It was said that there was a king named Sisyphus who was cursed in Tartarus (a place darker and worse than Hades) by Zeus. The nature of his crime is immaterial here but suffice to say, it is a punishment for Sisyphus's hubristic beliefs, for this punishment is a grave one. He is tasked to roll a bounder up a hill but always, just before the boulder reaches the top, it will roll back down again and Sisyphus would be forced to repeat the task again and again for eternity. Essentially, it's a task doomed to fail - a punishment meted out for an eternity in frustration.
Have you ever had a stock that you ride up all the way above its 52 week's high and ride it down all the way down below your buy price?
I had plenty of such Sisyphean tasks but one of them stand out strongly. I had swiber back in 2007 at 1.29, 10 lots. Here and there I added and traded some positions. But essentially, I was there when it reached its $3.84 peak in 07. I was there too when it reached its trough at $0.23 in 09. Why didn't I sell when I've a triple bagger? Hubris - I supposed. The arrogance of thinking that I know what I was doing and the greed of wanting more.
I'm sure everyone had this kind of experience before. It's okay to be wrong, but it's not okay to stay wrong. I'm determined not to let this kind of things happen to me again.
8 comments :
If one don't know to sell their stocks in their life time; never mind their children will sell them at ease. No problem.
I used to have this problem too when i first started out.
Now i started a "cut loss" level before i buy the stock
Bro8888,
I think so too. Children, unless being taught how to play the market, might want the money instead of the stocks. To them it's free anyway.
Hi Dou,
I guess you've learned from your lessons. Good job :)
Hi LP,
Happy New Year!
If swiber goes up to above the previous high, say $6. Would you still think u make a mistake by holding out?
HH
Hi HH,
Good question :) Yes, it'll still be a mistake. A fortuitous outcome doesn't change the fact that I should have reduced my holdings when I could have.
I don't do such companies anymore. Even if I do, it's strictly for trading. I'm just kidding myself that I'm holding for investment when I entered using TA in the first place.
Still a mistake, hence :)
Hi LP,
I came to the same conclusion regarding my holding of "such companies" too. Some moved up to previous high. mistake, nonetheless.
HH
Hi HH,
Haha, I don't do such companies already. Really waste time :)
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