Would you like to see your profits multiply? Are you struggling to squeeze out small profits and reduce losing trades? Here are some tips to help you make better decisions each and every time you trade.
One of the first and foremost strategies of the successful trader is actually having a strategy in the first place! Many new investors mistakenly make decisions based on one day of or the release of just one economic indicator report. The more successful traders develop a long-term strategy for their investments and trade only when certain criteria are met. Traders who go back and forth from one strategy to another are sabotaging their chances for success. These erratic changes make it much more difficult to analyze which strategy works and when.
To boost profits, you must employ careful research and long-term planning. Just because the strategy is long-term does not mean you cannot participate in day or swing trading. The long-term strategy means developing investment goals and making sure that each trade adheres to these goals. You will also want to develop specific criteria for your trades. Use historical prices as a starting point in developing when you will buy and sell. Write down your entry and exit strategies. Then stick to them at all times and track your results. Lastly, modify the plan as needed to produce the greatest percentage of winning trades as possible.
Successful traders analyze the level of risk that they are willing to assume and their strategies are built around this risk level. Evaluate your individual financial needs. A 25-year-old male is much more likely to be willing to assume a higher level of risk than a 40-year-old female with two children to support.
I had to laugh...
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<div class="field-item"><p>I stopped for gas today at a Shell gas station and had to chuckle as I filled up my car.</p><p>A sign on top of the pump urged me to sign up for a Citi Mastercard that gives 10 percent back on all Shell gas purchases. On the sign, in big, black type, the sign says "Earn 38 cents/gallon." Then underneath it in much smaller print, the sign says, "@ $3.82/gallon."</p></div>
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And in more restaurant news...
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<div class="field-item"><p>Raleigh's Rocky Top Hospitality has reopened its Michael Dean's and Bogart's restaurants for lunch service during December. Both had gone to evening-only hours this past summer. Michael Dean's on Falls of Neuse Road in Raleigh is open for lunch through Dec. 24. Bogart's on Glenwood South will be open for lunch through the 19th. Both are serving from 11:30 a.m. to 2:30 p.m. daily.</p></div>
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Urban Food Group expanding to Charlotte...
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<div class="field-item"><p>Raleigh's Urban Food Group is expanding to the Queen City. The company behind Porters, Frazier's, Vivace and the newly opened Coquette in North Hills is planning a new Vivace location at 1100 Metropolitan Ave. The restaurant will open in the summer.</p></div>
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Save on flowers...
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<div class="field-item"><p>If you need to send flowers this week, 1-800-FLOWERS is offering free shipping or no service charge when you pay with a MasterCard and use the promotion code M33. But the offer is only good through Sunday.</p></div>
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OpenTable for iPhones...
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<div class="field-item"><p><img src="/sites/projects.newsobserver.com/files/images/iphone3sm.thumbnail.jpg" alt="" hspace="7" vspace="7" width="83" height="100" align="left" />If you use the OpenTable Web site to make restaurant reservations, you might be intested to know that there's now a free OpenTable app for iPhone users.</p><p>The system will allow users to check real-time availability in restaurants, make reservations and get directions. Find out more on the OpenTable Web site <a href="http://www.opentable.com/mobile/">here</a>.</p></div>
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Walgreens prescription coupon...
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<div class="field-item"><p>If you missed the coupon that ran in the paper a few weeks ago, Walgreens has put its new prescription transfer coupon online as well. The deal is that you get a $25 Walgreens gift card when you transfer your prescription to a Walgreens pharmacy. These coupons can be a great way to get a little extra if you have a monthly prescription that you fill. However, I always caution people that this is not a good strategy if you take several medications that could have weird interactions. Fair warning. You can find the printable coupon <a href="http://walgreens.shoplocal.com/walgreens/Default.aspx?action=detailbrowselarge&storeid=2504303&title=$25+Walgreens+Gift+Card+&img=http://akimages.crossmediaservices.com/dyn_li/600.0.90.0/Retailers/Walgreens/081012_01DD_1CPN.JPG" target="_blank">here</a>.</p></div>
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Tree lighting in Clayton...
