The market is rife with uncertainty, certain tried-and-true principles can help boost your chances for long-term success.
The first thing that any investor should establish their financial goals, for example, saving for retirement, buying a home, or funding your children’s education. That will help them determine the amount to invest in the market, and what kind of investments would be appropriate for their particular situation.
Making a priority of building an emergency fund or paying off loans with high interest prior to investing in the market is an excellent option. Start small and increase your investments over time as you get more experience.
Keady says that one of the most common mistakes made by novices is to attempt to time the market. “Nobody knows the exact time to invest,” she adds, noting that the best way to invest is to make an investment for the long run and stick with it, even through the rough patches.
If you’re just starting out, it’s a good idea to focus on stocks in firms that you are familiar with. Peter Lynch, the legendary Fidelity Magellan Fund manager, once said that you have higher chances of success when you invest in companies that have a proven track record and a strong growth prospect.
It’s recommended to stay clear of forums on the internet and ads that advertise sure-thing stocks. In many cases, these are part of a scam called a “pump-and-dump” that involves shady individuals buying shares in a thinly traded company to boost the price, and then sell their shares to line their pockets.
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