I usually look at weekly charts for positional medium to long term buys. If there is any visible bullish formation, I try to go one period lower, i.e daily chart and look at it. With these kind of workings, I have a list of around 30-40 stocks which remain in my watchlist. (this is based on charts and fundamentals. )
For investment purpose, I have around 8-10 stocks in my portfolio and remaining 25-30 remain in watchlist. If something from the watchlist appears better and if the picture and investment merits are much more clearer, then I often replace something from my portfolio or add it as an additional stock.
I do not have any formula based approach to portfolio allocation. It depends upon the conviction levels and market mood.
About booking partial profits and taking money out, I usually do not do it except in some cases to pay taxes. Usually I keep the full portfolio running and try to enjoy the benefits of compounding. It has worked well till now over all these years.
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