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Don't I know it wyndum. Adme energy (in its previous incarnation) taught me that lesson very well. Luckily the fake sheike came to my rescue after I thought I had lost it all. I'm not afraid to bank 5% profit these days. All adds up.
Great post. Good luck to all holders, seems like a good bunch here.
Berms, I'm pretty fluid on what price I would sell out of. Using Eve as the example, this is just how I think things so please ignore at will.
I have a plan of where to get in and get out (both on the upside and the downside. I won't let a bad decision tie up my funds for a long time on the hope things get better). If the plan works out I review my position and decide whether to take the profit or, if the news had been better than forecast then I reappraise whether or not to sell. If I decide to hold I have a new plan. And that incudes potentially adding to my holding as well as deciding new points of exit.
Also if I come across a stock that looks like it could give faster returns then I would sell EVE put it in there and in my perfect world, make 30% and buy back into EVE that had only gone up say 10%.
I don't know if this comes across but it's an important lesson that I learnt is to never, ever, ever fall in love with a stock.
Not only is it just a bit of paper (I liken them to betting slips to keep me on the straight and narrow), but you are not even giving the money to EVE, the company you may have fallen in love with.
For those who think this just sounds a bit weird, I think what happens is the individual starts to fantasize about how much money they could make. Lets say the target is 50p for EVE or even 100p!!!. So you stake £500 at 2p a share £12500 or even £25000 profit coming up! Kerching!. Now this is the returns of a lifetime but the amounts are not, so the individual having decided now that this is not only possible but maybe, just maybe probable, (this where the fantasy starts to translate to "rational thought" needs to stake not £500 but £10,000 and then WOWZA!!!!
So, its very easy to over commit and then because of that you only want to hear positive things, no dissent , no reason why it might not happen and then you associate your potential future happiness on EVE's performance, and as the shares go up a bit and you see a profit, you start to get a warm fuzzy glow that you transfer to EVE, and before long you are in Lurve....
(The downside is when you overcommit and it goes south then the pain is well, painful, but you hang on HOPING it will go back up, then it falls some more and the pain starts to increase. This will then coincide, naturally with more dissent on the BB's about the stock and the pain ultimately becomes unbearable as it falls further, then of course once you have sold the stock rises....and you are emotional wreck....
(Too much? but my point is, this is I think in general, a much more dangerous game than either its given credit for or newcomers realise.)
Anyway as always GLA
Morning wyndrum thanks for the follow up. It looks to me like this could be useful as you are approaching a price you plan to sell out at - perhaps to persuade you to hold out for a fee extra % or to indicate it may be about to experience a drop. I am following it with interest.
Hi Berm, according to HL charts the SP closed at 3.8p and the RSI shows as 68.6 (just to remind folk when it was at its recent all time high at close, it was 3.88p and the RSI was 88.87)
so as you can see the ups and downs have now left, still a reasonable amount of room to go higher without any brake.
Always, also bear in mind its an indicator not some magic stop sign. The market can always be "unreasonable" longer than individuals can fight against it. In other words it could go into the 90's and still carry going up, but having said all that its pretty food at giving warning signs of what's LIKELY to come next.
(What I liked yesterday, for whatever reason, is the speed at which it moved. It encourages me that quick gains and substantial moves are possible and can be had.)
Ta mate appreciate that. I'm not trying to trade here but interested to see any correlation for future reference.
Berm, the intraday/weekly RSI has closed at 57.39. The more reliable (I think) daily close won't be updated until tomorrow so I will let you know then
@wyndum - has the last trading session pushed up the rsi into sell territory again? I did a Google and found it is 70 but no idea how often this is refreshed.