To get rich in stock, an investor has to create a clear financial roadmap. This involves study, hard work and application. One has to develop the rare insight, as to how to make fortune through trading. There are many books, journals, expert brokers, analysts and researchers to guide you and provide you with the theory knowledge. In the ultimate analysis what it takes to achieve success in the market and emerge as a millionaire? According to Orison Swett Marden, “The golden opportunity you are seeking is in yourself. It is not in your environment; it is not in luck or chance, or in the help of others, it is in yourself alone.” So, do not try to be the second Warren Buffett; be the first yourself. Do not aim to be the carbon copy; be the original.
Develop the constant urge to earn riches more than what you currently have obtained. This should be the kick. The following points are worth noting to get rich—in your own style!
- Big fortunes come from small ideas of investing. Develop that idea and implement into action its meritorious qualities. In your sincere efforts to maximize your assets, turn into a no-limit individual.
- Take care of your mind first. It needs to be strong with a ‘never-say-die’ approach. Drive the negativities out, before they drive you out of the stock market. All stock market rules are neutral, only you need to interpret them and apply them to your investment ‘cases.’ Settle in for a long haul and not for nibbling a few dollars here and there. Take charge of yourself to take charge of the market. Market forces will act like cowards to the brave, and they will be extra-brave to a coward investor and will overpower him. Talk to the right people in the market and not to the loud and aggressive ones, who are vexations to the spirit. Sleep well for the next day’s trade and keep the rudder of your investment-boat safe overnight. Do not sacrifice your precious and invigorating sleep to vague imaginings. Forget stock market for those few hours. Approach yet another day’s business from a solid starting point, forgetting what happened yesterday. The sun sees the cosmos afresh every morning, forgetting the darkness of yesterday. Be the “sun-worshipper.”
- Guard your assets carefully. Invest for success. Think, you are the Principal of your Financial Planning School and your initiative is your Professor and your hard work is your tutor. Constantly think about the investment alternatives. You are the master of your stock portfolio, not the servant!
- Did you begin with nothing! That’s a great capital! As you start earning, try to save money. Attract money like a magnet. Change your working style to change your personality. Overhauling and servicing is important instrument of stock investment. How to do it? You need to draft your syllabus. Do not follow any one; do not reject any ideas either. Study successful companies; you are the potential CEO of one such company.
- Do microscopic examination of your portfolio. Do not fall in love with any share, for you have already fallen in love with an important ‘share’ of life—Success! Question the market and observe what is happening and why it is happening. There are ample trade opportunities, only you need to locate them…..and locate well in time!
- Choose the ideal strategy for you and do not deviate, succumbing to wrong advice. Advise on money is available everywhere, but money only in few conspicuous spots!
- Creativity is more important than routine following of rules. Be a rebel against the established thesis of the market, wherever it holds up your progress. Digest losses with ease, do not lean on the loss-post, and proceed further without delay.
- See that you are always on the fast track. Change gears when necessary. The foundation stone for the mansion of unlimited wealth is laid in the mind. Embolden yourself and do not take things for granted.
Finally, as Brain Tracy in his book, “Getting Rich Your Own Way: Achieve All Your Financial Goals Faster than You Ever Thought Possible” puts it, “The major difference between those who succeed and those who fail is simple. Successful people in every field are action-oriented, while failures are talk-oriented.”
…..Look over there! Those who once criticized you in the floor of the stock market, now stand in the galleries to applaud the millionaire-you!