A MidasWave.com member asked me a question recently that I think many people have, “What do I have to do to consistently make money on Wall Street?”
The short and simple answer is to educate yourself. We live in the age of information and people can access any information (good information at a price), from anywhere at any time. If you want to learn a new skill, the right information is out there for you (sometimes right in front of you) and all you have to do is reach out and grab it!
You Don’t Need A Lot of Money To Trade Stocks
In today’s digital age, anyone may open an account with an online broker for almost any amount of money and start trading stocks, in no time. With such a low barrier to entry, no wonder so many people lose money in the market. I see this happen all the time. People get excited, open an account with an online broker then start shooting from the hip, without a tested game plan. Then, in a New York Minute, they are wiped out and left wondering, what just happened? There is a better way, let me explain.
Create A Plan
Buying and selling stocks is a serious business. There are thousands of stocks that are constantly being traded all day long. With so many choices, most people are overwhelmed and do not know what to do. Or they stare at the screen all day watching every “tick” (Every time a stock changes price, that is known as one tick). Doing this invariably causes the person to make emotional decisions which almost always leads to getting wiped out. I can’t tell you how many “smart” people I have seen get completely wiped out on Wall Street – Doctors, lawyers, accountants, engineers, you name it. All because they jump in and “hoped” things would work out. Trading on “hope” is not an effective strategy. Successful investors, educate themselves and take the time to develop a sound time-tested plan that actually takes money “out” of the market. Most people put money “in” to the market without ever taking any money “out.” A sound trading plan is the best way to make intelligent trading decisions. Frankly, I got tired of seeing people get wiped out on Wall Street and that’s exactly why I created MidasWave.com, to help you make money in stocks.
Trade Your Plan
Once you create a plan, the key is to be able to actually follow-through and trade your plan. That sounds easy enough but believe it or not, most people have a very hard time actually doing this – especially when the bullets are flying in real time. The market is counter-intuitive in nature and the skill set required to succeed on Wall Street is almost the exact opposite of what “feels” right. In most vocations, people follow structure and are taught how to actually do their job. Then they spend all day actually “doing” their job. For example, anywhere in the world, a dentist can almost always fill a cavity- providing she has the right know-how and the right tools. But that is not always the case on Wall Street. 1+1 does not always equal 2. In order to become a dentist, it requires many years of education, a proper degree, and then a ton of actual experience. On Wall Street, almost anyone with a heartbeat and $100 in the bank, can open an account and start trading. Experience and education are not required.
Stop Paying Market Tuition
Market tuition is a term known among traders that dismisses the money you lose trading as “market tuition.” Serious and successful traders know that market tuition can be very expensive and irrespective of how much tuition you pay (i.e. money you lose) you still do not magically learn the skills necessary to become successful on Wall Street. If you want to stop paying market tuition, there is a better way and you can start, right now. Thanks to Jim, I write MidasWave.com and give members exact buy and sell points every time the service buys and sells a stock. This is a clear plan and takes the guess work out of buying and selling stocks. Additionally, I personally recommend all the great educational products available on The Midaslegacy.com that are designed to help educated you on how to create a sound trading plan and then step back and trade your plan. I’ll end this note with a famous quote: “If you think education is expensive try ignorance”
