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Know when to sell (卖出的时机)
YOLO123
11-14 minutes

After reading the book “The Five Rules for Successful Stock Investing”, one of the lesson it taught me is that only sell a stock when it met certain criteria. Basically, a stock should be hold for an eternity if possible, because many decisions have been made before buying this stock, and you think that this stock has more potential than its other peers.

No doubt that stock price fluctuates everyday due to the investors selling and buying, but price alone shall not determine the stock’s quality, whether it goes up or down. Furthermore, sometimes you sold a stock at a relatively low price, and the stock suddenly skyrocketed, to a point that you are unable to buy back the stock.

Hence, always hold a stock unless it met the following criteria:

在笔者读过了 “股市真规则“ 这本书后,领略到的其中一个真谛就是只在一个股有了以下的情况时才将它卖出。照理说我们应该长期地持有一只股,毕竟我们已经将它彻彻底底地了解,并决定它是在同行中最杰出的那个。

就算股价会随着买家和卖家浮动,可是这并不会影响公司的本质。不止如此,你还可能在比较低的价位卖了,而过后股价便一飞冲天,失去了再买进的机会。因此,笔者觉得股应该被长期持有,并只在以下几个情况中卖出:

    Mistake (差错)

Think about the time when you are evaluating the company you are currently holding, have you made a mistake on it? Over-confident on this stock or wrong judgement? Only sell when you are sure that mistakes were made when you complete your evaluation.

回想起你在评估一家公司时,是否在评估上出了差错?有可能是来自于过分自信或者错误的决定。如果真的是错了,看走了眼,便可卖出。

    Deteriorated fundamental (被改变的基本面)

When a company’s fundamental has changes, whether from profit to loss, or completely change of business model that gone the other way, you shall sell as foreseeable future becomes uncertain.

当一家公司的基本面已经改变,亦或转盈为亏,亦或变成了下跌趋势的生意模式。我们便可以卖出这家公司,因为公司的未来将变得不确定。

    Overvalue (被高估)

No matter what stock you bought, it should not be worth millions. There should be an intrinsic value or reasonable price for this particular stock. Hence, one should sell their stock if their current price is exceeding the fair value by miles.

无论一家公司或者一个股有多么好,它们都不应该被放到无限大的价值,而应该被它们的合理价束缚。当一家公司的股价已远远超出它们的合理价,那投资者们便可以考虑卖出。

    Other uses of money (更好用钱的地方)

Normally when we sell a stock, we will get the money back. However, if there is no better use for the money, why bother cashing out where you can only hold the cash but do nothing. It is better to leave it in the market, allowing to earn both income gain and capital gain.

当我们卖出股票时,我们会拿回我们的钱。但是,如果我们无法把钱用在更好的地方时,何必把股市里的钱拿出来呢?而且把钱留在股市里还有机会赚取股价的涨幅和股息。

    Too much money on one stock (太过集中于一个股)

Sometimes when you are interested in a stock, you will invest most of your money in that stock, but that is in fact unhealthy because the price fluctuation may cause massive paper loss to your portfolio. Hence, if there is a stock that hold more than 15% of your portfolio, then there is potential to convert some into cash or into other stocks.

有时当我们对某个股很感兴趣时,我们会把大部分的钱投资在一家公司,不过那反而是比较不健康的情况。这是因为股价的浮动有可能会造成庞大的账面上亏损。因此,当我们有一个股占了超过我们总数额的15%时,便可考虑将部分卖出以转换成现金或者另一个股。

For more information, visit: https://www.facebook.com/InvestingKnowEverything/

https://klse.i3investor.com/blogs/InvestingKnowEverything/2020-11-05-story-h1535628795.jsp

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