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Boredmum's Blog
Once bitten, twice shy
Mon, 1st Mar 2010 - Author: BoredmumOnce bitten, twice shy...well, in the case of Tower Resources (TIDM code: TRP) it was very much a case of yes and no.
Tower Resources, as many of you may remember, was my largest loss. I stated when asked that I wouldn’t go into it again. I felt that I had been stung so badly that I just couldn’t go back there.
I have previously mentioned my little day-trade last month on Deo Petroleum (TIDM code: DEO). It was quite successful and I had made a quick profit of £415. I put those profits into Tower Resources; it was just a little fun, 10,000 shares for just under 4p. You see, for me it couldn’t have been anything more than fun, as I couldn’t and wouldn’t risk more funds. I was quite happy that it was free money, the upside perhaps being £800 to £1200 coming back out, and the downside was a loss of £200. That was about as much as I was happy to risk.
Tower Resources has been called the gambling man’s share and now I know why.
I was actually surprised to see the RNS, I had no idea that they would have been at target depth already. To be fair, I wasn’t following it closely. It stated ‘no oil shows’.
My first reaction was ‘Oh, no’ - not for me, but for the many other private investors. I know first time around I really believed they would have been successful and I really felt for everyone.
I read the chat forum for a bit, but had to stop reading as I was genuinely upset for holders. Tales of tens of thousands of pounds lost.
Someone said ‘Did you think they were more likely to have success after their first failure?’ Well, of course that doesn’t make sense, but strangely enough I did.
I know a lot of people are hurting. One thing I can say is that the thousands I lost first time round on Tower were made up in 2 days. I know that was luck or fate, but it’s worth bearing in mind that success in these markets can come in an instant and I sincerely hope that anyone that lost in Tower has a chance of making up their losses elsewhere.
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"I do agree with regards to Vog. A friend of mine, through his broker, Vog was touted as 'the next big thing', I came in just over 5p. The placing answers a lot of questions I had with regards to the low sp. I would dearly love to average down around these prices and I am happy to add twice my original holding. For me it shall be down to timing, if funds are freed up from elsewhere whilst the sp is still low. The placing should have hopefully set a floor on the sp now. Longer term it should be a good investment, unless like you say,'the big guys don't......'"
- boredmum
"Re: VOG I really do get annoyed at all the manipulation, which is beyond our “wit, ken and control!” However, if one takes into consideration all that we can consider from “gleaning the crumbs” that we are allowed to be privy, then using ones “expertise,” and reading between the lines, there must be the potential for a good return with this one! NB That is as long as the “big guys” don’t screw us with dodgy deals for their own sweet ends!! PS I’ve always been a maverick, if that happens this time, I may just turn into a complete renegade vigilante. Take care x "
- ParanoiaBlue
"Herring - Oh yes,I remember IVE, I have just under a quarter million shares. :-( Vog, I can't believe the drop in that but I guess it has all been priced in anticipation for the placing. LGO is another that has continued to disappoint. But you are right, it's a risk we take and when we get it right it does make up for the disappointment of elsewhere. Personally I am glad that I stayed grounded this time with Tower, I could so easily have went in deep again. Mabye I'm starting to learn a little, although I do worry sometimes with my largest holdings but try to spread the risk so if something goes wrong I can cushion the blow. I'm glad to hear that you are still up, that's good."
- boredmum
"Hi boredmum, You can also add hawk, vog, lgo, ast to the list of oilers that have given me a right royal pummelling recently! Remember IVE?? its always a part gamble on AIM shares, they don't report as transparently as the FTSE, but then again who can forget the banks and the lies they told when doing their rights issues? Even after all this i'm still up, i'm lucky and for every tower there is a RIFT. I suppose the only thing you learn is patience and never over commit yourself. If you can't afford to lose it, don't trade with it. jeez i'm starting to sound like my dad!"
- Herring