bingo...he's dead right. my losses on paper are staggering, but they're still not realized. i might sell some off to realize some year-end capital losses, but otherwise, hold until i'm at least at cost basis.Originally posted by cardinal_creek:
As usual I agree with Fan. I swear you must be my evil twin - just smarter to have settled in FL...
It's only a loss when you SELL. Otherwise, it is only a loss on paper. Optimistically thinking, it is also a chance to save some tax money by selling a stinker.
The rule to take away from this correction is only invest money that you don't need for 2-4 years or more. Keep six months of pay in a money market mutual fund which pays 5% compared to the $hit you get in a standard checking account. This money is too be used for emergencies, vacation, car buying, etc.
So, it is a buying opportunity...
thank God i'm not margined. a friend of mine is about 50% margined and he got a few very ugly phone calls. ugh. he has some 'splainin' to do to the wife. d'oh.