How to Avoid the Top 5 Pitfalls of Stock Trading in 2024 Stock trading can be a rewarding and exciting way to make money, but it also comes with many challenges and risks. As an up and coming stock trader who has had moderate success thus far, I want to share with you what I have learned from my own experience and from the advice of top investment bankers. In this blog, I will discuss the top 5 pitfalls of stock trading in 2024 and how to avoid them. Pitfall #1: Going All In on One Stock One of the biggest mistakes that traders make is putting all their eggs in one basket. No matter how much you like a company, never make it your only investment. As Graham Stephan, a personal finance enthusiast and investor, explains, there have been more than 28,000 companies traded on U.S. markets since 1950, and 78% of them aren't around anymore 1 . A golden rule of investing is to build a diversified portfolio. If your money is invested in various stocks, you're not reliant on any s...
R Richest Man in Babylon My #1 Book Recommendation If you have known me for some time and you ask about finances or what has helped me in the past to get better and my finances, then nine times out of ten I recommended reading The Richest Man in Babylon by George S. Clason. The reason for that is this book helped me get out of one of the moments in my life when I was broke broke and as John Legend said "Had to go to my moms house to make a phone call." Also the format of the book is in story form which helps teens and adults remember the concepts better. Here is a short summary of the principles in the book and I pray you find yourself at a 2nd hand bookstore or Amazon purchasing this book for you and your family. Set in ancient Babylon, it presents timeless principles of wealth accumulation through a series of engaging parables and stories. The book revolves around the character of Arkad, the richest man in Babylon, who shares his wisdom and financial acumen wi...