While the stock market is filled with uncertainty, certain tried and true principles can help boost your chances to long-term success.
Investors should first determine their financial goals. For example, saving for retirement, buying an apartment, or financing the education of your children. This will allow them to determine the amount they should invest in the market and what type of investments make sense for their specific situation.
Prioritizing the building of an emergency fund or paying off loans with high interest before investing heavily on the market is a smart idea. Start small and increase your investments as you learn.
Keady clarifies that one the most common mistakes beginners make is trying to predict the market. Keady claims that no one can tell what the ideal time to invest.
When you’re beginning your journey, you should focus on stocks of companies that you know. Peter Lynch, the legendary Fidelity Magellan Fund manager, once stated that you have a greater chance of success by investing in companies with a proven track record and growth potential.
Avoid online forums and adverts that promote stocks that have a high chance of success. They are usually part of an alleged pump and dump scheme where unscrupulous individuals purchase buckets of shares of a shady company to drive the price up, and then dump their shares for their own benefit.
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