Not a very good day, all my shares were down except for TSTR Tristar. No chance to try selling and buying back on the retrace. However, I did read a post on a BB that seemed to make sense to me. The guy was saying that when he started 25 years ago he was always looking for about a 10% return and was living on his wits trying to make some profit. It seemed a little like me. Then he said that as his investment in each company went above £5000 then he learned to relax and become more patient and look for bigger profits.
Some might argue that it was all right for him to say that as he had lots of money. However, the philosophy is correct but the temptation is to take profit while it is available. As shares don't go up in a straight line small investors might feel that they will lose their profits if they watch a share retrace. I have learnt with GKN that waiting is worth its while. However, I have sold some shares too soon when if I had waited I could have made a better profit.
I need to reflect on this lesson often if I am to makwe progress!
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