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Stock Market Advice For Picking Hot Stocks
The best stock market advice you can learn is to learn from the mistakes made by someone else. Therefore, in this list of stock market tips I have made a list of some common trading mistakes that are made. I even made some of these. If you’ve made some of these mistakes, you can be sure that you’re not alone. If you haven’t done it, here’s how to get around you should learn by making mistakes yourself, by reading my list of stock market tips.
Stock Market Tip #1, and the worst mistake people make is believing that trading is the easy answer, get-rich-quick way. People will always expect to become market experts overnight, but they fail to understand that trading is like any other profession; you have to learn how to do it first.
For example, do you attend a weekly doctor’s seminar and expect to perform heart surgery on Monday? Of course not! I wonder what people expect when they go to a weekend trading seminar. They think they will create wealth without having to work, invest or think, and it doesn’t happen that way.
After treating trading as a get-rich-quick scheme, my next stock market tip #2 and the most common mistake, is to approach the market without a plan. Without a trading plan, traders approach the market in an inconsistent manner. One day they trade stocks and the next they trade foreign exchange. Or, they may use one set of pointers one day, and the next day they’ll throw these pointers out the window and pick up a whole new set. Without a consistent approach, the only thing that governs their trading decisions is their true feelings, and that will lead them to failure.
If a new trader manages to avoid these last two mistakes, they often fall down when trying to go it alone. This is my Stock Market Tip #3, all traders should find themselves a coach, or mentor. Someone who can help them spot errors in their system that they may not have noticed. An outside perspective can help you avoid some costly mistakes, and greatly increase your profits.
These are some common and basic mistakes. The next mistakes I’m going to mention are the ones that are very common in the trading industry, but they often happen when traders have been around for a while. I have personal experience with these mistakes. Let’s call this list of stock market tips, the three most expensive mistakes I’ve made.
My stock market tip #4, or the first costly mistake, I made was looking for the “holy grail” of trading. This was an incredible waste of time and money. In the first three years of my trading career, I spent over $25,677 on a library full of books, videos and seminars and spent thousands of hours searching for the perfect trading strategy. Honestly, 95% of what I bought was pure garbage… I should have listened to my mentor earlier and realized that the “Holy Grail” of trading is an excellent way to manage money!
My stock trading advice mistake #5 or the second most expensive mistake I made was not having a predefined exit point. Early in my trading career, I remember trading a stock that I thought had a high chance of going up. I was very confident. I took full advantage of the position. Unfortunately, when things didn’t go as planned, I didn’t know when to get out, and I was disabled. I kept thinking why should I hold on to that stock. As the stock continued to fall, I made several excuses. Finally, I remember thinking, “I can’t take it anymore!”
I sold. That, of course, was the point the stock turned around.
I learned two very important lessons that day. First, always have predefined exit points. Second, a big loss started as a small loss, and it is much easier to take a small loss than a big one.
My Stock Market Advice Mistake #6 or the last most expensive mistake, that I made did not take money out of my pocket; instead it was a mistake that caused me to leave money on the table. In fact, this recurring mistake cost me dearly.
Early on, I remember selling positions as soon as they show a profit. I would not let my profit run, as I was afraid to withdraw money from the market. I thought the profit as mine. The result was that I ended up selling stocks that made me money.
It wasn’t until my mentor explained to me that when you sell, and show profit, this is the point where you should add to the site, not close it, that I began to understand what I was doing. Once I started following his advice, my trading profits increased.
Trading is not an easy job, but it is very rewarding. Avoid these common mistakes in my list of Stock Market tips, create a simple, well-designed trading system, and learn your market. If you take the time to study the market, and learn from the mistakes of others and your own, you will become a successful trader.
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