I know to buy a good stock. This one has caused me pain but I have so many times in the past picked a winner which initially caused me pain but now they are darlings in their respective sectors.
My notable picks - ISRG @ IPO price 10, traded flat for months and months, reverse splited and now trading at $330+.
MTL - Mechel Steel - Bought IPO price around $20, went all the way to $12-13, now @ 94.
HTX - Hutchison Cellular - Bought @ 11 below IPO price of $16. Went all the way to $9, bought more, now trading at $24 ex-dividend of $20 (meaning it went all the way to $44 and gave a $20 cash dividend)
There are several other picks which have given me handsome returns by just being patient and buy the lows and averaging.
I am so glad that I bought another 2k in the low 3s and bought another 130 ($5 and $7.5) Jan 09 calls.