Running Commentary on the SP Movements., page-11302

By buying and selling multiple times, as you have done, you have lowered your risk. However, you have also squandered the opportunity to access the 50% CGT discount after holding for >= 12 months. That is, by not panicking during a 20% to 30% dip, for example, and if you trust the fundamentals, there are many benefits to a buy and hold strategy, including not missing big rises like the sp run over the last few trading days.