There are no standard rules and tips that any body can give you to become successful in the stock market. But, yes if you follow basic guidelines of stock market, you will have better chances to bring the beacon home.
The Basic Discipline
The discipline is very important for the trader. They regularly have to go through the market trends, daily reviews on market etc. This discipline makes them equipped with the knowledge on how stock market is responding to the changes in the market.
Never Sell or Buy Just Because of Everybody is doing so
It is a bad strategy to follow others. Try to be unique in the stock market and take the decision on buying or selling according to the analysis and research you have done.
Knowing Key Strengths and Weaknesses
This helps people to capitalize on their strengths and improve on the week points. You need to combat on the core area and carefully trade on this area.
Taking Calculated Risk
A successful investor or trader will take calculated risk in each and every instance. You must first analyze the situation and ameliorate the chances of winning. Take the risk but it has to be balanced and calculated.
No Fear of Failure
A successful trader will never afraid of losing money when he is moving forward. After all learning comes from failures. Failures teach a lot to people. So, don't afraid of failure, do the perfect analysis and take the decision.
No Emotional Attachments
Never bother about the rumors around the Wall Street. Try to be detached emotionally on your favorite stocks. If you emotionally attached to any company trades, there is a possibility of moving towards that stock even if it is going to make loss.
A successful trader will create their own portfolio and he ensures no trade slipped from the portfolio. Have a detailed analysis on your portfolio regularly. This will help you in strength your trade moves inside the portfolio.
Know When to Quit or Walk Away
You should know when to walk away from specific stock. Walking away from the stock at the right time is more important than investing at the right time.
Invest for Long Term
It is a well known truth that people, who invested in the stocks for long-term, gain more profits. Initially you may loose but eventually you come out with the flying colors. This is what called investing.
Follow all these tips to become successful in the trade market. Glue to the basic guidelines of the stock market experiment in your own way. Never experiment on any stock move outside the guidelines. The reason is simple; you can easily experiment if you know the basic guidelines of the market. Regularly analyze the post market scenario and the pre market scenario so that you will get the knowledge on the stock market trends. Try to invest money with the long term vision as you will gain more in the long run.