I would never have imagined myself being interested in playing the stock market, but having learned what “the secret” to success is at my recent attendance at the Wealth Mastery seminar, I am now keen to try it.
The secret to success on the stock market is quite simply:
Learn a good system and apply it with absolute discipline
Don’t let ego and greed get in the way! These are the main reasons why people lose money on the stock market – they refuse to accept small losses (ie to accept their own failure) and instead end up losing a lot more.
It is a statistical fact that women are better at making money on trading shares than men are. The reason is ego!
The systems that make all the difference are in themselves quite simple. The main ones we learned about were “channelling” where you track trends by looking at graphs for various shares to pick up on patterns, and then do some basic due diligence on the company concerned (easy with the internet now of course).
Also you must always, always using “stop losses” (selling stocks after they drop by a certain %age from the purchase price or the subsequent increased value – usually 10% to 20% maximum).
Another small but important tip that we picked up from the seminar was to do with US stock rather than UK or elsewhere. The main reasons are that the US stock market:
- is the most liquid, most freely traded market in the world
- their trading hours end at 9pm our time, so you have time after office hours to check on your stocks
- it is the world’s largest stock market, so there is so much choice
- there is no stamp duty
At the time of writing this, I have not yet traded actively (my US brokerage account is still being opened), so I hope by the time you read this I will have some success stories to pass on! Please let me know if you would like to hear them.