Money Tips for Tomorrow

One of the worst things you can do during stock trading is listening to everybody "talk around the water cooler" or listen to somebody who has an "insight" to a stock. If you listen to this kind of talk you are the last one to know! Most of the time I hear this at work. I laugh and try not to talk stocks (or money for that matter) with these people. They just don't get it! Where do you think they heard the news from? The paper? Radio? TV? Internet? Guess what! It's too late! Either the stock they are talking about has either already shot up or bottomed out. The most important thing you can do is do your own research. Find somebody who does as much research as you do! The stock market is to big to research all of the stocks out there. I have a guy I talk stocks with everyday and he lives on the other side of the country. He shares his research and I share mine. He warns me when I'm in too risky of a stock and I try to do the same. I spend a lot of time doing research and reading about the companies before I buy in. Just today I bought a stock to a company that I knew wasn't going anywhere. I made my 20% in the first hour and got out. I did research on another comany and missed out on its 46% because I didn't follow my instincts (I did share the stock with my buddy though). What I'm trying to get at is avoiding the "wannabe" traders who only repeat what they hear and do little or no research of their own.