Notice the thoughts you have about your money.  If they are negative, think about how your life may change if you are kinder to yourself. It’s possible to change your thoughts to have a positive outlook on wealth.

Write down your money goal for inspiration. Decide you will develop a new financial plan. Create your plan with short and long-term goals.  Take simple action steps that will not overwhelm you. You don’t need all the answers right now to get started. However, you want to begin making some changes.

The first step is to make financial security a priority.  Start saving and investing as early as you can. The next step is to have your money working for you. You can do this by opening an account to invest in the stock market.

Although stocks are riskier than keeping money in a savings account with a fixed yield, they have historically had higher returns that beat inflation, thereby making it easier for you to grow your wealth. Building a strong foundation that includes the stock market opens doors to financial opportunity because you are creating an additional source of income that compounds over time. Once you start investing, your money will be working for you.

It’s not necessary to invest all your assets. You can start with a few hundred dollars that will add up over time. When you begin investing, take time to learn the basics. As your knowledge expands and your skills improve, you will feel more comfortable and confident investing. As you gain confidence and you have extra cash, then increase your investment.  Start by using these seven keys listed below to develop your trading plan.

Seven Keys to Develop Your Investing Trading Plan

1. Invest by diversifying your investments into a broad mix of stocks and bonds. Don’t put all of your money in stocks.  Use Exchange Traded Funds (ETFs) or mutual funds where they pool together a basket of stocks or bonds to diversify your portfolio and manage your risk.
2. Don’t have more money invested in the stock market than what you are comfortable investing in. If you are worried or find yourself not sleeping at night, then you are too invested. Begin reducing your investments in small increments.
3. Develop entry and exit trading rules that are simple for you to follow and then write them in a notebook to review later.
4. Own investments that are flexible where you can make a change to reduce your risk.
5. Create a watch list checklist for new potential trades you may initiate. The market moves quickly. You want to be prepared with levels in advance of potential entry and exit points, so you will be ready to take advantage of opportunities that may occur without hesitation.
6. Review your trades that you have done, both winners and losers, going over your performance to see if your trading plan is working well.
7. Manage your risk by avoiding taking large losses on your investments. Remember, small losses are the best losses you can have.

Avoid focusing on the past experiences that may have set you back from achieving your financial goals. Focus on the lessons you learned that turned out OK. Remember how you found ways to overcome your challenges so that you can move toward the future.

Have your money working for you by investing in the stock market, an excellent way to grow your wealth over time.  Set yourself up for success starting where you are right now, by developing your trading plan toward growing your wealth.

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Bonnie S. Gortler

Bonnie Gortler, Consultant, Coach, and Author specializing in Wealth and Well-Being, is a successful stock market expert who has been instrumental in managing multi-million-dollar client portfolios within a top-rated investment firm during her over 35-year corporate career. As the author of “Journey to Wealth,” Bonnie has made it her mission to share the importance of risk management and how to enjoy real financial well-being by applying the technical and mental sides of investing. Bonnie has an M.B.A. and is a certified life coach. It is through her love of coaching, consulting, blogging, and social media that she creates change in the lives of many and inspires people from around the world. Bonnie is fully committed to your personal growth and development as she shares her winning spirit and powerful techniques with you. Visit BonnieGortler.com to gain tips and insights about investing, personal development, and inspiration through her articles on Wealth and Well-Being.
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