Here are some of our best stock tips, for your consideration:
1. The first tip is, you can really get hurt if you’re not careful.You need to go into it with eyes wide open. Think clearly, proceed decisively, and don’t bet the farm unless you’re willing to loose it all. Here are some other helpful stock tips:
2. Don’t take stock tips! Tips on the hot stocks – or on most anything else involving money – are probably just going to cost you money. Just consider the source of the tip, and the motivation. Do they really know anything about the stock market? Have they ever really made any money for anybody? Most likely, the tip is stemming from a rumor planted by nefarious parties so they can dump the shares. It’s called “pump and dump”.
3. Get a game plan, and stick to it rigorously, especially when the chips are down. The stress of an open position can cause to to make a mistake based on your emotions – it’s the classic fight-or-flight response – and you’ll find yourself selling at the exact low, or buying at the exact high. One of the worst habits is to watch the ticks. It’s virtually impossible to keep a clear head at some point, when you’re up or down by thousands of dollars second-to-second. You’r'e better off to ignore it. It’s the same with CNBC. Don’t even have it on in the background, the emotion in the voices can have a subtle but deleterious effect on your trading dicipline.
4. Do the research, and find a couple of things that actually work, and stick to them. The Gigascanner free stock screener was designed expressly for this purpose. It contains the results of many years of research, boiling it down to these killer buy and sell signals on charts, based on technical analysis, and generated by the computer. The accuracy is uncanny.
5. Implement your game plan. Use one of the online discount stock brokers – Scottrade is my favorite – and proceed methodically and systematically. Practice sound money-management techniques, such as prudent loss-cutting. It’s unpleasant, but critically important to keep your account from getting hammered if things don’t go your way. Also you have to take gains. Just to get started, you should take gains at 20 – 25%, and cut losses at about 7 or 8% max. That way, you can be wrong on 3 out of 4 trades and still come out even.
6. Keep the faith, and don’t get discouraged. You need to be ready when the market bottoms out, and everybody is depressed and paralyzed with fear. And you need to be able to sell and take profits when selling is the last thing you want to do, and to not regret it if the market goes up the next day.
It’s not much, but maybe the above can convey the essence of what’s really required. If you can master these principles you’ll be ahead of the game.
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