My tuppence (by Christmas) worth13 Oct 2020 21:26
For what it's worth...
Choosing the right time to sell any will be almost as anxiety-inducing than knowing when to buy in.
The chemicals will be fizzing all over the brain - dopomine for the thrill and cortisol for the stress and both can cloud judgement.
Staying as level headed as possible and not spending too much time thinking "I should have waited / I should have sold then / I should have bought then" etc is the kind of skill that I hope I can master in time!
The highs and the lows can be as damaging as eachother (hence my comment earlier of treating rampers and derampers in the same vain) and staying rational and clinical will prevent disasters that you may live to regret.
Although all investments are a gamble of sorts, especially if you don't know what you're buying into, not losing sight of why you've invested is important - whether it's to pay off a mortgage, sort out the kids uni fees or just having a slightly easier life...
My approach if anyone cares?
I came into SYME too late to make use of the 20k ISA allowance for this financial year so I have a chunk in my regular trading account, a small position in my ISA (and come next March I will Bed & ISA what I can from the regular account) as well as a chunk on a spread bet - mainly as a second tax-free vehicle to mitigate against any potential CGT gains that may come about from any rapid growth.
I believe many of us are in early enough to make a nice initial profit to buy some comfort but I also believe that I may regret bailing my entire holding at 2-3p or whatever this year/early 2021 as this model appears to have legs for a number of years to come.
I'd probably look to pretend to forget about a million of these for at least a couple of years knowing that I've managed to profit from it as logically as possible on the short/medium term.
If that helps some of you then I'm glad to have helped - when to bail is a great dilemma to have :)
Cheers.
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