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Keep a Trading Journal
Although not required, keeping a trading journal can be beneficial. Do not
worry; you do not need to be a professional writer to maintain a trading journal.
However, you do need two things: One, you need to be completely honest. This
means that you should admit and accept your strengths and weaknesses, as well
as the outcome of every investment that you make without any bias. And, two,
you need to update your journal on a regular basis.
Your trading journal can contain any information that you want that is related to
your life being an investor. Ideally, you should write in your journal the reasons
why you want to invest in stocks, as well as your short-term and long-term goals.
This is something that you can come back to in the future in case you get lost or
confused along the way. Your journal should also include your strategies, the
investments that you make, and your objectives. Simply put, your journal is as
meaningful as you make it.
It is recommended that you write as much as you can in your journal. The reason
is that your journal should serve as an unbiased mirror that will allow you to
view yourself from a different perspective. It will make it easier for you to spot
any weakness or part of your strategy that still needs to be modified. There are
many things that your journal can teach you. Again, the important thing is for
you to be completely honest with every detail that you write in your journal, and
update it regularly.
Do NOT Approach Investing as a Hobby
The sad truth is that most people who invest in stocks approach the stock market
as a hobby. Although you are always free to consider it a mere hobby, you can
also expect to get a fair result just as when you approach any other business as a
mere hobby, without any commitment or dedication. If you want to get a good
amount of regular income from your investment, then you should take it as a
business or a profession. The problem with those that consider this kind of
venture as mere hobby is that they fail to exert the right amount of effort and
research that will enable them to increase their chances of making a profit.