Leaving Money on the Table?
Since the market continued its uptrend, I started to take some profits in my portfolio as they have reached or even surpassed my targets. One of those positions was in GameStop (GME) which I was able to buy below $5. It was highly speculative of me as I was betting that the new generation of gaming consoles will be a catalyst for the stock price. I was happy to be on the right side of the trade despite fundamentals. However, I sold around $20 which was still much higher than my expectation and sooner as well.
I rarely look back at my trades to avoid judging my performance. However, being stuck to the latest business news networks and newsletters, I could not avoid seeing the jump past $40! Talk about leaving money on the table! However, I still think I did the right thing based on my plan as I stuck with it. Most of these plays continue to increase as they have been squeezing short positions aggressively.
It has gotten me thinking more about other positions that I have been looking to take some profits. It has also got me thinking of some losers I have in the portfolio that I have gotten wrong and still am holding. I guess I should look more to some of my trades from the past to see how off I was on the low and high after the exit. It will be telling as I am sure there is always money left on the table. The offset is risk management as I still believe that taking profits is just as important as avoiding losses; however, I have to commit to both sides!
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