"Buy and hold" should need no explanation. You just buy the stock and hold it forever. It is a good strategic in a secular bull market like between 1980-2000.
A better way is "Buy and monitor" to ensure the stock still has rising potential. After 2000, it is a good strategy.
"Buy and Forget" is my term and strategy now in 2012 and it could be very useful now. You buy the deeply valued stocks (i.e. big bargains) and forget it until the economy comes back - hopefully in 3 yeas from 2012.
You should use the right strategy for the current market conditions. It is a market timing strategy but be flexible on some stocks. I would keep Apple forever but monitor its appreciation potential from time to time.
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