Here is a very short answer: slowly.
And don't even think about it until you learn a few basic things about the stock market.
I still remember very well my first trade.
It was about 10 years ago.
The stock symbol was FOTO, no longer listed as its price dropped too low over the following two years.
I then sat watching its price gyrations for a few hours getting more and more disgusted that it refused to move at least 20% right after I had bought it.
In fact, it barely moved in a few days that followed and so I sold it.
I hate when stocks act like that! My second stock was CUBE.
The company was bought out eventually so the stock is no longer listed.
This one too refused to move, so I sold it.
Another stinker.
I realized later that I would have made money on both of them had I held to them longer.
After all, it was still the full blown bull market of the 90s and virtually every stock you bought those days would go up.
You could make money by simply throwing darts at stock charts and even if you were blindfolded, you would probably still make money with your trading "method.
" But I did not know that yet, although being a quick learner I soon figured out what I needed to do to make money in stocks.
And here are the things that I learned that made me money and if you follow them you too stand a good chance to succeed at trading stocks.
Perhaps you will even make a killing.
1.
You need a plan to make money in stocks.
This plan has to include, among other things, your timeframe, when you exit your position and under your what circumstances.
2.
You need to do your research before you put a trade on.
Wishful thinking is not enough.
It does not work.
You need to know why the stock you are about to buy will appreciate in price.
Why would that be? What are the reasons to drive its price up? 3.
You need a sound mindset and that includes patience and sticking to your plan.
This is sometimes easier to say than to do and can be a big hurdle to overcome, especially for beginners.
4.
You need to be independent.
Following the herd can feel comfortable, but is a well-known way to a poorhouse.
Choose to be a contrarian rather than a follower of crowds.
Crowds are often wrong.
Too often to follow them.
5.
Never cease to learn new things and study new trading methods, but don't change those that have worked well.
In fact, being conservative in your methods is fine, try new things only if they promise to be much better than your older methods.
6.
Avoid distraction from slick snake oil salesmen.
There is no fast way to a million, but some are better and more solid than others.
Relying on your own judgement beats all other ways, in my opinion.
Good luck then!
And don't even think about it until you learn a few basic things about the stock market.
I still remember very well my first trade.
It was about 10 years ago.
The stock symbol was FOTO, no longer listed as its price dropped too low over the following two years.
I then sat watching its price gyrations for a few hours getting more and more disgusted that it refused to move at least 20% right after I had bought it.
In fact, it barely moved in a few days that followed and so I sold it.
I hate when stocks act like that! My second stock was CUBE.
The company was bought out eventually so the stock is no longer listed.
This one too refused to move, so I sold it.
Another stinker.
I realized later that I would have made money on both of them had I held to them longer.
After all, it was still the full blown bull market of the 90s and virtually every stock you bought those days would go up.
You could make money by simply throwing darts at stock charts and even if you were blindfolded, you would probably still make money with your trading "method.
" But I did not know that yet, although being a quick learner I soon figured out what I needed to do to make money in stocks.
And here are the things that I learned that made me money and if you follow them you too stand a good chance to succeed at trading stocks.
Perhaps you will even make a killing.
1.
You need a plan to make money in stocks.
This plan has to include, among other things, your timeframe, when you exit your position and under your what circumstances.
2.
You need to do your research before you put a trade on.
Wishful thinking is not enough.
It does not work.
You need to know why the stock you are about to buy will appreciate in price.
Why would that be? What are the reasons to drive its price up? 3.
You need a sound mindset and that includes patience and sticking to your plan.
This is sometimes easier to say than to do and can be a big hurdle to overcome, especially for beginners.
4.
You need to be independent.
Following the herd can feel comfortable, but is a well-known way to a poorhouse.
Choose to be a contrarian rather than a follower of crowds.
Crowds are often wrong.
Too often to follow them.
5.
Never cease to learn new things and study new trading methods, but don't change those that have worked well.
In fact, being conservative in your methods is fine, try new things only if they promise to be much better than your older methods.
6.
Avoid distraction from slick snake oil salesmen.
There is no fast way to a million, but some are better and more solid than others.
Relying on your own judgement beats all other ways, in my opinion.
Good luck then!
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