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<div class="field-item"><p>In Clayton, the Christmas Village & Tree Lighting is happening tomorrow (Thursday), beginning at 6 p.m. The tree lighting will take place just before 9. If you are interested in going, there's a schedule of events <a href="http://downtownclayton.blogspot.com/2008/12/2008-christmas-village-tree-lighting.html" target="_blank">here</a> and a map <a href="http://downtownclayton.blogspot.com/2008/12/map-of-christmas-village-tree-lighting.html" target="_blank">here</a>. And, if you happen to live in the area, you should know that Main Street will be closed from Smith Street to O'Neil Street between 5:30 p.m. to 9:30 p.m. for the event.</p></div>
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How's this for a BOGO deal?
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<div class="field-item"><p>Buy one get one free deals are usually pretty good bargains, but most of the time they're on things like cans of soup. It's time to think much bigger.</p><p>Florida car dealers, who have seen sales plummet this year, have taken to offering BOGO deals on vehicles. Seriously! <a href="http://blogs.moneycentral.msn.com/smartspending/archive/2008/07/29/buy-a-gas-guzzler-get-a-second-car-for-free.aspx" target="_blank">MSN reports</a> on one Chevy dealer offering a free gas-efficient vehicle when you buy a SUV or truck. And check out <a href="http://www.universitydodge.com/specials/index.htm" target="_blank">this ad</a> from a Dodge dealer offering a BOGO deal on Dodge trucks. Feel free to place your bets on what the next big BOGO deal will be. Jet planes? McMansions? </p></div>
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Here's the deal...
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<div class="field-item"><p>If you are a fan of this blog, here's something that may interest you... The News & Observer has started a weekly e-newsletter for women called <strong>Here's the Deal</strong> that compiles information from Taking Stock as well as other N&O blogs. In the newsletter, which is e-mailed Wednesday mornings after Wednesday Deals is posted, you'll find information on deals, fashion, food and more. And as you all are well aware, it pays to be in the know!</p><p>You must be a registered user on newsobserver.com to get Here's the Deal. <a href="http://www.newsobserver.com/heresthedeal/" target="_blank">You can sign up here</a>.</p></div>
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Know an outdoorsman (or woman)?
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<div class="field-item"><p>Outdoor superstore Cabela's is offering $20 off orders of $100 or more on its Web site through midnight on Dec. 8 (Monday). Of course, there's always a catch. To get the deal, you need to give up your e-mail address. And by entering your e-mail, you will be signing up for the Cabela's e-newsletter. But it's still a good deal and probably worth it, especially if you are shopping for an outdoorsman or woman. <a href="http://information.cabelas.com/cabelasrebates/offer.jsp?cmCat=email&cm_cat=3964&cm_ven=email-nl&cm_pla=HA-0100&cm_ite=offer.jsp&eid=8451667&cmp=I081203A&seg=AN1&cnt=3964&ctb=offer" target="_blank">Check out the details here</a>.</p></div>
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Wednesday deals...
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<p><img src="/sites/projects.newsobserver.com/files/images/coupon%20cart-sm.jpg" alt="" hspace="7" vspace="7" width="106" height="160" align="left" />Well, it?s a mighty fine deals week out there! The pharmacies are busy promoting holiday sales, and Harris Teeter has gone all out to promote its latest initiative involving lower prices on several store brand products and an expanded Unreal Deals selection. There are good deals this week on razors, candy and medications, and there are a few good ones that make the item free after rebate or coupon or both.<br /> <br /> And don?t miss the special Walgreens flier in today?s paper, which has a coupon to get $5 in Register Rewards (good like a $5 bill on a future Walgreens purchase) when you spend $25.<br /> <br /> Happy shopping!!<br /> <strong><br /> Deal of the week</strong>: At Harris Teeter this week, Fiber One toaster pastries are three for $5 and there was a 70-cent coupon on Nov. 16. That will double and make those 27 cents a box.<br /> <br /> Click ?Read more? to see the list! And remember, if the store has a loyalty card, you?ll need it to get the sale price. </p> <div class="node-blog-teaser-footer">
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Galleries staying open late...
