Tip 3: Find A Strategy

What’s the difference between successful traders and investors and those that lose money? One important difference is that the ones who see green in their accounts typically follow some trading or investing strategy. It seems like there is no end to the number of strategies out there, and that’s a good thing because we are different people in different circumstances. A strategy that may work for one person may not work for another.

That is, you have a unique mentality, various emotional and physical strengths and weaknesses, particular times you are available to trade or invest, specific family and work obligations, certain financial resources and needs, a distinctive risk/reward level, and a limit to your desire and ability to study and understand the market. So, just like the rest of us, you have to figure yourself out in terms of what trading or investing strategy you like, feel comfortable with, and actually works for you.

You may want to search the internet for established strategies or you may want to experiment with devising your own, or you may want to use some combination of the two. The key point is to find a strategy that fits you and your life and then stick to it for as long as it consistently makes you more money than it loses.

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