How to Make Money with Stocks
Choosing the right stock doesn’t have to be difficult my friends. Financial advisor’s, stockbrokers, and other professionals make it out to be more complicated than it needs to be. You will be able to begin the process of finding the right stock for your situation from the 1000’s of stocks in the market after reading this short article.
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1) Research what you know.
You should start with companies you are familiar with so you can concentrate on the numbers and not trying to learn the industry at the same time. This will help simplify the process.
2) Ignore the hot tips.
You may have heard this before. You may even have heard of a hot stock, bought it, got burned, or didn’t buy the hot stock, and missed out on the gains. My friends, this is not a road you want to travel often. Hot stocks are such that they have already experienced high gains, and no human on Earth knows when the momentum will stop. This leads me to my next point and how to prevent yourself from being distracted by the hot tips.
3) Have a long term focus.
Now, I will say that while maintaining a long term focus, this doesn’t mean you have to hold stocks forever. Sometimes you need money for a planned purchase (or unplanned emergency). This is perfectly acceptable, but just remember your goal is to keep the stock for as long as possible.
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4) Don’t sell prematurely.
Yes, this is easier said than done. If you have a long term focus, however, you won’t be tempted to sell the stock before it peaks or if it has a bad day in the market. Warren Buffet, quite possibly the world’s greatest stock investor, and someone I admire greatly, has stated that he would not mind if the stock market closed down for weeks. It may benefit you to not check the stock price daily; a stock will have natural ups and downs, and it is important to realize that you own part of a company, not a lottery ticket.
5) Ignore the “talking heads”
I realize that there are some very intelligent people on the television and the internet giving their advice on what you should do with your money. It may appear to you that I am doing the same, but what I want you to do is to educate yourself. I am not a financial adviser, do not dispense financial advice, and do not accept fees for the providing advice of any kind. The reporters on the television and internet are similar in that they are merely reporting information, which is often in the past as the case is with hot tips. They cannot possibly know what is best for your financial situation; only you can know that my friends.
In conclusion, if you take anything away from this article, know that you do have the power to decide your own financial future, and you can select your own stock portfolio. Also, know that I am your source for quality, unbiased financial information so you may form the proper financial decisions for yourself and your family.
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