Time to look back and make some promises to your self that you will not commit the mistakes, which you committed last year. Here are the few things that you can do in order to plan your future and make money in the coming year.

• Have a proper stoploss whenever you trade
• Get into the habit of revising stoploss
• Invest that much only which you can afford to lose
• Make sure that risk-reward is favourable
• Save money for bad times
• Don’t get into the habit of taking out cash from your credit card and investing it in stock market
• Don’t invest from borrowed money
• Before investing all your earnings based on someone’s recommendation always see how other’s recommendations work and understand their style
• Keep a track of your expenses and minimize them wherever you can
• Remember that stock market is a beautiful place to money provided you are disciplined.
• Above all, educate yourself.
• Diversify your investments among all asset class
• Be ready for unexpected emergencies and events that can create havoc in your life.

Be alert and try to keep yourself updated with regard to the events with regard to economy.

This entry was posted on Wednesday, December 31st, 2008 at 5:12 pm and is filed under Education. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.