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I had an email the other day suggesting that maybe my Angeion purchase was a bit too volatile to be held long term. I don't know about that, but certainly with my 'disciplined' trading strategy, any new stock addition is subject to a quick sale even if the long-term prospects seem just fine. Especially if they are a lower-priced and relatively thinly traded stock like Angeion. O.K. enough excuses. I was checking my portfolio this noon and noticed that Angeion had hit and actually exceeded my 8% loss limit on a holding. Even if it is true that I had just purchased it.
So a few moments ago I sold my 300 shares of Angeion at $13.77. If you can believe it, as you must probably know, I just purchased Angeion (ANGN) for my trading account just two days ago (!) on the 13th at a price of $15.09. Thus, this represented a quick loss of $(1.32) or (8.75)% on this trade. I don't care if I have held a stock for two hours or two days, if the stock hits that 8% loss, out it goes. Furthermore, since this is a sale on 'bad news' (do I need to explain that taking a loss is bad news?), I use this as a 'signal' that things aren't perfect in my portfolio so I 'sit on my hands' and shall not be using the proceeds for anything (except to pay down my growing margin balance.)
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