Maintaining your portfolio is just like caring for your garden. You want to keep your good plant longer to let it grow and get rid of the weed as soon as possible.
My number 1 mistake in the past 7 months in the market is to keep the weed and cut the beautiful flowers in my garden. That is why I had a 40% loss in FFHL, and 10% profit (90-99) in PCP while I could have 30% (90-118) profit if I had kept it 8 weeks longer. And PCP is still not at the top yet by today. Determing the good selling point for profit taking is hard. But the least I can do is that I should never ever have a long term loss again.
My number 2 mistake is the blindness in entering a position without considering where the stock price is at right here right now. Where is the support? Where is the resistence? Is it overbought or oversold? What is my target price on the upside? What is my stop loss price? How much is the risk/reward ratio? Is it a short term swing trade or intermediate long term holding?
Finally, Do I really know and understand the story of the company?
All of these need to be carefully considered.
My number 3 mistake is my fear of loading stock at sound support point. Everytime I saw NMX touches 118, I wanted to load but I never did. Why? I think I have my fear factor for this one since I cut loss at exactly 118 (got it on IPO day for 150 when I was a fresh fresh newbie and cut loss at 118 because I did not want a divorce because of this). I also learned to respect resistence. That is why MR retreats from 29 and FMCN could not stand above 45 for too long.
My number 4 mistake is my poor money management skill. I once had over 14 positions. What a mess! Now I gradually learned to put my eggs into a few baskets and took good care of them. I shall have no more than 8 positions. Ideally, I would like to have 5 or 6 positions with each taking 15-20% of my trading capitals.
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