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Stock market for beginners
“I think almost anyone can be net profitable in the stock market given enough time and effort, but to be a great trader, you have to have a passion for it. You have to love trading. Michael Jordan didn’t become a great basketball player because he wanted to do product endorsement. Van Gogh didn’t become a great painter because he dreamed that one day his paintings would sell for $50 million.”
I now fully believe that losing all your money is one of the best things that can happen to a beginning trader… It is much better to learn the lesson that you can lose everything when you don’t have that much money than to learn the same lesson later on.”
If you are a beginner, trade with an amount of money that is small enough so that you can afford to lose it, but large enough so that you will feel the pain if you do.
“I understood that stocks don’t go up and stay up because of stories, tips, or people’s opinions; they go up for specific reasons. I was determined to find those reasons, shut out the world, and then act on my own knowledge.”
I always don’t believe in stock recommendations. Even though I preached it, I still committed the same mistake. We have a tendency to listen to others, especially when we are clueless. When things turn out well, we would want to claim the credit – I decided on the winning stock. When things turn out worse, we would blame it on others – the person recommended. We should take responsibility of our decision as well as doing the necessary research to evaluate the stock. The person who told you to buy stocks is not going to pay for your mistake.
At times, due to the varying practices and philosophies from traders, you may be confused with the clash of ideas. There are traders who just fundamentals, some technicals, some do both, some use scientific research, some use gut, etc. It would be helpful to know what style suits you best, in terms of your inclination, perspective and knowledge.
In stock market what you practice is what you perform."
If you really want to excel in any field, you have to practice. You don't just read about something and expect to be good; you have to do it too.
I think if you love what you are doing, you are going to be a lot more successful.”
http://www.bigfatpurse.com/2011/04/stock-market-wizards-by-jack-schwager/
