Dream Big Dreams
There are still winning stocks out there, you just have to find them. It may seem blood is running in the streets, but that’s the best time to buy bargains, especially if your outlook is beyond 3Q and 4Q of 2009.
Develop a Clear sense of Direction.
You have to know where you’re going or else how are you going to get there? Sure, there are things beyond your control, like terrorist bombings that affect oil pipelines, and natural disasters in remote countries that cause commodity prices to soar. Accept those things you can control through research and let the rest go. All you can do is be prepared with a plan, and a plan includes an exit strategy. Use straddle orders to selectively protect your position.
See yourself as Self-Employed.
Why would you turn your money over to a broker with negative returns for the past several years who is playing a guessing game with your returns? If you don’t have the time to devote to research on your own, find a trusted resource or advisor who can help you with your stock picks.
Do what you love to do.
What’s your strongest point? Is it research, picking winners, or learning about new technologies to forecast emerging trends? Is it keeping an ear to the pundits, knowing who has an agenda or who’s just pushing headlines? Picking the right stock for your portfolio will leave you feeling elated, and with that passion you will do well. Can you guarantee an “A” game every day? No one can do that, but with consistent research and a carefully crafted plan, you can be very successful doing something you love.
Always Be Committed to Excellence
Why would you want to do stock trading in half measures? If you don’t make a commitment to yourself to be excellent in your planning, meticulous in your research, and selective in your sources, then you will succeed. It may not be the overnight success of myth and legend, but by applying principles of excellence to your daily habits and making a commitment to learn, to study and to grow your portfolio each day, you will reach your goals and succeed.
Can you Work Smarter?
Which is more valuable? Trading one hour (or forty hours) of your time for a wage and hoping to build wealth or spending your spare time learning how to accept advice from expert resources, learning to research yourself, and to pick winning stocks, then using ten to fifteen percent of your hourly wage to build an investment fund? Anyone can learn to apply the principles of leverage with stock purchases and turn one of their hourly wages into an “employee” out in the stock market earning money every day.
You must dedicate yourself to lifelong learning.
If you poll the richest, most successful people in any field and you will discover they all share one thing in common. They are perpetual students, learning about everything. The best students learn how outside factors influence their business, and how to utilize the knowledge of those outside factors into a winning proposition for their business. If you want to be successful, you must continually educate yourself. Think about how you are using the internet now. Ten years ago, communicating and doing business via electronic signals sent through fiber optic cable was the stuff of laboratories. Most of the country was still using dial up. And yet, everyone, from retired grandmothers to pre-tweens learned how to use e-mail, the internet and the tools of tomorrow today to build one of the fastest growing segments of commerce and consumerism. Not to mention social networking and Web 2.0, 2.5 and coming soon, 3.0. You are constantly learning, even if you don’t call yourself a student. So take charge of your education and put it to use in making money in the stock market.
Want 7 more ways to survive and thrive in this market? Stay tuned.
