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should read - "... but next time you will have over £3,000 to buy the next dip..."
At the risk of being pelted by rampers I would like to say a few words here that may help some of you. A couple of months ago I emailed Leathal and helped him with a "rescue strategy" that I use whenever I find that I have bought into a company at exactly the wrong moment only to watch (in horror) as the SP sinks by 20%-30%. If I reckon that the SP may recover I give it a little time but if this is truly a "trend direction change" I employ the following strategy.
On the next spike I sell 10% of my shares - I will take a hit but only to the shares I sell. I add any money I have spare to this "freed up" cash (let's say £600 for sake of argument) and then buy back in once the SP has sunk back to the bottom (it is very important to do all this ONLY if a bottom has been reached). You wait until the next spike and then sell NOT ONLY THE NUMBER OF SHARES YOU HAVE JUST TOPPED UP BUT, LET'S SAY 5% OF THE 90% YOU KEPT HOLD OF (example below). You have now reduced you position size by 15% but you don't stop there - you repeat this action but next time you will have
ie £20,000 @£1.00 per share bought =20,000 shares
SP drops by 60% but spikes to 70p before dropping back to 60p
10% of shares sold = 2,000 shares @70p on spike = £1,400 (=£600 loss)
18,000 shares now held
Add £600 of spare cash = £2000 and buy 3,333@60p
sell 4,443@70p=£3110 (= no loss taken on sale of these shares as the price difference in profit between buying 3,333 and selling 4,443 equates to what you would have lost by just selling the original shares you bought @£1 for 70p!).
Repeat this action until you are either out of the stock altogether or have reduced your position size to a comfortable level. The most you will lose is the original £600 and you don't even have to lose that as,if you have money to invest, you can just start buying the dips and (extra)selling the spikes. If this is too confusing I would be happy to explain. Hope this helps.
Try and relax peeps. Zoom out a little and keep the faith. Watching this SP every day is like watching a plant grow and every day hoping for the flower to bloom. It has water, a bit of soil and an experienced gardener tending to it, who ultimately wants to win 'best flower' at the local flower show. Nothing worth winning was every won easy and it's not over, so try not to treat it as if it is ;)
I would be delighted if i got 50% back.
MTM -
Exactly, live by the sword etc. I feel stupid for allowing my gambling nature to get the better of me but as you said no one forced me.
It’s not over yet though. This still has life in it, I emailed Tim a few weeks ago and he was confident of a re rate in SP but he didn’t specify which way haha.
The potential is there and anyone getting in at these levels is absolutely laughing.
All the best mate, it’s kind of nice knowing someone else is in a similar position to me. I really hope it works out for the LTH’s underwater here
Put it this way the 1p brigade like myself could be here forever before we see anywhere near it
Agree Kutzz, properly painful. The majority of news has been released for this year. I always knew a raise was coming as that is what Junior miner's do. But hoped we would have at least doubled our money by then given the amount of news coming in 2021. The results we not as strong as everyone had hoped and I personally see getting a majority i.e. >50% of my money back a win on this one and don't expect that for some time.
Not feeling sorry for myself though, I knew this was a gamble and it hasn't paid off. It was my choice, nobody forced me and just have gamblers remorse...
I think the Senala JV excitement is not what it was previously - which is understandable as its years away from production (and hence revenue generating). IAG will just continue a slow game there as their focus is on their Boto mine development.
So attention has to switch to Bibemi. This next round of drilling really has to produce the goods IMO. Not just decent grades but the kind that will excite and/or start to point to the possibility of a mine (and hence JV interest or a sale).
This current raise, though significant, does NOT cover any actual drilling in Central Cameroon (or at least that is my reading of the RNS). Exploring such a huge licence package is going to cost millions and dwarf the cost of existing drilling at Bibemi IMO. So unless Bibemi comes to the rescue, this will mean another big fund raise next year to enable us to start putting some drills in the ground in Central Cameroon?
Not going to lied this has been a very painful lesson. One which seems to keep getting worse
His videos are just cheap talk unfortunately , we need results
if the sp goes any lower i will have to top up so it doesn't read -101%. LOL. Must be time for the great Mr Livesay to make another video.
Will we go 0.20? Hold my hands up with this one and take it on the chin , written this off !