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| DECEMBER 3, 2024 I’ve got fifty shares of EXK with which I don’t know what to do. Let me rewind a bit… Ben Franklin famously said “by failing to prepare, you are preparing to fail.” I think this is extremely true for traders. At least it’s true for me. Right now, very early in my trading career, I’ve done some things haphazardly. Now, usually, when you’re haphazard about something, the markets punish you very directly. You lose a trade, it costs you a lot of money, but at least you’re done with it and moving onto the next thing. But sometimes, not having a plan causes headaches, even when things go right for you! Such is the case with my 50 shares of EXK. About six months ago, I asked Geof Smith for one cheap stock he’d buy to hold for a long time, he recommended EXK, Endeavour Silver Corp out of Canada. I bought it on the cheap (50 shares was around $175), and over the past few months, I’ve watched it grow pretty substantially — currently sitting at a 16% profit. But I don’t know what to do with it. Because I didn’t have a plan. I never set any targets. I never set any goals. I just bought up the shares and now they’re sitting there in my account. And they’re not really doing any harm, but they sit there and make me think “What am I going to do with these” every single time I open ThinkorSwim. If I’d had a plan, that might be different. Maybe I would have sold at recent highs, above $5.50, rather than watching the ticker sink back down towards $4… Maybe I would have taken off some shares and kept a few to watch them grow. Heck, maybe I would still have all 50 shares, but with a clear plan to hold them until X date or Y target. But no, I’m stuck here with these 50 shares burning a hole in my pocket and causing me mild heartburn every time I open my account. Now, obviously, I’m being a little tongue-in-cheek. Having shares of a stock that has matured in value is hardly the worst crisis any trader has faced, and I could easily just sell the shares now at a profit if it was really that big a deal. But the broader point I’m making is this: I’m always someone who dives into new things head first, which I think can be a good trait. But failing to prepare and truly understand things can be messy, especially in trading. So don’t be like me. Whenever you enter a trade, always have a plan for what happens next. Otherwise, you’re probably going to be kicking yourself (and that will hurt. Don’t do that!) I hope you have a wonderful trade today — and that you have a plan for it! To your prosperity, Stephen Ground Editor-in-Chief, ProsperityPub P.S.: Speaking of plans, Geof Smith planned for 2024 to be the year of the Gold Supercycle — in fact, he called his shot almost exactly a year ago. But the results were better than he could have even dreamed: the best year for gold since 1979! Now, on Wednesday, he’s going to share his predictions for his top 2025 Breakout Stock! Sign up here to join him LIVE |
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ABOUT US: We believe that the opportunity for financial literacy and freedom belongs to all people, not just those who already have years of investing experience. Prosperity Pub provides an array of educational services and products that will help you navigate the markets and become a better investor. Trading is made simple through our online forum full of trading techniques to give you the best tools to kick-start your investing journey. We offer collaborative webinars and training; we love to teach. No matter the opportunity, we bring together a strong community of like-minded traders to focus on analyzing market news as it’s presented each day. |
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