As mentioned in my earlier article, I am going to talk about what you need to keep in mind, what you need to do, if you are in an opinion about the upcoming global recession or possible crisis. Let’s take a deeper look at what you need to do point by point:
1) Spend time learning the basics: It’s the most obvious point in each and every field you enter. It’s as most of the successful people say invest your time before you invest your money.
2) Spend time researching the stock: It’s the extension of the previous point and in this step, you will have to research on the stock you are investing its PE PBV SGR and other basic and technical things you have learned and the basics you need to learn to identify the ideal and potential stocks that might yield you good sum and has no risk.
3) The stock market is not a money-making business: As some of the media influencers, your friends and neighbors may portray it as an easy money-making machine its a legitimate business where there is not always profiting so think before you start your stock trading interest.
4) Invest only your extra saving and earnings that you won’t need for a period of time.
5) Avoid herd mentality: Don’t invest your hard-earned money just because people have done the same, it might lead you to your financial doom instead. Research about the stock judge it and make a decision.
6) Avoid being influenced by your emotion: Never ever invest in a particular stock due to emotional reasons. I mean, if jealousy suspicion or any other form of emotion leads you to invest in any stock its 99% loss.
7) Minimize your expectation: Keep your expectation in check don’t expect a high return when you are just a novice in stock trading as there are lots of traders not doing well and the return is like any other business, you get what you worked for or paid for as your investment is also a determining factor in case of the stock market. Sorry to burst your bubble if you were expecting to get rich overnight.