yeah AUMN has been such the pig for the last few years falling
from $29 to $40 cents, the hope is that it's chopping out some kind
of triangle pattern here.
on a personal note, I know a guy who bought AUMN way back in
late 2010 when it was $25, it subsequently went to $29 and he read
some price target that was put at like $70 so he decided to just
hold, he never put a stop in place, no exit plan.
Believe it or not he still holds it, he NEVER sold it!
This of course is an extreme example but this is what can
happen when folks don't use stops and don't have an exit plan,
first off he got overly bullish because of that article and didn't
take those nice prices when he had them, then he held it with no
stop, then when it went against him he said that he couldn't sell
for a loss and wanted to hold out for that price target LOL, well
down and down. AUMN eventually went to 42 cents and he still
held it from $25!!! Recently it moved from 50 cents to $1.3
which is a nice percentage move but is a drop in the bucket for
him.
anyway use those stops, I've seen this happen with folks as well
holding inverse ETF's like SRS and FAZ back in the day.
AUMN
Posted by morton13 on 7th of Aug 2014 at 09:42 am
gap down on the open closed trade, bummer.
yeah AUMN has been such
Posted by matt on 7th of Aug 2014 at 10:36 am
yeah AUMN has been such the pig for the last few years falling from $29 to $40 cents, the hope is that it's chopping out some kind of triangle pattern here.
on a personal note, I know a guy who bought AUMN way back in late 2010 when it was $25, it subsequently went to $29 and he read some price target that was put at like $70 so he decided to just hold, he never put a stop in place, no exit plan.
Believe it or not he still holds it, he NEVER sold it! This of course is an extreme example but this is what can happen when folks don't use stops and don't have an exit plan, first off he got overly bullish because of that article and didn't take those nice prices when he had them, then he held it with no stop, then when it went against him he said that he couldn't sell for a loss and wanted to hold out for that price target LOL, well down and down. AUMN eventually went to 42 cents and he still held it from $25!!! Recently it moved from 50 cents to $1.3 which is a nice percentage move but is a drop in the bucket for him.
anyway use those stops, I've seen this happen with folks as well holding inverse ETF's like SRS and FAZ back in the day.
good point, thanks for sharing
Posted by morton13 on 7th of Aug 2014 at 10:56 am
never fall in love with a security.