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When I found shares to short of the gimme that is Gold American Mining Corp. (SILA) and was inspired by the horror that is this company to write this fact-based, as opposed to the stock promoters’ propaganda-based, research blog post, I knew there was 99% probability that I would profit just as I and subscribers to my 4 newsletters have on just about every paid for pump and dump company masquerading as anything real.
So it was a heavy heart that I covered my short yesterday at 99 cents/share, as I told my TIMalert subscribers:
TIMalert: Covered 13k SILA at 99 cents/share, bleh 7% profit over a few days, possibly more, but worried about buy ins, obvious potential reshort too
As I posted on Profit.ly, I made just under $900 which to many people is a good few days’ work, but I was disappointed because I knew the probability of profiting 20%+, instead of just 7%, is the norm on such PERFECT setups.
Several PennyStocking Silver subscribers and TIMalert subscribers also banked a few hundred each:
Partial forced buyin by IB but still made a profit on my SILA shorts of $526 
-EG
+722 SILA, last batch of SILA, covered in front of biggish looking bids
-Reaper
+658 SILA, great entry, didn’t want to hold any longer. Satisfied with my profits.
-hacker
+182 SILa, Had +$330 on this yest. a.m. had I only covered. Nearly as dumb as boxing it in.
-TMCnasty
+149 SILA, Partial cover. (multiple entries, prices avg)
-Pat
But the sad part is that the stock did drop 20%+, and its likely going to keep dropping, but I didn’t wait one more day as I was scared of the buy ins that a few other people reported.
And that’s my big mistake…as I preach in my instructional DVD packages, it is key to trade pump and dumps aggressively (ie risk losses and hold longer) due to the high predictability and reliability of the pattern.
There haven’t been many pump and dumps lately to trade so I’ve been out of practice and I got greedy…$900 is a lot of money and I started thinking about instead of focusing on the pattern which said there was further downside.
At SILA’s closing price of 85 cents/share vs. my 99 cent/share buy to cover, this was an $1,800 mistake…so far…and it’ll likely continue dropping.
Sure, sure, I was justified to get out due to the buy ins, but damnit man, don’t cover the entire position, try half or even a third and let the rest of the position roll with the most reliable pattern in the entire stock market.
To all my subscribers and students, I apologize; my second apology in less than a week.
Great traders minimize mistakes like these, great teachers detail them as they are amazing learning tools.
Posted in Missed Opportunities, Testimonials