thank GOD i didn't. lesson learned: don't listen to anyone on forums lol. even if they talk a good game nobody really seems to know anything it seems.
i need it to hit .72 to break even, now its a battle of my greed vs jumping off with most of my investment in tact. with how fast its going up every day, i think i may hold until at least hits $1~ or stalls for a few days. just really hope it just doesn't crash down real fast. i really wish i knew what the hell is driving it up so much.
No need for panic selling as bankruptcies usually take a long time (years) to work themselves through, with big swings in price along the way. I got out of my full position yesterday at .46, which was more than double my cost basis. My reasoning was there isn't any news fueling this rally and the co. is still in bankruptcy, so figured I'd take my windfall and move on. Now that I'm out, I expect it to go over a dollar by next week :) If I were holding below even, I'd use a stop loss order at .50 and keep moving it up about a nickel as it kept going up.
Well you make some interesting points, especially about stop loss orders but I have gotten a lot of conflicting information regarding stop-loss. On one hand, some say to throw them in once you turn into positive territory. On the other hand, I've heard others say to stay away from them completely because the stock can take temporary dips even on just s few shares and then shoot back up again very quickly and in doing so you'll lose your position, over what is nothing but a light dip. In my trading experience I have always been interested in the "idea" of throwing in a stop-loss even if I'm up just a little bit. It seems ideal- why not protect yourself, you can always buy in again later if it goes down right? Not so easy- I've had a real hard time finding an appropriate spot to place the stop-loss. For example I recently decided that after I get up to the 2% mark, I will place a stop-loss automatically, no matter what, so if it keeps going up fine but if it dips back down to 2% above my purchase price I automatically lock in profits at no less than around 2% or so. Sounds easy but I haven't been able to do it effectively. Every time I get up above that 2% mark it seems difficult to place the stop-loss. Stocks shoot up and down so fast that often times you can't react quick enough. For example, when I first invested in Exide back this summer when it was XIDE, before taking my 85% haircut I was actually up about 6% on the trade. I didn't see a stop loss as being effective because I bought well over 100,000 shares. To stop loss that and potentially drop the shares on a stop-loss could drop the price significantly (trades excecute in 1-2 seconds on market), especially when below a dollar which it was. Didn't place the stop-loss- lost a lot on paper (I still own the shares and am making it back now with the recent uptrend). Also if you place the stop loss too close to market it won't place the order. Tough thing to determine when to use/ not to use.
Yes- people can talk a good game but fact is nobody knows jack. Don't get me wrong a good analysis and supporting evidence never hurt anyone and is healthy for discussion. But when it comes to your money be smart and be careful, and don't ever trust anyone. Let's face it- nobody cares how much money anyone else makes, they only care about how their own portfolio and that's it. Banks, financial advisers, financial analysts, msnbc, people on these boards, wall street, etc. etc. etc. nobody cares about you but you. Keep that in mind when taking advice. Nobody ever got rich by helping others make money they did it by making money for themselves. I learned that the hard way just passing on the information I've learned to you all- do not make the mistake of trusting someone else with your money decisions. Not trying to be a jerk just saying it how it is.
As far as Exide goes I am in the same exact situation as you, I bought when it went under a dollar, bought in almost where you did, placed a large order. Almost sold when it went below .15. Changed my mind decided to be patient. Another lesson I've learned- PATIENCE DOES PAY OFF IN THE END- so simple but so profound... patience has saved me tens of thousands of dollars. Do not ever, ever ever panic sell, ever. Good job holding on you saved yourself a lot of suffering.