Can You Still Make A Fortune In The Stock Market?

In the 1990’s it was pretty easy to make a fortune trading the stock market.  It seemed that everything was constantly going up, with no down in site.  Still, there were a lot of people that lost a fortune in the stock market.  

Even when the market was shooting for the sky, if you did not know what you were doing, you could lose your shirt.  Now, it is even easier to lose your shirt, the market is like a giant roller coaster.  This is why it is important to have a few key things before you start trading the stock market.  

First you need a strong stomach.  The stock market is not for cowards or wimps.  It will chew you up and spit you out if you let it, so get ready for the wild ride.  

Second, you need a good trading system.  You will notice I did not say perfect trading system; you just need a good system and you need to master it.  If you spend all your time searching for the perfect system, you will never get any trades in, and you will never master the system you have.  Become familiar with your system, if it is based on good logic, it should win about 80 to 85 percent of the time.  

Third, do not get greedy.  Remember the old saying, bears get rich, bulls get rich, pigs get slaughtered.  Depending on your system, make small trades and cut your loses.  If you are losing, get out.  If you are making money, get ready to get out.  Never make a trade that you do not know when you are going to get out.  

Fourth, stick to your rules.  If you keep changing the rules or ignoring them, you will lose.  Then you will think your system is a piece of junk, when in reality, it is your fault because you ignored the trading rules.  

Fifth, there is another bus leaving in five minutes.  If you set up a trade and you do not make it, do not chase it.  There is no faster way to lose money than chasing a trade.  Forget it and move on, because there will be another great trade coming down the pike soon.  

It is still possible to make a fortune in the stock market, but you need to pay attention to what you are doing.  Following these simple rules may not help you make a fortune in the stock market, but they will help keep you from losing a fortune.