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As with any dealing which involves money, usually there’s a hesitation. When there is a lack in hesitation, it usually means that one is assured of getting something in return after handing over the cash. This hesitation is in fact healthy and should be used prudently to govern one’s trading and the resources that fund it. The problem with hasty traders is that the moment they are convinced of a good tip off, they tend to get carried away, thus putting their hard-earned savings in jeopardy!
To curb such lack of rationale, it is absolutely crucial to establish limits. These limits come in the form of investment goals and objectives. For beginners, one is encouraged to have a “mission statement” in black and white. When investments go astray, having a “mission statement” allows traders to steer back to their original path. However, do refrain from writing an essay on an entire lifetime’s aims. A mission statement should be concise enough to help you recall your objectives but not so tedious as to make it another reading material set aside on the shelf.
As a general rule, adopt financial goals that are achievable. This is important; as each goal met will spur you on to achieve others. For instance, you may want to invest $10000 and set your sight on $50000 three years down the road. This translates to a 500% return on investment. If you were to achieve this goal before the 3-year period is up, feel free to revise and set your sights higher.
Next would be the strategy used to achieve those goals. Do take the effort to employ only tried and true investment methods to lessen the guessing game. One of the finer points in having a strategy is the discipline of using only risk capital. Risk capital is money that you can afford to lose without affecting the necessities of your livelihood such as food, rent and utilities. For example, taking 20-30% out from monthly savings of $1000 is reasonable for investment purposes.
In order for a mission statement to help you accomplish your goals, it must contain at least some of the points mentioned as follows
- Target Net Worth (your investment goal)
- Risk capital (this is inclusive of your initial investment capital)
- Timeframe (the length of time for your investment to mature)
- Effort (allocation of time per day used to achieve goal)
- Investment vehicle (as there are many forms of investment)
Last but not least is the reason (it could be anything from your dream holiday to financial freedom) to remind you that your risk-taking is worthwhile.
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