Selling at the Right Time

13 Sep

When Labrador Iron Ore Royalty Corporation had a 2 for 1 stock split, I missed my opportunity to sell at its 52 week high of $41.30.  The months that followed fell well below my buy in price of $35.45.  I watched a good $1170 in profits slip from my grasp in an instant.  That was the old me holding out for more gains only to get screwed in the end.

On Friday Sept 9th, I had a limit sell on LIF.UN for $38.00.  It hit my mark and bam, it sold at day’s high.  I pulled in $510.00 in profits, half of what could have been.  But I saw the resistance and I had to make a move.  Come Monday Sept 12th, LIF.UN took more than dollar spill from my sell price.  Today, it is trading at $36.66.

Cheers to my September sells, I’ve embarked the course of reducing stocks in my portfolio.  So far I’ve realized $3,830.42 in profits.  But I still have my long standing eye sore Noront at a 77% loss which equals to $3310.  If I do sell NOT, all my profits will be whipped out. 

Word of advice:  Best to move on and sell a dying stock while you still can… if not, you’ll just hold them till you see pennies.  Keep your losses at a minimum.  Rule of thumb is 8%. 

At the moment, I have quite a few stocks with losses of more than 8%.  Shows you that I hold out hope for an upside… but that doesn’t always come true.  So thread carefully in the world of the stock market.

 

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