I lost my gains on my PX positions today; thus I sold everything.
A lot of people always thought that a huge correction is coming, I've studied the market and I always thought the valuations are way to high given that there is no concrete basis for the recent rally, so there should be a market correction.
However, when I read the news that SMC is interested in getting PX, I quickly got in to it, thinking that I can make the huge MER gains I got before with PX.
Also, when I read that SMDC has a huge Q2 earnings, I also bought a lot of stock. Thinking that I can make the 30+% gains I did when I bought it at 2.
However, when I bought my MER and SMDC before, I really studied those stocks. When I bought SMDC at 2, the P/E was below 10. SMDC is now at 275+ P/E on 4/share.
I got greedy! I should have stuck to my plan, which is the sure and steady way to make money in the stock market; find stable companies, low P/E, high volume and high growth potential then buy small portions ( and on dips) and hold for at least a month.
I guess Jesse Livermore has a bad influence on me.
I'm expecting that those investment banks in the US, will have a good double digit Q3 earnings, all made possible by short selling.
I wonder when can citiseconline or firstmetrosec be able to have the short selling feature implemented?
I'll wait for the selling to subside, and start buying my tried and tested long term stocks.
From now on, I'll stick with what works, and speculating is not working for me. Speculating gave me a lot quickly and it quickly took it away. :)