Today’s just one of those days in the market. Just ride it out today and wait and see how
we open tomorrow. The markets are
selling off today, thankfully my trades are holding on to support levels and
have actually bounced up. That’s also an
important lesson: buy well-known, reputable companies that are heavily traded
and are vanguards in their industry.
These stocks always tend to hold up better during these big sell-offs.
If you have stop-losses on any stocks make sure you really
want to keep them because days like today are usually an anomaly and
stop-losses can actually go against you and end up costing you money. It may be better to wait till tomorrow and
see what direction the market takes.
A great piece of advice I heard today was: “panic is not an
investment strategy.” The point is when markets go down it’s a good time to buy
some stocks that have been too expensive.
Just wait till they start to make an upswing or have flat-lined and gone
horizontal. You want to make sure you
buy the actual bottom not buy on the way to the bottom.
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