Today is our departure date – going back home to Manila after our 4 day tour in Bangkok, Thailand and I’d be foolish to just have decided to go back to Manila this morning. Before we traveled to Bangkok, we already know when we want to be back home whether or not we’ve done all the activities I’ve planned for my mom, aunt and I few months ago.
Before you travel overseas for either leisure or business, the two days you never miss are your arrival and departure dates. And for a travel for leisure, the immigration officer will be looking for your return ticket, making sure you’re coming back after your trip.
This is also the case in investing, you should also know when you should be out before you start putting your money in. It is a must that you put your exit strategy in place. Every investment must have an exit plan. In the stock market investment, you should know when to sell your stocks before you buy them.
In any investment, you may also either win or lose but you have to be in control. Likewise, in investing in stocks where some factors are beyond your control such as market events, global events or political events having a solid exit strategy will be your partner to success.
When investing in stocks:
1.Know when you take your profits
Before you buy your stocks determine the price when you should sell your shares of stocks.
Control your greed and set aside your emotion. Make decision based on reason and not on emotion. I’ve read some investors saying “Akala ko tataas pa, ibenenta ko sana ng mas maaga.”
2.Know when to cut your losses
You should learn to accept defeat.
One of the mysteries of life is, you aren’t always on top. Even the seasoned investors make mistakes in their investment decisions.
And in times that you are at the bottom of your investment journey, you should have a pre-determine price when you should stay out by selling your shares of stocks to minimize your loss.
If you know how to get in, you should know how to get out.
Exit gives you power, a power to have control over your investment, over your money.
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