4 Steps Millennials Must Take Before and After Opening an Investment Account
I hear lots of stories of winning investment picks, but it seems few people talk about their losses. Losers are inevitable if you are in any market. Once you have the basics under control, the next area you need, is a trading strategy. It is not all about buying, the other half is about having an exit strategy, knowing when to let go, – sell. People tend to get emotionally attached to a position (investment). You really need to have a firm buy and sell strategy. So if you say you will sell if you get 25% increase in value, sell. The more difficult decision is to sell the position when it is worth less than you paid. When you sell it, it becomes a real loss. If your strategy is to sell at no greater than a 15% loss, then sell and look for another opportunity. Leave the emotions at the door, remain firm and do not waiver.