Stock market for beginners advice! Here are some of the things I wish I was aware of when I first started trading stocks on the stock market. As a beginner, you want to learn as much as possible before beginning to trade stocks. I spent the first 9 months of my trading career without making a profit on one single trade, and in doing this, I learned many valuable lessons. Here are the six things I wish I knew as a beginner trading stocks for the first time:
1. Get over your emotional attachment to money!
This is something I learned from the book Rich Dad, Poor Dad by Robert Kiyosaki. If you make investments and let your emotions get involved with your trading, you will not be making the best trading decisions. You want to trade stocks solely based on technical data in front of you and nothing else. Getting emotional over losing money will make for a short lived trading career. The stock market is no place to be airing out your feelings.
2. Invest in something you actually care about!
If you like video games, buy stock in a video game company. If you have never taken interest in the company you are looking into, don’t invest in it! You will have a much easier time riding out the storms if you invest in a company you care about and are proud to represent with your money.
3. Buy low, sell high!
You want to be boarding the ship when everyone else is getting off. Often times people, including my former self, buy a stock because it is way up on a trading chart. People like good news and generally look at a stock that is down in price as a sick stock. This is the opposite of what you want to do. You want to be going against the prevailing trading trend. When everyone else is selling, you are buying! This is a mistake I see many beginners making when trading stocks for the first time.
4. Invest no less than $1000!
You need to have enough skin in the game to offset commission and slippage associated with a trade. If you don’t have enough to invest yet, start trading on paper for practice!
5. Don’t buy the news!
You don’t want to trade stocks based on what you read or see in the news. This is known as the herd mentality. You want to have confidence in your trading ability and make decisions based on your own research. You want to buy the rumor and sell the news!
6. Only check your stocks a few times a day!
A mistake many people make is obsessively checking the price of the stock during the trading day. If you do this, you will likely get shaken out of a position too early and leave profits on the table. Even worse, you could get your emotions involved and sell out of fear and panic in a downtrend! If we are keeping track, that violates three of these beginner stock trading rules.
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DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
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