Need some help

Discussion in 'Strategy Development' started by brooklyn_3p3, Feb 24, 2007.

  1. Ok, short history. I opened a scottrade account January 1st and started with 13k. I have made about 600 realized but am down about 3000 on stocks I still own. I have learned allot from this website and stocktiger. So, I am doing much better now but still learning.
    The question.... Should I sell those stocks I am down on and use the money to make up my loss or hold on to them and wait for them to come back (if they do)?
    I have ERFW, WFWL, NSLT, HMSG and PMED. They were all doing well but I held them to long. What decisions are to be taken? How should I decide whether I should purchase the stock or not? Need your Help desperately
     
  2. Just my personal opinion, but cut your losses, get out and start with a clean slate.

    3/13 = 23% drawdown.

    That's not 'massive', painful, but not 'massive'. At least you're not 9k down. If a couple of your stocks have earnings blowouts, bad news, the market crashes, you might be that 9k down...

    If there's one thing to learn, it is ALWAYS know where you are going to get out. And then stick to it.
     
  3. timbo

    timbo

    The past is irrelevant. Always focus on the future -- banks do.
     
  4. gg12

    gg12

    Volume of WFWL was only 3500 shares (liquidity issue).
    Price of HMSG only 0.0074 (commission/trading cost issue).

    What is your strategy?
    Do you have a trading plan?
    What about money management?