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Anurag -

You have a good point, but I think different stocks take different approaches. For example, I have MPEL but I won't look into selling it until at least after City of Dreams is up, running and making money.
With commodities on the other hand, its harder to tell because so many unpredictable events can affect the price - such as a terrorist attack on an oil pipeline or a big hurricane - so I'd prefer a set lower gain to extended risk.
Its always a balance, with an associated learning curve. I also think the balance shifts when you've got an extremely volatile bear rather than a slightly volatile bull.
In my opinion the long-term story stocks I own are MPEL, AIB, LYG, TLK, TTM, WATG, NTE and others while I'd consider a shorter term gain on cyclicals and commodities like PDS, CBI, SLT. I'd watch the valuation of GIGM more closely as an online stock and have an exit price there as well... As for GSI - I'm on the fence as to whether to consider an exit price or just hold for the China steel consolidation story (leaning toward exit price until the bear's done).

-John T
(long all stocks mentioned)
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