Remember to play the long game. Stocks don't grow in a day, so be patient and don't get jittery with small, short term dips. Moreover, if some of your stocks drop a lot, then keep them and instead do some research. See why the stock dropped and what the company is doing to stay afloat. Many people panicked and just sold out of fear in the crash some years ago. Yes, they had almost nothing now, but how was selling then going to help them? If it got any worse, then there would be the much more pressing matter of a looming depression. Otherwise, things could only grow, as they did over the years. I know hindsight is 20/20 and all that, but just keep this in mind. Stay calm, and play the long game.
I think that the best advice is to be surround by people with knowledge and that you can trust in. Also like ami says, it's not a speed race, but a marathon, so take your time before you sell.
I am a beginner too and your tips sounds great, hope I could put them to good use someday. Thanks for sharing this.
You all have provided great advise for beginners! Doing your research is such an important thing to do if you want to become a successful investor. Also, when you do your research, be sure that you are looking at RELIABLE sources. Anyone on the internet can say anything, so make sure that you are researching from credible sources.
Always buy stocks which you think is going to appreciate in the long term. Buy a stock assuming that the stock exchanges are going to get closed for the next five years. If my advice sounds too amateur, one last thing: What I mentioned above is the mentality of WARREN BUFFET in buying stocks. It is the cornerstone for making profit, no matter you are a novice or you have got tonnes of experience on your back.
There is a lot of good information on this thread. Years ago I was interested in dipping my toe into the stock market. I read a few books by Peter Lynch. His philosophy made sense to me. I'm not sure how valid his stuff is years later. I do know that I have a lot of reading and studying to do.
It always good to know when to fall out. Greed is the biggest setback in stocks. It is best to also have strong confidence
Greed and ego have killed many fortunes and would-be fortunes. Fear is up there pretty high too - excess fear can freeze us, and panic leads to poor decisions being made.
"The rich get richer." It's such a basic concept, but often rings true. We can do all the math, draw our charts, read countless books on how to "beat the streets," but the reality is that the wealthy ones will always be top dog. Use a stock screener and find out what they're investing in.
