt milk, now -- but I've not stopped kicking myself since. Lesson learned.
Dion
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