How to SellThe whole industry is geared up to buying stuff. Buy the dip. Buy low. Buy value. Buy growth. Buy yield stocks. Buying is really easy. Anyone can do that. Plenty of advice on how to do it. The harder thing is when do you sell? There are three main reasons to sell.
- Cut losses and make the pain go away.
- Take profits
- Sell something because there are better opportunities elsewhere.
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To Sum Up
- Have a plan. Stick to the plan but be flexible if new information will affect that plan.
- Take the emotion out of it. If you can
- Sell when you can, not when you have to.
- Set stop losses if you need discipline. Hard or soft.
- Use strength to ease out of positions. Nothing lasts forever.
- Don’t believe you are invincible, and you know better than the market.
- Put as much work into the sell strategy as you put into the buy strategy.
- Being able to sell, is as important as the buy. Anyone can buy. Not always easy to sell or manage a position.
- If you need to clear your mind, you can always sell and get back in again at another time. You are not barred for life from a stock.
- Sometimes you have to believe if you want to become a Steve Austen. But to believe you need to do the work.
- It is called ‘making money’. And to make something requires effort, energy and experience.