About two years ago my parents died and I came into my inheritance (I'm 62). I had never had much money to speak of but all of a sudden had quite a bit. My father had been an investor all his life, he started with savings bonds after WWII. Most of my life was spent living pay check to pay check so I never had his interest in investing. I sat with this money for a few months, a broker wanted me to invest in a annuity so I read up on them but it didn't appeal to me. So I started learning about the stock market and buying small amounts in companies like DOW or AT&T that sort of thing. I had a broker that I ran every past and still do. I read about OPKO on line or in Frost and Chromadex a couple of years ago it really got me. This was just prior to the Blueberry line hitting the shelves. Here's the point of this story. I was so hooked into the Blueberry line and the way the product is packaged I talked myself into believing I could hit a home run with this. I was up all night and by morning had decided to buy $100,000 worth of Chromadex and be come a millionaire. I had convinced myself that it was going to go like a champ and this was my chance. My broker said NO. I argued with him most of the day but he wouldn't budge, couldn't actually because his management wouldn't allow it. I couldn't understand why everyone couldn't see how smart I was in doing this. To make a long story short I ended up with about 18,000 shares. Well everyone on this board knows what has gone on with Chromadex since then. So I came to the message board after the sale of the rights to the Blueberry line. After my research I was concerned. But the bottom line to all the speculating about no products, no money etc etc is I see Dr. Frost buying up companies like crazy and this is one of them. I have read everything I can about OPKO and Dr Frost, am a shareholder in OPKO and my guess is there are bigger things afloat here than we realize. Of course that's speculation.
Wm, before offering my opinion, please understand that opinions are like garbage cans, everyone has one, and they all stink.
You have no stated objectives. So how will you know when you have reached your goal?
Let me be blunt: dreams of being a millionare are for 20 year olds. You are 62 and should have SOME experience of how the world works.
Cash is king. 2008 is a good example. Keep your powder dry and buy at the lows not the highs.
Right now markets are at their highs. That should tell you something. You are still young enough so you will be able to invest in another market down turn. In the meanwhile you are going to haveto be selective.
Their are no good get rich quick schemes. This is not a casino. If you don't see a clear path to profit in a year than stay away. If your "hunch" doesn't move the way you expected than what are you waiting for? Admit to yourself you were wrong and get out quick. Losing $1000 will keep you fom losing $10,000.
Here is a proposal. Pick a percentage return say 15%. Take 20% of your cash and start with a stock or 2.
When you reach your goal, cash out and move on.
Be patient when it is time to give someone else your money. And be like lightening to take a profit.
Stop chasing the latest hot tip and realize the man with cash is in control.
I think I'M starting to ramble now. But good luck.
Yes, excellent advice. What your saying is what I learned from all this. My broker is VERY conservative. The funny thing about this is I'm not a gambler. I might buy a lottery ticket once in awhile but that's about it. But on that day where I wanted to put out all that money I found myself in a peculiar type of madness that the stock market brings on. Ego and Money. I have lived the school of hard knocks all my life but this time I escaped with only minimal damage. But I learned some important ground rules that I follow.
That makes it easier. You should sleep well at night. If you get a chance to sell at. 98 do it. Actually if you can get back to even I would sell then and get a better entry point. But I am thinking we are trending lower in a tight range. Next time watch the 1 year chart pattern and stop buying at resistance. I don't think we will be below. 56 on the downside so you may have to wait, since you are stuck. Expect consistant swings and go with the trend.
I am up 59% by hitting lots of singles. I am not a home run hitter.