Re: My luck
posted on
May 01, 2008 06:59PM
Crystallex International Corporation is a Canadian-based gold company with a successful record of developing and operating gold mines in Venezuela and elsewhere in South America
Krying - I am going to give you some insight and advice I suggest you heed either in this stock or in the future.
#1 - The vast majority of retail investors buy high and sell low. They jump on the bandwagon not knowing why other than that others are buying. Big money investors use retail ignorance as a safety valve exit. They provide the buyers for when big money is selling at the end of a rally. If you find yourself always buying only to see the stock slide, you are likely in this category.
#2 - Whenever you buy a stock you MUST know why. You must also know your time frame. If it is a fundamental reason then it is likely long term and you do yourself no good watching the stock every day. If it is a technical reason it is likely a short term time frame. In either case you need to know why you bought, AND when the conditions upon which you made your buy decision are proven wrong or fail, you must sell immediately. The first loss is always the smallest.
#3 - This is most applicable to KRY. When you buy a speculative stock you must realize that this is the extreem of investments. It is no different than placing a chip on red/black in the roulette wheel. You hope for a double, but you must be prepared for a total loss. If you have some insight as to the likelihood of the wheel stopping on your choice you can reduce your odds, but in the end any speculative stock is still just the same as a gamble on the roulette wheel. The difference is that in a speculative stock you often can reduce your bet before the wheel stops.
The bottom line, you have the option of reducing your bet on KRY. The wheel is stil spinning even though it seems to be headed for the double zero. Either way the choice is yours and if you are not prepared to lose it all then you should NEVER buy a speculative stock. I suspect the possibility of losing it all never occurred to you.
I understand your pain. I saw my portfolio drop by over $25,000 on Wednesday. When I first bought in I knew I could lose it all. I used the volatility over the years to trade around my position so that now all of my shares are fully on house money. That does not make the loss easier, but clears my head a bit on perspective. So now, either you are going to pull your bet and walk away dissappointed but not broke or you are going to gamble on this getting resolved. Either way, just bitching about the losses does you no physical or mental good. You should have been aware of what you were getting into just as if you had put a chip on red in Las Vegas.
I suggest you decide either to pull it all or a part and if you choose to stay in accept that you can lose it all. Then take a break and stop watching KRY every day. You may still lose it all but you will spare yourself the metal anguish you seem to be experiencing with each passing day.
I wish you well in whatever you decide.