Yes, it’s that time of the year…
If you haven’t yet planned your New Year’s resolutions, don’t worry, we’ve got you covered.
Here are five New Year’s resolutions for 2020 every stock trader and investor must make (and stick to):
1. Set aside an emergency fund
This is a big mistake that many new investors make. They stake the whole of their income and savings, leaving themselves with very little liquidity.
Don’t be one of them!
No matter how fool-proof the investment looks and how assured you are of the returns, it’s important that you have a significant amount saved aside for emergency purposes.
You never know when you would need that sum.
Remember, a smart stock investor isn’t just smart about stock investment but also with personal finance.
You cannot build a castle if the base isn’t strong enough. You cannot enjoy financial independence through stock trading if your personal finances aren’t positioned well.
2. Enroll in good stock market courses
Okay, this might come as a surprise but you aren’t the best stock investor or trader. Even when you have been in the game for some time, there’s still a big room to learn and improve.
Some of the biggest and most successful names in the stock market managed to build a fortune because they had/have learners’ mindset. And that’s what you need.
You must constantly make efforts to grow your knowledge and skills. It’s an essential part on the way to building a high-worth portfolio.
A simple way to make it happen is to enroll yourself in good stock market courses. Also, you must closely follow the market news and the right people to always be in the know of the latest developments.
3. Improve your technical analysis
You don’t want to be a “beginner” for forever, right?
You want to be an expert-like investor or trader with good intuitions to who analyze the market accurately and time the investments or trades closely.
This requires you to be more proficient in technical analysis. Just reading about the most accurate leading indicator isn’t sufficient. You must dig in deeper to explore the topics better. You must understand various concepts correctly.
Of course, this is easier said than done.
This is why you also want to pick stock market courses that, aside from covering the basics, also focus on technical analysis.
Commit enough time every day in learning. By the end of 2020, you would have grown from just a beginner to an expert stock investor or trader.
4. Network with other stock investors and traders
Networking is more important than what many stock investors and traders believe.
It’s another way to learn, which is much more engaging, interesting and rewarding.
When you talk to other market players, you come to know their ideas, opinions and personal strategies. In between such conversations, you enlighten your own intellect and discover newer opportunities.
So, if you don’t already have a group of investors and traders around you, you may want to build that in 2020.
Attend events and seminars to network with relevant people. Engage with them on social media.
Recommended Read: 5 Big Regrets Of Successful Stock Traders
5. Enjoy the process
When you take out the chase of money in the process, stock investment and trading is quite enjoyable. And interestingly, those who manage to enjoy this process, they end up building a better portfolio rather quickly.
So, instead of blindly chasing money, which would inevitably leave you stressed, burned out and fatigued, shift your gear to enjoy stock market investment and trading.
Understand that the journey to your dream-like portfolio is long. Moreover, the losses are a part of the game that are difficult to sidestep.
So, instead of stressing over them for years to come, focus on enjoying the experience. It would automatically make your new year so much easier and less hectic.
Recommended Read: 5 Signs You Need a Break from Stock Trading
These are five New Year’s resolutions for 2020 every stock trader and investor must make.
No matter how your 2019 turned out and how much losses you experienced, a new year brings with it newer opportunities to make amendments and fix the wrongs. Give your 2020 a great start and stride to be better at stock investment and trading.