Although the stock market can be an area of uncertainty, there are some tried-and-true strategies that will help you improve your odds of long-term success.
The first thing that any investor should do is define their financial goals. This could include saving for retirement, purchasing an apartment or financing your children’s education. This will help them decide on how much money to invest and which types of investments will be best suited to their needs.
It’s also recommended to prioritize building an emergency fund and paying off high-interest debt prior to investing in the market. If you do have money to put into the market, begin with a small amount and gradually increase your investments as you gain more experience.
Keady explains that one of the biggest mistakes made by novices is trying to predict the market. Keady says that nobody knows when is the best time to invest.
If you’re only beginning it’s a good idea to focus on stocks in firms that you are familiar with. As the famous Fidelity Magellan fund manager Peter Lynch famously pointed out that you have a higher chance of winning by betting on companies that have a strong track record and solid growth prospects, rather than trying to predict the future.
Avoid online forums and ads that promote stocks that have a high chance of success. In many cases, they are part of a pump-and-dump scam where shady investors purchase buckets of shares of a barely traded company to drive up the price, and then sell their shares to fill their pockets.
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