I made a wise investment this past February -- I bought stock for the first time in my life. February 2009 was a good month to buy stock. By September, the shares I had purchased had literally quintupled in value.
During that month, I sat down with a good friend of mine who is a very successful trader and asked his opinion about when I should sell. I had already made such a profit that selling seemed like a decent idea, but projections for the stock had it climbing even more by the end of the year, and if there stood a chance to continue to make more, perhaps it would be wiser to keep holding onto it.
"Let me ask you this," my friend ventured. "If you weren't holding the stock, would you buy in now at this price?"
"Absolutely not," I said. "It's so high as it is and there's no telling whether it'll go up or down."
"Then you have your answer. Every day you hold onto it is a day that you are buying in."
I sold it the next day.
Stasis itself is a choice. Staying in the same place you were yesterday is the same thing as choosing to go there today. Unfortunately, we are creatures of habit, and change is often upsetting and painful. Ask yourself -- if you were outside your situation, would you choose to be in it? Or would you go in another direction?