16 Tips to Trade Stocks with Success
Posted by Blain Reinkensmeyer
August 6, 2007 at 11:06 am
Every new trader needs to know the tricks of the trade that will make him or him or a successful investor.
Each tip alone by itself is useful, but used together they can and will help you be great.
- Follow a Strategy.
- Don’t risk what you aren’t willing to lose.
- Cut your losses to a maximum of 5 - 8%.
- Trading is a game that is won by the unemotional player.
- Buy your stocks in the afternoon, not the morning.
- Lose the ego.
- Don’t count your gains until the position is sold completely.
- Monitor your portfolio every day, strategize on weekends.
- Before buying a stock, double check its ticker.
- Be aware of any upcoming news.
- Buy and Hold does not work in a bear market, so don’t do it.
- Be cautious taking stock tips from friends.
- Don’t take stock tips from a broker.
- Taking profits often is not a sin, it’s a law.
- The game is won overtime, not overnight.
- Dedication is the secret to success.
A lot of these tips are very simple but require practice to master. Trading is just a big of a psychology game as it is a skills game. Learn to leverage your own abilities and you can live the life you dream.
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“6. Loose the ego.”
Its “LOSE!”
Darn those “o”s, never really liked English class, how did I become a blogger anyway? Thanks for the correction
Blain, how has your portfolio held up during this down turn? I know that i’m taking a beating.
Hey FT, Lucky for me I haven’t been able to trade at all lately. Other financial obligations drained my portfolio, but I hope to be up and running by the years end if I am lucky.
Even with the rally today I am thinking cash is king!
My portfolio has definantly felt the market’s actions recently as well. I’m debating now whether to sell and cut my losses or hold out for the market to turn again… I guess that’s kind of always the big question though… I’m a fan of taking profits often but it’s so hard not to hold when the market takes a dive…
And in this current market, checking my portfolio daily is only causing me to go grey early…
Nothing wrong with taking profits
Have any of your stops triggered yet?
When you say follow a strategy, do you mean one listed in your article “7 Strategies for Online Stock Trading” or one of those but with detailed step-by-step instructions? Where can you learn such things?
I’m posting a bit today, I guess as a newbie I have quite a few questions. Thanks for welcoming me here.
- Kavit
ya one of the strategies or basically a set of rules you follow for finding and making your trades. This is a good question, perhaps I should discuss this more thoroughly.
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