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While the stock market is riddled with uncertainty, certain tried-and-true concepts can help boost your chances for long-term success.
Investors must first establish their financial goals. For example, saving for retirement, buying a house, or funding the education of your children. This will assist them in determining the amount they should invest in the market and what kind of investments are appropriate for their particular situation.
Making a priority of building an emergency fund or repaying high-interest loans before investing heavily on the market is smart. If you do have money to put into the market, start small and gradually increase your investments as you gain more experience.
One of the biggest mistakes that beginners make is trying to time the market, Keady says. “Nobody knows the exact right time to invest,” she adds, noting that the best way to invest is to commit to an investment for the long run and stick with it through rough patches.
When you’re beginning your journey investing, you should be focusing on stocks of companies that you know. Peter Lynch, the legendary Fidelity Magellan Fund manager, once stated that you have more chance of success investing in companies with a proven performance and growth prospects.
Avoid forums and advertisements that promote stocks with a high probability of success. In a majority of cases, these are part of a pump-and-dump scheme where unscrupulous people buy shares in a thinly traded company to boost the price, and then sell their shares to fill their pockets.