Wow the market really took a big shit today. I hope it feels better tomorrow. I don't think it liked what it had to eat Friday.
Dick Foster said:Well as a matter of fact yes I do. You should be looking into your future. How's that for advice?
Pick a stock where you understand what their business is and that seems to be well managed and one that has been around for a while. Buy their stock then promptly forget that you own it. (that bit is from Warren Buffet)
Don't go after some long shot, quick burn type of thing unless you're in on the inside and absolutely know what is going on. By inside I mean, like you're best buddies with the CEO, are an employee with some stock options etc. not that you know a stock broker who said that he said and so on or references some bullshit analyst report.
Always remember that no matter what the title on their business card says that brokers are brokers who make their commssions and their living on both sides of the trade no matter if you win or loose. It's always in their interest and it's there game for you to trade not for you to win.
Don't try to get rich quick or be too greedy because you are more likely to go broke very quickly if you do.
Invest don't trade unless you trade full time for a living. There is a difference, learn what the difference is.
If you scare easily, don't buy stocks, buy mutual funds or bonds instead. The equity market is no place for false bravery. The professional sharks feed on those folks and most of all on the greedy.
Above all time, patience and a steely constitution are your best friends.
Dick Foster said:I think I just said in effect not to be looking for the so called "HOT TIP". Just don't go there. That's a suckers game.
Yes, pay off the damn debt first or the interest will eat you alive. And don't do that kinda thing anymore. Hopefully you've learned that lesson. You can play the credit game but only if you are in control i.e. have the means to pay it all off at any time, that is control. In our society you must play the game a little in case you need it for something like buying a house or something but always remain in control. An example would be to use your credit for Christmas shopping then pay it all off in February.