Making Your First Million.pdf - Association of Net Entrepreneurs and ...

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Making Your First Million particular share are created by complex variables such as mob psychology, marketing push, takeover rumors, company earnings, write-offs and so on. The underlying factors are greed and fear. Greed pushes up the price. Fear induces the flight to cash and profittaking. To make money you simply need to out-think the game. Understand the underlying principles of the share market and you are positioned to make money. Plan long term. Ignore the fears of the mob. Think for yourself. Understand that the share market reflects the commercial health of the country. Long term it rises and outpaces most other investments including real estate. Shares are more liquid than property and you can sell them in small parcels. Examine each company carefully. Look at its management, its USP, its prospects in the light of current trends. Seek advice from successful traders and develop your own judgement. Look for companies which are undervalued but, in your judgement, will experience improving sales and market conditions. At present, for example, we see a great rush to the telecommunications industry. All the big players are represented, Telstra, Optus, AAPT. A year after floating, Telstra shares had doubled in value, and they continue to rise. Optus has completed its investment phase in cable laying and should soon start to pay dividends. Key smaller players such as One.Tel have attracted take-over interest from Packer and Murdoch. Vodaphone look set to float this year. A definite must-have. We stand at the edge of a telecommunications explosion. We can join the rush or we can look for strategic investments in presently undervalued companies that service the big players or companies with emerging technologies such as satellite phones. The key is knowledge. Develop it yourself and avoid the urgers and spruikers operating from self-interest. The world's most successful share market trader, Warren Buffett, simply reads as much as he can about a company from newspapers, magazines and company reports, makes a decision based on his own opinion, buys and holds. A good company is good for a long time. If you've made a sound investment decision, allow time and synergy to compound its value. Choose a company with good management and they will work for you. Understand also, that the market is cyclical but its overall trend is up. We are heading for a market correction with Wall Street trading on an average 28 times P/E and uncertainty over the Y2K effect, so keep your head. Play long term. Don't be swept along with the mob. Use them. Understand mob psychology. The majority of trades are less than 24 hours old. Short term there are no rules. Short term you're in there taking a profit, selling too soon, essentially gambling. Playing the market short term it's easy to make money but hard to keep it. Short term players start every third sentence with "If only . . ." SiteSelling.com 134
Making Your First Million You can make a living out of daily share trading but it will become a full-time business and will take over your life. The most successful traders adopt the Buffett approach, putting in all the worry and effort before buying and allowing their judgement to ride the full course. SiteSelling.com 135
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