Having an investing plan can be broken down into parts to help figure out exactly how to begin the stock buying process.
1. Objective – before buying into a company or purchasing an ETF consider your objectives. How much are you willing to pay. How much do you want to sell for or to stay until you feel you’ve earned enough.
2. Watch List Criteria – what to look for when purchasing stocks
3. Entry Rules – Analyze the stock’s time period between 6 months to 5 years to help you see the trends before committing.
4. Allocation – How much are you willing to buy. A good rule never buy more than 10% of a single stock in your portfolio.
5. Exit Rules – When to get out – set your limit to sell at 3% below what you bought this way you’re not sweating that you lost too much money!
6. Routines – weekly check on new stocks to buy. And always continue your education!
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