Starting in the stock market can seem like an impossible task. What are all these numbers, symbols, and charts? You want to make additional income and learn a valuable skill. Being new to investing in the stock market is scary, especially when it has to do with your money. Hopefully, with some firsthand experience, you may be able to learn from my mistakes.
A Rocky Start
I first became interested in investing in the stock market several years ago. I just had this idea that I wanted my money to be worthwhile. And support while I was young. So without much thought, I downloaded a common stock trading app. And threw like 200 dollars into my account and bought random stocks. You can probably see where this is going. I lost a decent chunk of my account. I didn’t know why, so I was discouraged and almost gave up entirely. I thought that the money I lost could’ve been spent somewhere else.
Getting The Hang Of It
Mistakes are truly vital to your success as an investor. That may sound counter-intuitive, but learning from your mistakes is much more impactful than being told about others. It will show you what not to do. And you will be better next time.
Losing money from my investing account was hard: I thought I was a failure. Taking a step back and reconsidering my situation instead of giving up was the route I took. I was spending time researching and figuring out what I had done wrong. The issue that still plagues me is finding the correct investing method for me. There are so many different options. I discovered that short-term investing that’s based on trends, such as momentum and technical indicators. That is what I wanted to practice. It was very profitable for me. I doubled my initial investment in a couple of months. I felt on top of the world. Not necessarily from how much money I had made. It was more about the prospect of scaling. I could apply the same method and receive a greater return with more capital at my disposal.
It Won’t Always Go Your Way
Unfortunately, I began to lose money again. It was so frustrating I believed I had finally found the method that would work for me. Instead, just a few trades went massively in my favor. It was more luck than anything else. Anybody can make money in the stock market, but it takes someone special to be consistent. A big lesson I learned is not to get so discouraged from losses that come my way. And to not become too excited with trades that I make a profit.
Always More To Learn
Trial and error is the only way to become proficient at investing. Suppose you think of investing somewhat like a business. You have all these upfront costs even before the business starts. And there is operating cost over time. When it comes to investing, think of losses as operating costs. You can’t make money without spending it. Overall, there are many different ways to invest your money, from retirement accounts, cryptocurrency, stock market, real estate, etc. I believe it’s best to decide your level of involvement and risk tolerance for investing. Please search for a method that works best and never give up on it.
