Although the stock market is an uncertain place, there are some tried-and-true strategies that can improve your odds of achieving long-term success.
The first thing an investor needs to establish their financial goals, for example, saving for retirement, buying a house or financing your children’s education. This will allow them to determine the amount to invest in the market, and what kind of investments make sense for their specific situation.
Prioritizing the building of an emergency fund or repaying high-interest loans prior to investing in the market is also an excellent option. If you have the funds to put into the market, start small and gradually increase your investments as you gain experience.
One of the biggest mistakes novices make is trying to predict the market, Keady says. «Nobody knows the exact moment to make a move,» she adds, noting that the best strategy is to make an investment for the long run and stick with it even through rough patches.
If you’re just beginning you should try to invest in companies you know about. As the famous Fidelity Magellan fund manager Peter Lynch famously observed that you stand a better chance of winning by betting on companies that have a strong history and strong growth prospects rather than trying to predict the future.
Avoid online forums and advertisements that promote stocks that have a high likelihood of success. In many cases, they are part of a pump-and-dump scam where unscrupulous people buy shares of a barely traded company to increase the price and then dump their shares to fill their pockets.
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