thedopesteez wrote: Pretty much exact same boat myself, bought in during the major run up from $3 to $7, just got lucky on a tip from a friend who manages money. Funny thing was I bought into ACB and APH quite a ways back, but sold after holding for a few months for some modest gains.
Anyways you have absolutely the right idea and the approach I would like to take as well. For me the toughest part is not to get rattled and sell off, which I have done a couple times during this run. obviously hindsight is 20/20, but I can’t time the market any better than the next guy so I would have made more if I just waited it out.
I’ve taken the approach of reinvesting gains by diversifying within the sector. My plan is to evaluate each stock monthly and reallocate funds if needed. I’ve trimmed quite a bit from ACB and WEED and recently added in APH, EMH and some smaller cap players. The small caps are even more volatile at times but I don’t mind a risky play, some have paid off well for me.
It is crazy the amount of drivel on this board but there are some good insights offered if you sift through the comments. I’ve been reading reddit weedstocks for some interesting commentary (and a lot of noobs)
bluevelvet wrote: It's been 7 weeks since I bought my first stock. I'm about as newbie as it gets. But I only invested the cash I had on hand that I was willing to lose. Most of my money is currently in an RRSP. I invested in MJ stock because I am interested in the industry and I did my research. With that said, I also invested in a more stable stock (Telus) so that I always had a point of comparison.
What I've learned in a short time is that weed stock is HIGHLY volatile. If you can't take the heat or don't feel knowledgeable enough, get out of the kitchen.
I bought WEED at $12.00. A few weeks later it had dropped to over $11, hung there for a bit (and I bought a bit more). Then eventually jumped up to $16 for a few days and then kept climbing until it hit $21, dropped to $17, climbed back to $19 for a bit and is now down around $17.
ACB has been a bit more intense, but I bought in at $3, bought some more when it hit $5 and then it mumped up to over $8. Now its down just under $7 and might even drop some more. So, what? I clearly don't understand the panic here -- and actually, view the knee jerk thing as the worst possible thing to do. The sky has not fallen. A new industry is acting as volatile has it has been like it seems from the start.
Obviously, I want to make some money, so given what happened this week, I've adjusted my plan a little for when and if that kind of high happens again.
I've learned from posters here, but the scare mongering is truly disgusting. I think the drop was inevitable based on the intensity of the climb over a short period.
We will see what happens, but I'm not letting the negatives take me down. If anyone takes me down, it will be myself. Then I will learn from the experience, pick myself up and make different maps for my own investing.