Millionaire Tradersthe screen and I took a look and there are still people offering to
sell the thing at 2.10. [laughter] I just bought everything in sight. I
ended up at one point with 70,000 shares and it did very well for
while. It actually got up to a high of nine.
Q: You were holding the whole position at nine still?
A: Yeah, and I had actually increased along the way and I traded
in and out, because I got to know the stock and so forth. And
then they started missing wells. They had a shareholder meeting
in Texas and there were a lot of enthusiastic investors. Then they
went from 90 percent hit rate on wells to a 30 to 40 percent hit
rate on wells. The stock was trading in a channel and every time
it would hit bottom, I would buy and then sell at the top. But it
broke the channel at 7.80, I should have just gotten out right then.
But in next three days lost$150,000, so that’s the worst loss I’ve
taken. I did get out for a$150,000 profit, but three days before I
had a$300,000 profit.
Q: It breaks the channel and obviously you make the classic
mistake we’ve all made where you say no, no it’s going back up.
A: Exactly.
Q: But every single day that it going down, were you saying to
yourself, “No, no it’s going to bounce, it’s going bounce?” What
was preventing you from pulling the trigger?
A: What was going through my mind was, if I sell it now, it’s
just going to drive it down lower. I was looking for a way to get
out. I made a mistake. I had a friend who actually forgot all about
it. She had stops and followed my recommendation to get out at