Although the stock market is an uncertain place there are tried and tested strategies that can help you increase your chances of long-term success.
Investors should first identify their financial goals. For example, saving for retirement, purchasing a home, or funding the education of your children. This will allow them to decide how much money to invest and which type of investments will be best suited to their particular situation.
Making a priority of building an emergency fund or paying off loans with high interest prior to putting your money into the market is also a smart idea. If you have the funds to put into the market, start small and gradually increase your investments as you gain experience.
One of the biggest mistakes that beginners make is trying to predict the market, Keady says. Keady believes that no one knows what the ideal time to invest.
When you’re just beginning out it is best to focus on stocks of companies that you already know. Peter Lynch, the legendary Fidelity Magellan Fund manager, once said that you have a greater chance of success investing in companies that have a proven track record and growth potential.
Avoid online forums and advertisements that promote stocks that have a high likelihood of success. They’re often part of the pump and dump scam where unscrupulous individuals purchase buckets of shares of a shady company to push the price up, and then sell their shares for their own profit.
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