Here's the best time to take profit - Video

Here's the best time to take profit (and even take money out to fund your retirement)

I think a lot about when you should take profit (and withdraw money for retirement)​ - well because - that's my job and I also rely on my portfolio for income.
So here's a few tips:
1. We tend to not exit positions when the market is going down
This means you wouldn't want to draw down your retirement account when the market is doing poorly.
This means you must take profit when the market is good
2. If you take money out when the market is down, you wouldn't feel like spending it
This is pretty obvious. This means if you want to enjoy life, you must take profit when the market is hot (like back in July).
3. So when you should take profit in a bull market but not too early?
The answer is momentum. When the momentum slows down, you take profit.
4. Bonus tip: Taking profit and withdrawing out of your account is important
It acts as a way to deleverage and reduce your position size.
If the market drops subsequently, you can always buy back in and deposit into the account.​
For example, I took out $40K right before ​​​​​​​​​​​​​​​​​​​​​​​the market dropped.
$40K sitting in cash allows me to avoid investing in the market when it was bearish.
Now I have the ability​​​​ to deposit back into my account whenever I am ready.
Cheers,
Eric
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Eric Seto
Chartered Professional Accountant (CPA)
Chartered Investment Manager (CIM)
Founder of 5MinInvesting.com
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