the difference is cars are a luxury and the better (read: more expensive) ones are status symbols. people will pay premiums for things that make them LOOK rich. no one cares that you bought a recyclable bag of rice for twice the price.
NOK is not a BK stock yet. They are years away even if that day comes. Even AIG came back...thanks to Bush. I've sold some stocks after a drop only to watch it rise again in a few short months. People said the same thing about F and C. Now if you ride them from the top down to the bottom then thats another issue but if you panic and sell like I was alluding to then you realize your loss and making it back on another stock is tough. Take NOK. Yea I held past a reasonable stop but if I would have sold in the 2.20s 2.30s range that is the panic move if done in the past. This stock has already corrected itself in 2 days to where I was able to take some back for safety sake and let my previous gain on the stock 2 weeks ago eat my loss from this week. I still have some out there but I am willing to let the rest ride long term.
The problem with this decision to hold is you said you are a day trader, but now you have held onto the position for the long term. That is not what the goal of the trade was and you stubbornly held onto a losing position. Furthermore if you are trading on fundamentals how can you possibly day trade a strategy like that. It seems to me that you aren't really sure why you trade or what your strategy is to begin with. The other issue here is that you didn't set a stop loss. Once you are in a trade, it changes the whole dynamic of making competent decisions. You should have placed the stop at the outset of the trade and when that hit it should have been an emotionless trade execution. You are now trading on emotion and hope and that leads to the amateur demise. I've traded metals professionally for 8 years almost and one of the biggest reasons for long term failure I've seen in amateurs (in this endeavor ) is people trading on hope and greed like you are doing right now. I wish you the best of luck in NOK, but I think you need to figure out a proper strategy for what your trading/investing goals are.
lol. ****, it went down 20 points yesterday. i guess i will hold it for a week or two after the news. it's probably a good idea to buy a few more. no money though.
What exactly do y'all see in Nokia? I am looking at some of their financial statements and it doesn't look good. Large but decreasing operating income, decreasing profit margins, 1.2 billion euro profit loss, and further losses coming this year. Not to mention their very small and decreasing market share in an expanding market.
Glad it worked out, but you need to figure out exit strategies for when you are wrong if you want to continue to trading. Is there any point where you would exit any losing trade you are in?
I doubt it. Odds are stacked against it failing any further Nokia is IMO undervalued. Here are a few key points that make this 2.79 dirt cheap 1. Huge company, 120k employees around the world, Nokia was the leader just a few years ago. 2. Backed by Microsoft, software and money 3. Partnership of Nokia-Siemens, revenue wise 2nd largest network and telecommunication company after Ericsson 4. Possibly the largest patent portfolio 5. Makes still quality hardware. Remember the N95-N97 and older phones... 6. Lumia line, great reviews, check out reviews on amazon, att and other sites, all of them have a better average review grade than any other phone... If it doesn't hit 5-7 bucks by next year I'll eat crow
What about any trade? Also, if you feel that strongly about it then the options are a better way to play it.
Yea, MNKD, SVU, SIRI, UNIS, S, CPE etc... These are stocks that a bit riskier, I def would not put all my money into it..although MNKD, S and UNIS have had a nice return
People may disagree with the merits of the argument or valuation, but this is a far better rationale for holding a stock than "I don't sell stocks with losses". That was my point - the latter is not a good rationale for holding onto something.
