Newbie Do's & Don'ts

[Hacktheripper]

One thing I would say right off the bat is if you dont know how to read a chart dont trade. EDUCATE, EDUCATE, EDUCATE, read, read, read....

Leave the emotions at the door... the whole market is based upon giving confidence in bad stocks and scare you out of the good stocks you are holding.

Know your entry points and exit points (both up for gain and down for loss) Many newbies spend all their time trying to find out when to enter a stock and have no idea as to exit points.

NEVER MARRY A STOCK.... I set a loss ratio of 5 to 8 percent max... UNLESS I KNOW THE STOCK AND ITS HISTORY.... this does not include when a stock shakes....

Do not use money you NEED for other expenses. All money used for trading should be extra money not needed for anything else but trading....

There are alot of good traders around... Initially, I would track who is recommending what stock and at what price they are recommending it and track it on paper.. This will give you and Idea who to follow. Remember the stock market involves money, therefor you should have your guard up at all times.

In closing, a famous person once said the hardest part of becoming a millionare is holding on to it.... there is always someone trying to take it from me.