HAVE A FINANCIAL PLAN
The first step towards becoming a successful investor should be starting with a financial plan that include goals.These goals should include setting targets for having specific amounts saved by specific dates.
UNDERSTAND THE RISK
Investment risk has many aspects, such as default risk on a bond (which can produce sharp, sudden increases or decreases in value). Whichever it may be, understand what the risks are before you invest.
BEWARE OF BEING SCAMMED
Scammers read the headlines too and are always very convincing, they often use a highly publicised news item to lure potential investors. Be very smart and aware so not to fall victim.
KNOW WHAT WORKS IN THE MARKET
Before investing, you need to know the lucrative part of investment ,read books or take an investment course that deals with modern financial ideas.
BE WILLING TO LEARN
Learning to be successful investor is a gradual process and the investment journey is typically a long one.At time,the market will prove you wrong.Acknowledge that and learn from your mistakes.
KNOW YOUR INVESTMENT STRATEGY
Nobody knows you and your situation better than you do. Therefore you may be the most qualified person to do your own investing all you need is a bit of help.
BE DISCIPLINED
If you are indeed investing for the long term, according to a well-thought and well-constructed financial plan, stay disciplined. Try not to get excited or rattled by temporary market fluctuations.
