Without a doubt the last few days have been rough. It’s October, it’s month end, and we’re witnessing a wicked sell-off. I’m not one bit worried about buying fundamentally cheap companies with great stories on the dip. I see many people getting stopped out of their positions, while I continue to dollar cost average down on my red positions and stay ahead of my green positions.
What drives me crazy is when people ask us “should I dump NEP at $4.80?”, and a week ago they asked “is it too late to buy NEP at $5.70?” — Seriously guys, this is just not how you invest. That tells me that there are still people out there in our community that invest with their emotions first.
Until we all have collective ice flowing through our veins we can not all be successful. I will continue to be, and you can always live vicariously through one of us – but that defeats the purpose of this site right?
Take it from someone who knows, there is no greater enemy to an investor than fear. If you paid attention to some of the news today you were probably freaking out by the end of the session. Try walking away from your PC for a bit.
Play some video games.. Go on a bike ride, or a run. Do whatever it takes to keep yourself from getting consumed by the everyday bullshit that happens on such days.
As long as you’re buying fundamentally great companies things usually work out in the end. Although it’s harder to make money in this market than it was in March – it rarely fails to go back to the fundamentals.
I am still hoping November will be a good month, I knew October would have a sell-off or two, as it usually does. November and December are usually pretty good months.
The big deal for me will be the October GDP numbers on Thursday. Until I see those I’m just going to chill.
On a negative note I sold my ARM for $200+ profit (yay big woop) and still holding a long term position which is under water. However, on a positive note, I sold half my CNOA position (long term account) for roughly .85 ish a share profit. A significant 6 figure realized gain turned it into a sweet day considering how much red we’re experiencing.
…but you’ll notice over time that there will be green days and red days, just make sure you take your profits on the green stocks when the time is right.