I think you got lucky with getting out at break even ! Simply buying and holding to the death is not always a sound investment strategy. If you read any good basic investment / market strategy book it will always say "take loss early and limit it to 20%" "never add to a losing position". The aim grave yard is full of promising oil cos that investors never managed to get out of at breakeven. AFREN, Petroceltic, Xcite, Ramco, Caza, etc
Thanks for that Bobo, I have had my share of bad calls too and sold out at a loss on a few, including MTA and a few others, focusing on just two companies that I genuinely felt had serious potential, Range and Aminex. I did make some decent money on MAGP before the low POO hit them hard. I could have been a lot smarter with Range if I had sold and bought back in of course but that is hindsight for you. I genuinely do believe we will turn this around although it will probably be another year before we make serious progress. Thankfully Aminex has now allowed me to sit this out and wait, hence my top up.
There is some logic to this as Celtic has proven with Aminex. In my experience, more often than not, when you make a bad call you quite often get a chance to get out if you are prepared to stick it out.
Of the five absolute stinkers I can remember 4 I managed to get out of around break even by sitting it out (usually not averageing down) needless to say this is the one I don't expect to recover all my cash.
The greatest lesson I learned was never to be greedy when the opportunity presented itself to get out. Take it and run!!
Fyi the stinkers I refer to were MTA 4p-1p (duster), TRP 4p-1p(duster), VOG6p-1p(old money) and GKP £1.40-40p. All recovered to my buy in price over time, the key was not to panic. These were all a few years ago as I don't tend to take the risks I used to. I crystallised my RRL losses, when a company endlessly dilutes occasionally you have to throw the towel in.
Just so we are clear on my position in Range, I have not sold out, in fact I have increased my holding to 3 million from 2.75 million. I am a long term holder in Range and like many have suffered considerably over the years including 6 months of suspension. I do believe that we now have a solid BOD and a clear view of how we are moving forward with waterflood and possible acquisition, although with the recovering POO I do feel that the latter might not be as good an option now as it was. The next quarterly report is significant in my mind as it should show that we continue to make solid progress. I would like to see news that we have increased our water supply and made inroads towards a more reliable source of electricity as indicated in the last quarterlies. That about covers it.
I don't particularly like liars but I was just trying to help! Good luck trying to get anyone to believe your ramps on here in future! If you weren't caught out by the math yesterday, we may never have known ! Good luck anyway
OMG! So you sold and bought back over 2 days ? That means you cristalised over £20,000 worth of losses on that amount that you sold! Having told us previously that your average was above 2.3p. I'm not sure that was a particularly smart move but good luck to you. Btw if you put all your proceeds from aminex into Range you might be able to get your average down to less than 0.8p but you would have to hold over 17 million shares worth at a total book value of £128k. Assuming you can transfer £70,000 or so from aminex. If you get your average to less than 1p you might be able to break even over the next 18 months if Range hits its targets.
As I previously held 2750000 shares and now hold 3 million having bought back 1250000 not sure where you get that figure from. Just to be clear, not they I really need to tell you this, but the only reason I sold and bought back over two days was because I wanted to move money between two SIPP accounts.
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