Investing

Advise Needed: IMG (IAMGOLD)

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  • Apr 19th, 2013 4:53 pm
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Newbie
Aug 5, 2008
74 posts
4 upvotes
Markham

Advise Needed: IMG (IAMGOLD)

Help. I'm a new stock trader. I bought IMG when it was at $16 something ... and it kept dropping. Now it's at 4 something. What should I do ? Help!!!! :( :(
10 replies
Member
Nov 27, 2009
319 posts
25 upvotes
Hold it... Keep saving and once the tide turns and price of gold starts to rally, buy it at 4 or 5 or less to average down your cost and ride it until you breakeven. Then you can decide whether to stay in or cash out.
Although I have no idea when the gold would start to rally again but it will sooner or later.
Deal Fanatic
Jun 27, 2007
5507 posts
1956 upvotes
Hold it, it will revisit $10 level in the next 3 months, IMO. GOLD is the key to miners
Sr. Member
Mar 19, 2010
918 posts
106 upvotes
Markham
BB_DD wrote: What should I do ? Help!!!! :( :(
Based on the way the Gold equities are trading, the market is expecting Gold to go down a lot further.

I would stay away from any Gold investments and would use IMG as a tax loss later in the year.
Deal Guru
User avatar
Jun 26, 2005
10111 posts
1966 upvotes
Toronto
Sell it right now and admit you made a mistake. The mistake was not having a stop loss set. BEFORE you enter any trade, always set your max loss price level. Then enter it into the platform.

It can be a fixed amount or a %. You must do this for every trade. If you had one set, you wouldn't be in this position right now.
Sr. Member
User avatar
Mar 13, 2012
865 posts
145 upvotes
Planet Earth
BB_DD wrote: What should I do ? Help!!!! :( :(
Don't do anything irrational right now. That's what investors do... Wait a few years frankly and just collect the dividend. Hopefully you didn't invest your life savings. Patience and stop listening to pundits and talking heads.

Next time put a stop loss in place... That's what traders do.
If at first you don't succeed, destroy all evidence that you even tried.
Banned
User avatar
Feb 15, 2008
26318 posts
3242 upvotes
Calgary
There is little evidence that the gold sector has suffered an impairment to its long-term prospects. If anything, the recent price decrease is likely to be short-term, and accompanied by a fairly violent snap-back.

Wouldn't you hate to be the sort of guy who, in 1992, sold Yahoo off because it went from $1 to $0.50 (split adjusted), only to see it hit a bottom and eventually go up to $100? That's the sort of potential some of these gold stocks have.

Of course, the usual advice applies -- don't put all your eggs in one basket.
TodayHello wrote: ...The Banks are smarter than you - they have floors full of people whose job it is to read Mark77 posts...
Deal Expert
User avatar
Feb 11, 2009
20055 posts
9836 upvotes
Toronto
I'm in the same position as you. Bought my initial batch at $14.XX, averaged down by buying at $7.30, now looking to average down again around the $4.50 area.

I beleive with everything dropping this low in terms of market value, even if nothing else picks up, mergers will definitely start happening at this point.

The company is worth a mere 1.9B at this point. A very easy take over target by Goldcorp or Barrick IMO.
Realtor (Investment Properties) - CPA, CA
Deal Addict
Dec 11, 2007
1958 posts
582 upvotes
Markham
go back to why you decided to buy it, and re-evaluate. what you should do strongly depends on why you bought it in the first place.
Newbie
Aug 5, 2008
74 posts
4 upvotes
Markham
thanks for all the advises. I think I will keep it and see. Good luck to everyone else who's on the same boat as me :)
Deal Guru
User avatar
Jun 26, 2005
10111 posts
1966 upvotes
Toronto
Wish you the best, I don't want anyone to lose money. At least I helped a few people in the other thread warning them buying anything Gold is a bad time (before the one day crash; coincidence? Or maybe that's just chart reading skills). Thank you for your PMs.

I know it makes you feel better to just hold on and on. Think deep down inside yourself, is "hope" really how profitable institutions like Goldman Sachs with trilliions of dollars in their portfolio do things? The faster you think like the big boys, the faster you'll be successful in the market. Cut your losers fast, let your winners run.

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