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When to Sell for a Loss
Many
people take more losses than they need to take. Many people believe
that their stock will magically just turn around and start heading
north for no apparent reason. Again, this is where the charts come in,
they can help you figure out reversals in trend.
One way to prevent steep losses is to set a stop loss. If you need help
with this let us know. We recommend, depending on the price of the
stock, setting a stop loss at about 3-5% under your purchase price.
This can save those -20% days.
Lesson: Do not hold a stock with the mind frame "Well, I will just keep
holding it until I can sell at my breakeven point." A lot of times the
stock will not come back up, or if it does, it will be months down the
road. Usually it just ends up locking your money up so you can't invest
elsewhere.
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