Sell Limit- Getting the Profit
This is a horror story of making and losing money in one hour. One hour!
I bought my stock, set my alerts for my sell price and my loss price (not all are winners and I’m ready to cut my losses after a certain point). Cell phone was charged and ready. The stock was bought on Monday and I knew (yes KNEW!) it would hit my sell point within a few days. I was right. It hit the next day. My cell was buzzing with anticipation of profit! It sang and cheered! It vibrated all over my desk, SELL SELL SELL!
I didn’t sell. No I wasn’t breaking my rules for greed. I didn’t know. I didn’t have my cell phone with me. An hour later, I picked up my cell phone to see the alert! Yes! Profit!
No!!! The price had dropped to just above my loss sell point. The stock peaked where I expected it too (sometimes I get it right). So, the profit that I was expecting turned to a loss and the stock kept dropping. Fortunately, I kept with my rules and sold at the loss limit.
If you are like me and can’t monitor your stocks at the pace that they change, learn from my mistake. Keep your cell phone with you when you expect an alert and always set a Sell Limit. It’s the difference between profit and loss.
Tip:
Set to automatically sell at your expected sell point. No emotions and you get to walk away with the profits without the worry.
Happy trading!
Tags: Article, loss, money, profit, Rules, sell, stock market, tip, trading
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