What is “good stock advice”?
Does this question seem obvious to you? Of course, it’s the one that makes you a lot of money, isn’t it? But does everyone make a lot of money with good stock market advice? The answer is “Absolutely NOT!” In fact, I know people who have lost money on good stock market advice! How can this happen? This can happen because stock advice is only as good as your ability to use it. What do I mean by that? You must have a plan! It is important that you have a personal trading strategy in which you can integrate stock market advice. It doesn’t matter if you are dealing in penny stocks or blue chips. You must have a plan. Of course, your stock trading plan would be different for different types of stocks, but the key is to do your own research, learn, and develop your personal stock trading plan.
Here are 10 important points to consider when developing your plan.
1) What website will you use to trade?
2) When does the trading day start?
3) When does the trading day end?
4) What time will you wake up to be ready and ready to trade?
5) How do I know when to buy?
6) How do I know when to sell?
7) What strategy will you use to select your stocks?
8) What overall stock trading strategy will you follow? (Penny Stocks are different from Blue Chip Stocks)
9) Who will you trust to advise you?
10) Who has the best stock market advice?
I could add fifty more points to this list, but this list is a good start. You don’t want to just sign up for stock trading advice and think you’ll make a lot of money. You must have a plan in place. Making money on the stock market can be risky, even for the most experienced traders. Go ahead and sign up for stock advice from a reliable source with a good track record, but also develop a plan. Study, study, study and learn from those who have already succeeded.
Once you have developed a plan, test your plan. Open a paper account with a reputable stock trading website. You can do almost anything you would with a regular account with a paper account. The difference is that you are using play money instead of your own real money. This will allow you to make your mistakes without losing your money. You will be able to see how the market is performing in real time. You will also be able to see if your plan is good or if you need to make changes.