I'd previously made a post regarding my current position holding quite a large position in ANZ. After examining the movement over the past few weeks, - Slow prevailing downtrend - Poor / slow overall economic recovery - Bad news reports across financial sector I decided to sell my entire position, closing out at around 16.5 for a circa $200 profit. Which would have now been an unrealised loss of over $1,500. Was lucky to get out when i did, definitely predicted a swifter recovery than what we're currently experiencing, not only in Australia, but on a global scale.
Remember, if you ever feel uncomfortable in a position, GET OUT, if it's not doing what you predicted, don't let your account drawdown and hope the trade comes back.
Always follow your pre-defined rules, and analysis.
Hope you've had a good weekend of analysis traders! Wishing everyone well for the coming week.
Me too, jumped out off the back of the bump caused by the DOW going up 4% the other day, again with a negligible profit, but better that than follow this downward trend for too long...my money was better placed elsewhere. Will look to get back into ANZ when I feel more comfortable about the future prospects.