I read this piece by the legend @Rufyb and I decided to sell my Ngxgroup at N153.5 2 days ago. (My average entry was 156, but I am in net profit cos I will get my shares from the 3 for 1 offer). My conviction was xrayed by the post and I understood that it was overvalued, so I decided to sell.
It's N148.9 now.
The stock may still rally to N180 with the listing of the refinery and the ftse Russell classification upgrade, but those weren't enough to keep me holding an overvalued stock.
Whenever my conviction shifts, I take action.
If the stock goes down to its fair value around N120, I may or may not consider re-entry.
Not financial advice
Just journalling my personal experience.
This is why we always say
HAVE AN EMERGENCY FUND!!!
Imagine if your portfolio is made up of MTN, GTCO, Wapco, ngxgroup. These stocks and most other large caps have been bleeding recently.
Imagine a need came up urgently and you had to sell stocks
Or imagine if you kept your rent money in the stock market and now your rent is due
You would be selling your shares at a discount by force
Sure way to lose money in the market
Always have an emergency fund and don’t put money you will be need in a short time frame.
I read this piece by the legend @Rufyb and I decided to sell my Ngxgroup at N153.5 2 days ago. (My average entry was 156, but I am in net profit cos I will get my shares from the 3 for 1 offer). My conviction was xrayed by the post and I understood that it was overvalued, so I decided to sell.
It's N148.9 now.
The stock may still rally to N180 with the listing of the refinery and the ftse Russell classification upgrade, but those weren't enough to keep me holding an overvalued stock.
Whenever my conviction shifts, I take action.
If the stock goes down to its fair value around N120, I may or may not consider re-entry.
Not financial advice
Just journalling my personal experience.
With the expectation that June will be red, having bought everything I want to buy for June, I feel like deleting my brockerage app, to reinstall it in July
It’s very important to develop personal investing rules to keep you grounded in the face of market chaos.
I think I will develop something like this for myself
How it ended.
Don’t trust AI for real time data and any info in general.
Always have some background knowledge about whatever you are asking AI or it will lead you inside the bush.
Has AI ever done this to you before?