Sell Target Limit Hit for Goldcorp (G.TO)

27 Aug

Can you believe just a couple of months ago I was down a good $2000 in paper loss for Goldcorp?

I had bought Goldcorp 200 @ $33.08/share on March 13, 2013 thinking that was their support line.  Little did I know would gold prices dip way below that support line.  Near the end of June 2013, Goldcorp hit a low of $23.26!  But I stayed strong and took it in stride by collecting their monthly $10 dividend.

For the past month, Goldcorp showed sign of recovery and has been steadily climbing up.  Yesterday, I saw the momentum and set my sell target price at $33.50/share hoping to get out of this stock before it takes a dive again.

This morning, my target hit above my asking price at $33.60/share instead.  Yipee!  I walk away with a capital gain of $104.00 minus commission.  Way better if I had chickened out and sold out for a loss, right?

Goldcorp Aug 27th

So the lesson here folks, even in the darkest days, if a stock has potential to climb its way out of its own dark hole, keep the sucker till you see a brighter day.

PS.  I never liked Gold as a stock, I was lured by their monthly dividend and their 52 week lows when I bought Goldcorp.  I thought I was buying at their bottom, but several months later, that’s not the case.  Sometimes, I shouldn’t chase after stocks on the cheap.  Cheap stocks have the potential to go either way.  Most of the time, I’ve taken a hit for the worse.

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