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Wednesday, October 28, 2009

Stock Market Giants All Do This

By Michael Swanson

Anyone with any margin of success in stock market investing pays very strict attention to his stocks using technical analysis. Watching the ups and downs of stock prices is the most important element of playing the market.

Watching your stocks has to be a daily habit. Check the stock market listings in the business section of your paper daily and double check for the most up-to-the-minute prices on the internet. Keep track of the history of your stocks and follow every rise, every fall and the fluctuations in between.

It's also important to read the statements that your stock broker sends out to you every month. It will help you keep records of price trends. In between statements from your broker, the Internet will be a most valuable resource for the correct prices.

In addition to watching your own stock prices, monitor the price of stocks you are interested in with an eye to buying them down the road. If you track the ups and downs of potential stocks, watching the pattern will help you make an immediate decision on whether to buy, sell or hold.

Extra cash or a bit of a financial windfall can be used to increase the amount of stock you own. Top up stocks that have been performing well. Remember the importance of diversifying your portfolio because it really is true what they say. Don't' put all your eggs in one basket.

Keep your broker's phone number handy for when it's time to buy or sell stock. Tell him what to do and at what price. Your broker will handle the transaction and give you a transaction number when your order is placed.

Read industry papers such as the Wall Street Journal or Barrons. Both contain not only market prices but news and information that will affect the entire stock market.

Because the stock market is such a volatile place, you must monitor your stocks if you hope to make money. Keep a three year goal in mind and don't panic-sell if stock prices start to fall and fall hard. Evaluate your stock's performance over time.

Congratulations! Day trading can be profitable for those who are vigilant, but remember it still takes a lot of hard work and sophistication. - 23212

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