HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"

NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)

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Message: A note on discipline

A note on discipline

posted on Feb 11, 2010 05:25PM

Set a price below which you will not accept for some of your shares and sell at this point no matter what. Write it down and keep it at your computer. Follow it. Turn off the emotions and do what it takes. Raise this price as the stock goes up (trailing stop). I sold Teck today at 37.43 where I made an acceptable profit... but knowing it would probably go higher and it did.... and then came down a little. So you might say that I could have made more money. Yes I could have, but then I think of all of the times, too many to count, where I hung in and lost. This way I determine an exit where I'm still in profit land maintaining a sustainable way to profit in the market. It is necessary to lose the fear of "what if it rockets" and realize that you will likely succeed more by taking profits and keeping a portion for a long position to protect against a sudden lift.... bearing in mind that these shares, as you know will be subject to market losses as well and perhaps more than the gains. Myself I would have another sp which I won't let these go below. Gotta protect the capital. I think the above outlines taking control and responsibility with what happens with your investments. You have to ask the question, if I can't make myself take profits now, will I be able to later? I'll bet many of you have not thought of this. You probably assume that it will be obvious and easy. Many have held onto other stocks that went to $20 $30 $40 $50 and above and waited too long and what happened to you at 5,6, and 7 happened to them at higher dollars. You have to practice it now as I could almost guarantee that you'll make the same mistake again. I'm not telling you to sell your shares tomorrow or next week, I'm telling you to start a plan and work on it. The only way I can describe the feeling is to say liberated and more in control.... you'll know it when you do it. On a final note all need to recognize that the market is as dicey as it's ever been. You'll want to have some cash on the side to resurrect your trading ability if the market takes everyone by surprise. You'll want to cash in on the deals. To say that this is not going to happen would be folly. It got us in 07/08 and that won't be the last we see of the markets revenge. To be all in in this market is not wise. Having some cash on the side, so when comfortable, some profit should be taken just to practice wise investing and spread your risk out a bit. We are still in a bear market. Don't feed the bear!

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