Best Stock Ideas (That Will Make You Rich And Happy)
If only you knew exactly which stocks to buy, when to buy them and when to sell them, you’d be rich and happy right? As traders and investors we all want that which is why I decided to write something about how to get the best stock ideas. The trouble is often that we get overwhelmed with options. With thousands of stocks trading daily, how do you find the “right stocks” which will be the “best” investment for you?
Its amazing how many people are looking for hot tips on which stock to buy. The old story of learning to fish instead of someone handing you a fish is really relevant here. You need to learn how to find those stocks that will make you money instead of someone telling. This will allow you to become a good trader who can make money at will on the stock market. So, here are
My 3 hot sauce tips for finding the best stock ideas.
1. Become a sniper.
You don’t need to trade 100′s of different stocks at once. You are looking for one, two or maybe three stocks that you will focus on. To find these you will have to look at hundreds of potential stocks though but the analogy is that you will go looking with a sniper rifle and not a shotgun. You need to pick out individual stocks one by one instead of just blindly looking at thousands of potential stocks – which in theory could work but rarely does.
The best way to do this is to use a stock screener. A good screener will allow you to filter out stocks based on specific criteria. Stockcharts.com has a pretty good (and free) screener with a lot of options. Use those that suit your particular trading strategy best.
2. Stay with the times.
The stock market is very intricately interwoven to the state of affairs both locally and globally. World markets get affected by world events and local markets get affected by local events. How can this help you? Start paying attention to the news and look at it through your trading glasses. It will help you spot opportunity and give you ideas on which stocks might be affected. A good example is with Apple. Every time Steve Jobs launches one of their new products Apple’s stock starts rallying.
The opportunities are virtually endless. When governments sign deals, when CEO’s retire or even when there is a major accident it can affect entire market sectors. Stay in touch with what’s going on in the world.
3. Hero’s and Idols.
As you grew up you probably had a hero or an idol that you wanted to be like. This could have been a sport star, a rock star or even a politician (yeah right!). If you are serious about being a great trader then you have to find yourself some hero’s and idols. Its very powerful because these people give you an ideal or something you can aspire to. With the internet we are very fortunate because we can now interact with and connect with people from all over the world.
I read a lot of blog from traders and even though some of them are rubbish, some of them are great. Its a great place to find the best stock ideas. Its great to see someone else analyze a stock because it helps to open your mind. We tend to get caught up in our own way of thinking and without knowing it we tend to choose the same kind of stocks over and over again. When you see an expert do it you can start to emulate their success.
.
.
