aims, and releases the arrow as it flies straight and true into the
center of the bull's eye.
Now imagine that archer doing the same thing. Except instead of
hitting the bull's eye, he lets the arrow fly and it travels aimlessly
because there's no target at the end of the range. Did he do well? How
could anyone know? While this example may seem a little odd,
implementing a stock investment strategy without goals is no different
than shooting arrows with no target.
Before you get started trading stocks, you should always take time to
create and/or review your goals. Having these goals will also help you
to develop your strategy. Your goals will create the context which
ultimately will define your activities.
As an example, let's look at some possible goals which you might have.
You could start with three short term goals and one long-term goal.
Your short term goals could be to cover your monthly expenses, to
generate another 50% of income over those expenses, and to take your
family on four vacations a year.
Your long-term goal could be $1,000,000 in the bank in the next 10
years.
Based on your long-term goal, you would want to develop a strategy for
accumulating wealth and protecting it from excessive taxation as well
as "expense burn."
These example short term goals suggests that you will need to be an
active trader and that you will need to be diligent enough to actively
draw an income while protecting yourself from short term loss.
With this kind of intent in mind you can now seek out the tools that
you need to always be in touch with your stock prices and be able to
trade no matter where you are. You can also consult with a financial
planner about asset management or perhaps you want to learn about it
yourself.
What happens if you decide that the goals you set weren't really the
things that you wanted?
You simply change them. Having a goal doesn't mean that you tattoo it
onto your forehead. The most important thing is to have a starting
point. Otherwise you won't know if the goal suits you or not. Archers
also have their selection of targets. It's more important to simply
get started and then develop the experience to better recognize what
truly suits you.
One thing should be fairly certain though. Someone else out there has
goals which are similar to yours. If they are making progress towards
achieving those goals, learning about and modeling their activities is
a great place to start. After all, if you wanted to be a great archer
you would study other archers. As you develop your own skills you may
find that there are little things which become uniquely your own, but
viewed from the big picture you're modeling the success of other
people who learned how to hit the same bull's eye.
Before you go too far down the road of developing your own stock
investment strategy, take some time to reflect on and develop your
goals as they relate to making money with stock. The more time up
front you spend developing your goals and your vision beyond the mere
activities of buying and selling securities, the easier you will find
it to develop and execute your own winning strategy.
Trading Secrets Turn $10,000 Into 2 Million Dollars Within 18 Months:
http://www.ndshtrading.tk/
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