Today/yesterday was a good day for long holders of SNAP chat stock ! The stock has run up over 11% within the last two days ! It has also gone above the $16 mark !
If you been reading my blog you would be aware I currently hold a long position in SNAP . I wrote about it earlier in the year ! I originally bought this stock at $17 . I have held this stock as it hit its 52 week low of $ 11.83 ! At that point I had over a 30% loss ! I held it through the loss because I liked its ability to innovate and release very unique features every few weeks , and I found the young people I know tend to use Snapchat a lot.
My friends ask me for stock tips quite frequently . I am always very hesitant to provide it because of the probability and magnitude of loss in the market . Not many people can hold a position with a 30% loss and be accepting of it and the potential of future gain.
I am currently debating about whether I should sell and minimize my loss or hold and see if it runs up further. At the moment I am going to hold. Most of the time – I find that I sell too early. Snapchat’s price direction just turned – I believe it will run up some more before a pull back ( provided no major news/events that affect the entire market) . I will watch it closely and sell if I feel it has had a good run.