Nikalay Nikolaev

 

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One of the first things you need to ask yourself is whether trading or investing for that matter is for you. There are various ways one gains exposure to the stock market other than a do it yourself approach. However all requires some form of upfront cost to manage your account, and in most instance the results are hardly better than when you do it yourself.

Thus, if you have worked out your financial goals, I have assumed you have done so. Your next task will be to find out how to go about achieving your goals. For those who may have had but a cursory observation of the stock market, the fact is that the stock market and other financial markets are a potential source of achieving these goals. Stories of average people using the stock market for growing wealth or making an income are bound. Nonetheless an acceptance to invest or speculate in the stock market comes with strings attached, one of them being the potential for loss, and the risk of not attaining your goals are real.
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Hence, care must be taken in deciding if you are able to trade or invest for a living. The main aspect of stock investing/trading one need to realise is that successful trading and investment is mainly based on psychology, which is underpinned by having the right temperament. Without the right temperament, you cannot succeed in the stock market. Hence, an understanding of your psychology is paramount. If you are prone to panic, and not good under pressure, then venturing into stock trading or Forex trading may not be for you. There is nothing wrong with this, the sooner you are able to arrive at this conclusion the less expensive the experiment of stock trading becomes and the quicker you are able to move on to other areas of interest suitable to your temperament.

However if you have a nerve of steel, willing to work hard, have a never give up mentality, the ability to stay focus, and the wiliness to learn, then you have some of the traits required to become successful at stock trading or investing. Hence being honest with oneself is of utmost importance, before venturing into stock trading.

Once you have gone through the initial self-reflective phase and you believe stock trading or investing is for you, your next question may be this:-"what is one to do, to begin trading and investing"?
Like any other profession or business, you will need to acquire knowledge, which comes in the form of acquiring information that covers the intellectual underpinning of the stock market. One can get this through the study of stock trading and investing books, coupled with the leveraging of the experiences of other successful participants of the stock market.

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