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Oh dear, I bought NMC too but jumped with a 30% loss. Not one of my better moves either.
I also bought into DWF and was on close to 50% losses but held my nerve and they're coming back up now. Pity it always takes longer to rise than it does to fall.
A couple of months ago when oil prices crashed and Jog fell to 50p I posted this was the best buying opportunity in years. Good
I had sold most of my shares when the Corona virus started to look bad and before things crashed. Good
When I saw them at 50p I bought a small number, only 2000. Good and Bad, I should have bought more.
after some nice gains I decided to play with them by selling on a peak at 90p and buying in again on a trough. Bad, the trough didn't happen.
So I realised my mistake and bought in again at 100p Good and bad, I only bought 1300
Result? My stupidity cost me a grand so far.
DOH!
Oh well, compared to not buying Tesla at $240 when I believed it was a bargain, waiting until it was $500 to buy and selling at $700 this was a small mistake.
You can't win em all.
I found IG were terrible for trading in JOG and switched to X-O.
X-O web site is horrible and a few quid more per transaction but much more reliable. A while back when I had my JOG shares in IG I saw the prices tumbling and the price IG was offering was way below the bottom price.
I now use both as I didn't want to sell all my shares and repurchase so I did some comparisons and X-O were offering sensible prices for buying JOG when IG couldn't offer anything.
Another nice rise today.
Could it be possible that for once I decided to buy at the correct moment?????
I'm sure we'll see more dips but it is nice to see a couple of positive days and for me anyway JOG is back in the black. :)
GLA
LW you hit the nail on the head. On the day oil was reported as having a neg value the price of many oil companies crashed. I immediately took a couple of grand out of savings and bought some Bp and Royal Dutch Shell. Both are now showing 15% profit and I fully expect to see close to 100% profit in the next number months (or maybe years).
Thank you for clearing that up Dick
I did wonder how we would get anything if the company was wound up but as I'm more than happy to admit my own stupidity I just went with it.
Mr Herron on the other hand seems to think he's an expert but he kinda proved otherwise today.
If you're right and worse case scenario JOG is wound up we would loose around 20% at todays prices.
As AIM Casino's go that's not a terrible risk.
If on the other hand we're right and JOG is a bargain at these prices then we stand to make anything from 100% to 1k%
As I'm currently down around 10% then I could loose 30% but that's a risk I'm willing to take.
It's probably worth remembering that the Spanish Flu pandemic killed many millions of people between 1917 and 1920. I don't know how much it effected world events and financial situations but the world eventually moved on and until recently the Spanish Flu was pretty much forgotten about.
I say this to remind us all that some day Corona Virus will be a thing of the past, it may take a few years and hopefully we will still be here to see it but eventually it will pass.
In the mean time JOG is in an excellent position ride out the storm without being unduly effected by it, partly because of our friends point and partly because the timing to first oil couldn't be much better.
The pandemic has only got started in many countries so it could take years for the world to recover, therefore demand will be lower than usual for some time to come. Many weaker oil producers who are relying on selling oil today and have a high production cost will go out of business before the recovery happens, which I confidently predict will be around the time of first oil for JOG.
But what would a stupid Paddy like I know.
GLA
LOL
Sorry I didn't answer sooner but I been reading your posts for long enough to recognise your twisted sense of humour Dick.
As for whether JOG is a good long term buy or not, I mentioned in a previous post, At these prices it would be rude not to.
GLA
I was able to get my few shares at 50.3099. I use IG as my broker but would not recommend them as in the past their price was nowhere near what others were paying.
Nice wee jump in the price this morning. ??
Either I'm a complete idiot (strongly likely) or this is the greatest opportunity we're likely to see in our lifetime.
The price of oil cannot stay this low for ever, Our favourite seller cannot keep selling for ever and the corona virus will not last for ever.
I wish I was brave enough to buy more but adding another 2000 is as far as I can go for now.
GLA
Awe mate, we missed you're dulcet tones around here this last while, welcome back.
You make lots of good points here but unfortunately the market either doesn't agree. doesn't know or doesn't care about any of that and has (mostly for now) stopped buying JOG so it's price is in free fall.
I jumped off this roller coaster yesterday which could still turn out to be a bad move (god knows I've made a few of those including selling my Tesla shares for $494 a couple of weeks ago, it's currently at $640) but for now I'm happy it was the right thing to do.
I'm waaay to impatient to be a long term investor which could yet turn out to be the winning strategy here.
I tend to take Malchy's opinion with a large pinch of salt these days after being burned by buying companies he recommended. Anyone remember the way he spoke about VOG? And if you had invested in his bucket list last year you'd have lost a fortune.
Nice to hear something positive from him but I wouldn't take too much from it.
I fear you may be right but I think the terrible price offered and other issues I've had with them would persuade me to move my shares out of IG and back to X-O. I wanted to sell some of my JOG stock last week with a view to topping up later and didn't because the offer price was well below what it should have been.
I only moved my shares to IG to put them into an ISA and I'm just a bit confused why they were offering so low a price when sells were going through around 10p higher at the same time.
Every now and then I check what I can sell my shares for (I have them in an ISA with IG and noticed recently the price offered was around 10p below the lower price. So if the spread was from 150 to 155 I was only being offered 141 or thereabouts.
Today when the price was from 145.8 to 148 I checked and the price offered is 146.
Any thought as to why? I'm hoping it means good news.