Dont chase a stock!

One of the most important things I learned while trading...... DO NOT chase a stock!.

Simple example :
During the trading hours MWC was bought up to 6.80 with sufficient volume. All postings at 6.80 level was gone in just a minute. I started to observe, next offer price was 6.70. I was vry much tempted to buy at 6.70 as I said to myself, what would go wrong if I buy it at 6.70, since the chunk of supply at 6.80 was gobbled up by one trader alone, I assumed that with that large buy up, this would create a demand at 6.80 and eventually run the price up and may be have a quick day trade. SO ...i bought at 6.70, after buying at that level, everything went quiet. NO ONE followed the buying trader at 6.80!!!! It was a stand still, eye to eye match between 6.70 Ask and 6.60 Bid. And finally the bulls blinked, somebody started to dump at 6.60. Oh....nooooooh!!!!! I was left there all alone at 6.70.....price even went as low as 6.40. My only consolation is that im not the biggest looser!!! The guy who gobbled up the 6.80 chunk was the biggest looser for the day. Im only second to him. =p

Biggest Lesson : DO NOT CHASE A STOCK!!!!!

MWC is now at 6.30, will try to post at 6.20 hoping somebody will dump at that level.