February 06, 2008 –
It's great to improve your stock trading and market knowledge, even better to read and follow the market trends constantly. All this will prepare you but it won't make you rich or a great trader; just building blocks to the true requirements. There are two things that are needed; money and a heartless strategy. Confused? It takes money to make money; throwing your excess $1000 a month into the pool will get you somewhere in 30 years but real money is throwing big amounts down on stocks at or near the right time. Heartless strategy you ask? I call this the "I buy stock in that company because I like them" failure. Sure Starbucks is a great place to buy coffee but guess what, you not going to make money there. Buy the stocks that are going to win; yea that might mean a cigarette or porn company maybe even short selling that stock you really like. Take WCG, I bought them at just the right time but when they hit that price mark, under 12 months or not, it's going to be a sale. If you let your heart lead your wallet you won't have that Porsche in the garage. [more]
Terms & Conditions
RSS Headlines
Fool UK