I did several trades of KMT (MNE at the time) in 2 month period spanning from 1 nov 2012 to 9 jan 2013.My first buy was 10c (equivalent to $40, 1:400 consolidation) when it races from 6c to 10c. MNE was even mentioned in Western Australian’s (newspaper) finance page.
Did several trades on the way up to 20c (today’s $80) and made around 25k. Then bought on the pullback @14c, 13c and 12c in late December but when it breached 10c I sold everything in 9.7c on 9 jan (buy volume was there), lost around 14k later it went to 12.5c.
Overall made 11k.
The trade in which I made 14k loss is
Buy 400k@13c average = 52k
Sell [email protected] = 38.8k
Had I kept holding until now I would have
1K shares (1:400 con) @1c = 10 bucks.
Moral of the story - Don’t think those who are selling are wrong (and specially this stock).
