NO ONE cares more about your money than you do, so take charge of your own finances. This will mean setting aside time to learn the inner workings of the financial world so you'll know how to use it to your advantage, said financial trainer Milan Doshi.
He said investing should not be an emotional play. Its the reason people lose money in stocks. They buy into counters with a cool head but hold or sell with their emotions or heart.
Getting the approach right starts with cultivating the right mindset.
Milan said he had been able to make 20%-30% per annum from the stock market with minimal risks regardless of market conditions. He felt anyone else could too, with the mental tune-up and practical steps he outlined.
Milan advocated investing in only the best companies in any sector.
Dont waste time and energy looking for something better, he said, adding that even small-time retail investors could get in on the act since lots had been standardised at 100 shares.
Milan argued that 95% of profits would be derived from less than 5% of your trade, and that came during times of crisis. Trade as and when the opportunities arise because buy and hold has largely become redundant in these volatile times, he claimed.
So, be well prepared. Stash aside the bulk of investable funds in an overdraft account and use it to grab beaten-down stocks of well-managed companies. Risks and opportunities are, after all, two sides of the same coin.
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