1) Always cut losses and let profits run. Never let losses run!
2) Never argue with the market; emotions have no place in investments.
3) Patience is key: Don't go looking for action. Action will find you if you let it.
Decide whether you are an investor, or a speculator.
I am 100% an investor. I'm not using my portfolio to get rich. I'm using my portfolio to stay rich AFTER i've gotten rich, which I haven't achieved yet. I'm just practising now to be ready for when that time comes!
If you are an investor, buy stocks with good fundamentals and hold them. Profit-taking are for speculators. Selling Super group at $3.90-$3.95 was the first mistake of my investment portfolio. Only sell when there is a reason to; ie a change in management or direction of the company that isn't to your liking. Just because you want to lock in your profits isn't a good reason to sell.
