Before You Start Trading Stocks…
You will definitely need to know this at the basic level,
and clarity is important.
The “THIS” that I am talking about is have knowledge about how to trade stocks.
YAAA!
We can simplify it to,
“Buy Low” and “Sell High”,
but if that is all there is to it, why do so many people lose money?
I’ve seen stats that say, 70% of “day traders” fail and stop trading.
Okay, now you are listening!
There are a few things you need to get right before you trade because when you start trading you want to be focus on trading and not on how your broker keeps sending you messages to sign up for the new email account…
(p.s. don’t forget to sign up for my newsletter!)
I created a list, SEE the link BELOW, and I’m going to share a couple with you here today.
The first one is so simple I can almost guarantee that most people I have talked to skip it because they think they know it…
until they don’t. I thought I knew it as well until I was a year into successful trading and realized I had not grown my acconut.
I did not have a PLAN!
I was making trade after trade, then I would take the gain and spend it. Rather than growing my account I was just playing a cyclical game for some small cash.
Don’t worry, you don’t need to tell me,
I felt stupid.
I finally realized that there is more to planning than saying I want to make money. I wish I could tell you that I learned quickly and easily.
2. The second is, getting the right online broker is not all about bells and whistles and this took many years to figure out, luckily, I had discovered the best one for me yearly on.
I did an article for choosing the right online broker, you can click the link to see that article…
If you are like I was when I started investing on my own, I was eager to start making money and I wanted to jump right in. There was so much I didn’t know, it far outweighed the things I did know.
I had taken an economics class that focused on trading stocks, I learned all the lingo, I even did mock trades, I had worked in the financial industry and then someone talked me into taking an options course.
This course had merit, and I did learn something about trading but because I did not have a
PLAN!
I was putting myself at more risk than I knew, and that comes down to the simple calculation of…
Risk vs Reward!
So regardless of how you do it, make your own plan, create a list of things that you need to do before you start trading or click my link below,
How ever you do it, make a plan before you make your first trade!
