When the Economy Tips Stock Market Prices Down Don’t Panic
1. Know When To Fold Em – Kenny Rogers. Sell if the economy tips stock market prices down more than 7%. Sell if there is a lawsuit, management dispute or high level employees quitting.
2. Don’t Ever “Chase a Stock”. You miss your buy point so you keep trying to get your order filled as the price increases.
3. Never “Average Down”. If a stock is $50 and drops to $45 DON’T buy more shares. Average Up!
4. Buy high, Sell HIGHER!
5. Scared Money Never Wins – If you are trading your rent money kiss it goodbye.
6. Don’t Over Trade
7. Get Rich Quick = Get Poor Quick. Get Rich Quick is a gambler mentality. Trading is like becoming a doctor. It takes patience, practice, and diligence.