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<div class="field-item"><p>If you're a fan of Raleigh's First Friday events, you'll be happy to know that 10 downtown art galleries have declared every Friday in December First Friday and are planning to stay open late for shoppers. Dates include Dec. 5, 12 and 19.</p><p>Most galleries will be open until 9 p.m. Participating galleries include:<br /><br /><strong>Adam Cave Fine Art</strong> - (<a href="http://www.adamcavefineart.com" target="_blank">Web site</a>)<br /><strong>Artspace</strong> - (<a href="http://www.artspacenc.org" target="_blank">Web site</a>)<br /><strong>The Collectors Gallery</strong> - (<a href="http://www.thecollectorsgallery.com" target="_blank">Web site</a>)<br /><strong>Flanders 311</strong> - (<a href="http://www.flandersartgallery.com" target="_blank">Web site</a>)<br /><strong>Lee Hansley Gallery</strong> - (<a href="http://www.leehansleygallery.com" target="_blank">Web site)</a><br /><strong>Lump</strong> - (<a href="http://www.lumpgallery.com" target="_blank">Web site</a>)<br /><strong>M Street Gallery - (<a href="http://www.mstreetgallery.net" target="_blank">Web site</a>)<br />Nicole's Studio & Gallery</strong> - (<a href="http://www.nicolestudio.com" target="_blank">Web site</a>)<br /><strong>Rebus Works</strong> - (<a href="http://www.rebusworks.us" target="_blank">Web site</a>)<br /><strong>Visual Art Exchange</strong> - (<a href="http://www.visualartexchange.org" target="_blank">Web site</a>)</p></div>
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What are people searching for?
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<div class="field-item"><p>Google has created a fun Web site that shows what the top 10 searches are in certain categories, including toys, food and cold weather clothes. I totally enjoy the fact that "ugly christmas sweater" made the list. You can <a href="http://www.google.com/landing/holidayshopping08/gifts.html" target="_blank">check it out here</a>. </p></div>
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Saving online...
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<div class="field-item"><p>If you like surfing the Web for online coupon codes, you might like <a href="http://www.nytimes.com/2008/11/27/technology/internet/27coupon.html?_r=1&adxnnl=1&emc=eta1&adxnnlx=1228238295-1lXLq8ojvpQ7iAzAS68uBA" target="_blank">this New York Times story</a> on the topic. The story lists several Web sites, including a few of my favorites. Share your favorites if they're not included! </p></div>
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Cashing in your points...
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<div class="field-item"><p>I got an interesting press release this weekend from American Express about how more consumers are using their credit card rewards points for holiday purchases this year. I'm particularly interested in this because I've found a lot of people will just sit on piles and piles of points because they don't know how to redeem them or they are waiting to make some huge purchase in the future.</p><p>What are you doing? Have you redeemed points this year, and what did you buy? Or, are you saving up 10,000 points for some big-ticket item? </p></div>
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Determining the level of risk you are willing to undertake will keep you focused when developing your plan.
Research is another power tool in the successful stock trader’s arsenal. These traders utilize stock charts, press releases, news articles, and other sources to detect trends in various industries as well as to make individual stock predictions. They also do not make their decisions based on biases. Make sure that you are relying on solid financials, from a reputable source.
Successful investors stay smart by being aware of the scams that abound on the net. From bogus stock purchase programs to promises of doubling or triple didgit returns, there are always dishonest people willing to use the allure of huge profits against you. Don’t get scammed out of your hard-earned money. Make sure to avoid any site selling or relating to high yield investment plans, or ”HYIP” for short. If it seems too good to be true, it most likely is.
Finally, understand and being able to utilize current technologies that will help your bottom line in the game. New online software and systems can give your strategy a boost. If you refuse to learn how to use this technology and availability of information, you are undercutting the profits you stand to make. You could buy many courses and still be ahead if you found just one that enables you to multiply your profits and become a successful trader. Keep in mind that the ones that don’t work for you will most likely have a money back guarantee.
Lastly, making investment decisions based on emotions is one of the poorest decisions a trader can make. Don’t let the emotions surrounding a loss keep you out of the game. If you are truly interested in investing to make a profit, suspending your emotions and making fact-based decisions that follow along with your set plan. If you don’t stick to your plan, then how can you determine whether it was faulty and a new plan should be formed?
***** Publishing guidelines (Publisher, delete before using this article): Make sure when using this article that the about the author resource information is included and the related links are working (clickable). *****
Jeff Fairchild is the publisher of the following website containing system reviews. Marketclub Software: http://www.best-stock-trading-systems.com/marketclub_review.html For Beginners Ebook: http://www.best-stock-trading-systems.com/trading_for_beginners_review.html
