THE STORY OF MY FIRST DOUBLE
One day in August of 2009 I was watching BNN. The analyst du jour was Peter Brieger of GlobeInvest Capital Management. A guy called in and asked Brieger if he still liked Scorpio Mining (SPM). It must be his brother who calls every time he's on to ask the question to give him the lead into talking about his favorite stock.
Brieger gave a number of reasons for his belief that the .55 stock would rise to $1.50 to $2.00 over the next eighteen to twenty-four months. I'd seen Brieger a number of times and believe that he's a fairly conservative guy so it was a bit of a surprise to hear him talking up a small cap miner. He stated that Scorpio is his largest single holding and he's still adding it to client's accounts. I figured if it's good enough for him, it's good enough for me. The price that day was .55.
I had some cash in my trading account having recently been taken out of Royal Bank (RY), so I put in a buy order at .50 good through the end of August and went on vacation. A couple of weeks later, while snorkeling in Maui, my order was filled and I became the proud owner of Scorpio shares. Within weeks the price bounced to .75. Normally I would bail and brag about a 50% gain in less than a month, but I held off. Brieger's forecast of a share price in the $1.50 to $2.00 range intrigued me. I've never had a three or four bagger. Forget three or four, I'd never had a double.
Months passed, the shares traded in a range between .55 & .70, seldom touching .75 again. With my usual impeccable sense of timing I put in a sell order at .75 in March. Yup, here I was, seven months later, trying to get the same .75 that I could have had months ago. I renewed my sell order each week for a number of weeks.
On Monday, April 5 I changed the strategy and revised my ask to .90 figuring it was just plain dumb to settle now for what I could have had last September. Brieger's predictions haunted me. I realized that I had already held for nearly half of his earliest prediction of $1.50 to $2.00 in eighteen months. The following day, the price popped to a high of .85 and closed at .83. At last, I had avoided being taken out on the way up.
One day later, on Wednesday, greed set in. Before the markets opened I revised my order to an ask of $1.04 for half my position, calculating that I'd get all my original investment back (including fees) and still hold half the shares for the ride to Brieger's $1.50 to $2.00. The Wednesday high was .94 and it closed at .88. Once again, I'd dodged the take out bullet. Was I finally getting the hang of this?
Well, you gotta know, on Thursday it dropped to .80...but everything else dropped so I wasn't worrying. I decided to stand fast with the $1.04 ask figuring if it hit .94 on one good day, it would get there again in the near future. If .94 is possible how far away is $1.04?
On Monday, April 19 the share price jumped over .90. By 11:00 AM 'Peg time the volume was twice the average daily. The price was in the .93 to .97 range with a brief pop to .99. I resisted the temptation to reduce my ask to 1.00 and grab the double. I stood my ground only to watch it fall off and wander in the .60 to .75 range for the entire summer.
Things heated up in September and Scorpio's share price bounced to the .80 to .90 range. Brieger was on BNN on September 21. As usual, the very first caller asked if he still loves Scorpio. As usual his answer was yes. In fact, he now has a price target of $2.50 to $3.50. This he calculates as a simple multiple of anticipated earnings. Once again I placed a sell order at $1.04.
In mid October I revised my sell order and offered all of my Scorpio shares. Figuring that I'd held for fourteen months I may as well take the double and move on rather than sell half and wait it out any longer. Last week my sell order expired on Friday and I was busy with other things and did not renew it. I was heading out early this afternoon and thought I'd check my trading account. Scorpio had briefly touched .99 this morning. I placed my usual sell order at $1.04 just before leaving the house.
While I was out my Scorpio shares sold for $1.04 giving me my first ever double. Yup, fourteen months and three weeks and I doubled my money with Scorpio Mining. Thank you Mr. Brieger!
One day in August of 2009 I was watching BNN. The analyst du jour was Peter Brieger of GlobeInvest Capital Management. A guy called in and asked Brieger if he still liked Scorpio Mining (SPM). It must be his brother who calls every time he's on to ask the question to give him the lead into talking about his favorite stock.
Brieger gave a number of reasons for his belief that the .55 stock would rise to $1.50 to $2.00 over the next eighteen to twenty-four months. I'd seen Brieger a number of times and believe that he's a fairly conservative guy so it was a bit of a surprise to hear him talking up a small cap miner. He stated that Scorpio is his largest single holding and he's still adding it to client's accounts. I figured if it's good enough for him, it's good enough for me. The price that day was .55.
I had some cash in my trading account having recently been taken out of Royal Bank (RY), so I put in a buy order at .50 good through the end of August and went on vacation. A couple of weeks later, while snorkeling in Maui, my order was filled and I became the proud owner of Scorpio shares. Within weeks the price bounced to .75. Normally I would bail and brag about a 50% gain in less than a month, but I held off. Brieger's forecast of a share price in the $1.50 to $2.00 range intrigued me. I've never had a three or four bagger. Forget three or four, I'd never had a double.
Months passed, the shares traded in a range between .55 & .70, seldom touching .75 again. With my usual impeccable sense of timing I put in a sell order at .75 in March. Yup, here I was, seven months later, trying to get the same .75 that I could have had months ago. I renewed my sell order each week for a number of weeks.
On Monday, April 5 I changed the strategy and revised my ask to .90 figuring it was just plain dumb to settle now for what I could have had last September. Brieger's predictions haunted me. I realized that I had already held for nearly half of his earliest prediction of $1.50 to $2.00 in eighteen months. The following day, the price popped to a high of .85 and closed at .83. At last, I had avoided being taken out on the way up.
One day later, on Wednesday, greed set in. Before the markets opened I revised my order to an ask of $1.04 for half my position, calculating that I'd get all my original investment back (including fees) and still hold half the shares for the ride to Brieger's $1.50 to $2.00. The Wednesday high was .94 and it closed at .88. Once again, I'd dodged the take out bullet. Was I finally getting the hang of this?
Well, you gotta know, on Thursday it dropped to .80...but everything else dropped so I wasn't worrying. I decided to stand fast with the $1.04 ask figuring if it hit .94 on one good day, it would get there again in the near future. If .94 is possible how far away is $1.04?
On Monday, April 19 the share price jumped over .90. By 11:00 AM 'Peg time the volume was twice the average daily. The price was in the .93 to .97 range with a brief pop to .99. I resisted the temptation to reduce my ask to 1.00 and grab the double. I stood my ground only to watch it fall off and wander in the .60 to .75 range for the entire summer.
Things heated up in September and Scorpio's share price bounced to the .80 to .90 range. Brieger was on BNN on September 21. As usual, the very first caller asked if he still loves Scorpio. As usual his answer was yes. In fact, he now has a price target of $2.50 to $3.50. This he calculates as a simple multiple of anticipated earnings. Once again I placed a sell order at $1.04.
In mid October I revised my sell order and offered all of my Scorpio shares. Figuring that I'd held for fourteen months I may as well take the double and move on rather than sell half and wait it out any longer. Last week my sell order expired on Friday and I was busy with other things and did not renew it. I was heading out early this afternoon and thought I'd check my trading account. Scorpio had briefly touched .99 this morning. I placed my usual sell order at $1.04 just before leaving the house.
While I was out my Scorpio shares sold for $1.04 giving me my first ever double. Yup, fourteen months and three weeks and I doubled my money with Scorpio Mining. Thank you Mr. Brieger!
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