Risky Stocks

14 Jan

Let’s just say I wanted to make a quick profit with a couple of risky stocks… but greed got the better of me. 

What's your tolerance?

1) I got an alert from Scotia technical about Noront Resources that it was bullish and going up to $4-6 bucks from its current price.  My hands got itchy that day cause I had some money sitting in my trading account.  So I ended up buying 2000 @ $2.15.  For the first week or so, it kept on climbing and I was up $900 in matter of days.  That’s when I should have cashed out.  I kept on reading the forums on how this stock is worth more than its current trading price that it’ll shoot up in 2010.  So I held on watching my profits become negative.  Currently, it’s trading at $1.77 per share.

2) I subscribe to this online pennystock newsletter.  It promoted BGEM when it first came into the scene.  Oh it was a little gem in the beginning for sure.  In a matter of a couple of days, it blossomed 100%.  For fun, I bought in 2000 @ 0.31.  So I had a wonderful gain of $600 in two days.  Oh, I had dollar signs in my eyes as they said it’ll go up to $1.00.  The hype died down after a week and the stock plummeted.  Currently, it’s trading at $0.185 per share.

Notes:  I am still holding these stocks at a loss.  Yet I am still hopefully it’ll bounce back so I can cash out with a profit!

Lesson:  When it comes to risky stocks, cash out when you’re still up!  Don’t hold on for too long, or else it’ll burn a hole in your pockets.  If worse comes to worse, I’ll sell at a loss!

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