Beginner Stock Trading Advice
Your first days trading on the stock market will definitely be a learning experience. In order to take the edge off there are a few things you can do to make it a better experience. For your first month I recommend just buying one single share in whatever stock you plan on buying. Don’t worry about trying to double your money overnight. The main thing you want to focus on is practicing your entry and your exit strategy. Because the fact of the matter is, you are going to make mistakes. There will be trades that don’t work out the way you plan no matter how much research or planning you do. Even the most seasoned traders make bad trades. The only thing that separates a successful stock trader from a failed trader is that the successful trader wins more than they lose. So your goal is to become a 51% trader. Which simply means you are making more successful trades than bad trades. You should shoot for 60%+ and eventually hitting 70-80%. If you plan on actively trading, the goal is to make money. If you are investing for long term you are better off using a 401-K and letting someone else manage your money. The methods we are discussing here are for short term in and out, buy the dip and sell the rip money plays. You have to have the right mind set and the will to develop your skill set. You have to pay to play and it isn’t for the faint of heart.
Keep your eye on the Long Term Trend
Trying to catch the bottom of a stock that has been in a down trend is very difficult but it has the potential for the most reward because the upside is high. For beginners, I recommend starting off buying the dips of a stock that is in an up trend like the chart above. It will increase your chance of success tremendously and build confidence. Plus, once you own a share of stock, you will be much more inclined to watch that chart like a hawk. There is nothing that can substitute watching how a stock moves for a long period of time. You learn more from doing that than almost anything else.
So if you want to get started and you haven’t done so yet, create your Robinhood account using this link and you will get your first share of a random stock for FREE. There is a chance it will be an AAPL (Apple) stock which is $160 value and it also happens to be the only thing helping support keeping this project going.
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