Ups and Downs with Stocks
My Uranium stock picks had been doing very well. Overall, my portfolio was creeping up on a 50% profit. I was seriously thinking about selling some stock and taking my profits off the table. Jim Cramer, from Mad Money on CNBC, recommends taking profits in equal relation to the rise in percentage, since you never know how long the stock will be up. In retrospect, that would have been a very good idea.
The first Uranium stock consolidation hit and took my profits back down to 25% over the course of two days. I was expecting a slight pullback, but not a 25% drop. Now I’m kinda aggravated that I didn’t take some of that money back, since I knew full well that a consolidation was expected. However, I am in it for the long term, so I guess the best course of action now is to ride it out (and keep this in mind so that I pull out my profits before the next consolidation next April).
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