1. Research.
Just as location is critical real estate investing, research is critical to stock investing. Without research, you have a better chance of making money; without it, a better chance to lose money.
2. Learn how to trade stocks.
Commit to learn how to trade stocks. Consider what you hope to gain from the stock market – mullah, of course and satisfaction of successful trades.
3. Seek mentorship.
Look for a mentor. Seek somebody who can provide valuable insight based on their own experiences. Ask guidance on resources that were helpful to them. Mentors can identify landmines and assist you in avoiding common pitfalls to speed up your learning curve.
4. Start trading.
You can read all you want, attend seminars every year, but if you don’t start trading, all these are wasted. Take the first step – buy some equity. Start small. Start with a trade that offers minimal risk. See how it feels to his the enter button. Maybe you’ll make some money, maybe you’ll lose some. Either way, it’s a baby step that leads you to the wonderful world of stock trading.
5. Evaluate your progress.
As you start to trade, see what’s working and what’s not. Identify what you are doing right and make note of it. Same thing with what you are doing wrong – identify and avoid it in the future trades.
* * *
Victor Santos Sy graduated Cum Laude from UE with a BBA and from Indiana State University with an MBA. Vic worked with SyCip, Gorres, Velayo (SGV – Andersen Consulting) and Ernst & Young before establishing Sy Accountancy Corporation.
* * *
He retired after 50 years of defending taxpayers audited by the IRS, EDD, BOE and other governmental agencies. He published a book on “How to Avoid or Survive IRS Audits.” Readers may email tax questions to [email protected].