16 Tips to Trade Stocks with Success
Posted on Mon 6th Aug, 2007 11:06:52 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.
10 Responses
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“6. Loose the ego.”
Its “LOSE!”
Blain, how has your portfolio held up during this down turn? I know that i’m taking a beating.
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…
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!
Nothing wrong with taking profits
Have any of your stops triggered yet?
Darn those “o”s, never really liked English class, how did I become a blogger anyway? Thanks for the correction
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.