Ask a Fool: Should I Set Price Targets When I Buy Stocks?

I'm not a fan of price targets, and I'll share a personal story of why.

A couple of years after Tesla's (NASDAQ: TSLA) initial public offering, I bought shares of the then-unproven company for just under $35. I said to myself, "If the stock doubles, I'll sell." Not long after I made my investment, the Tesla Model S shocked the world when it became Motor Trend magazine's Car of the Year in 2013, and the stock shot up so quickly that I didn't have time to sell at double my purchase price. I ended up unloading my shares for about $85 each.

Today, Tesla stock is worth more than $370 per share. To say that I sold too soon would be an understatement.

Source: Fool.com