With the New Year right around the corner, it is that time of the year when most of the people make resolutions for the year 2019. Millions of people make resolutions to shed extra kilos by hitting the gym, eat healthily and quit bad habits. These things no doubt will go a long way in improving your physical fitness but have you thought about looking after financial fitness? The start of the New Year is also the perfect opportunity to make investment resolutions and create wealth.
“Cheers to a new year and another chance for us to get it right” – Oprah Winfrey.
The above quote by the famous American media executive, actress, and philanthropist holds a special meaning for all those people who want to get their investments or finances into the better shape. However, the main question that crops out here is how do you actually start the process of creating wealth and chase your dreams in the New Year 2019.
If you are a stock market investor, then keeping a tab on your investments is of utmost priority for getting the better returns. It does not matter at all whether you are an experienced investor or a beginner, the start of the New Year is altogether a perfect time to make stock market resolutions 2019 and take better-investing decisions.
Stock Market 2019 Resolutions for the Investors
Here are some of the prominent New Year resolutions for 2019 that every investor may consider to achieve their financial objectives:
- Research Before Making an Investment: Investing in the stock market can be quite a challenging experience, especially if you are a first-time investor. All the market charts, jargon stock market terms and the stories of people losing their hard-earned money due to a bad decision or market crash could scare you off. However, you are not required to be expert research or financial analyst to understand the stock market investment. Your investing resolutions for 2019 must be to research the company and fundamentals of the stocks before investing in the stock market so that you can take the better decisions.
- Use Stop Loss Intelligently: Most of the investors fail to gain profits from their investments because of not using the stop-loss option effectively. If you are hearing the term ‘Stop Loss’ for the first time, then it is important to note that it is not rocket science and if applied intelligently, then you can book profits quite easily. Stop loss is basically an automatic order, which is placed by an investor or trader with the broker. Here, the broker is instructed by the investor to sell a share when it reaches a specified price limit. In simple terms, the trader can decide upon the rate at which the deal must be closed automatically to minimize losses in the stock market. Hence, using the stop-loss option in the New Year 2019 in the right manner can really turn out to be quite beneficial for the individuals trading in the stock market. For the beginners, it may be quite challenging to understand but by seeking the help of the expert financial advisors you can not experience any issues and maximize your profits.
- Take Advice from SEBI Registered Advisors: Many people don’t know from where to start in the stock market and end up taking hasty or wrong investment decisions. You must stay away from the fake advisors because their advice will take you nowhere. If you are taking advice from your friends, then it is important to note that their financial priorities are different than yours. This is where they commit a big mistake and suffer huge losses. Your New Year resolution for stock market must be to only seek the valuable stock market investing advice from the Securities and Exchange Board of India (SEBI) as they are knowledgeable and professional in their field. Their expert advice will help in taking the right trading or investing decisions and help you reach your financial goals hassle-free.
- Go for a Portfolio Diversification: It is time that in the New Year, you must diversify your portfolio. If you have one or two shares of the same company in your investment portfolio, then you can think upon diversifying it by adding new shares of different sectors. This can prove to be extremely beneficial for you. If a particular stock is not performing well, then you are not required to take any stress as your losses can be rebalanced if the share of a different sector has performed exceedingly well.
- Learn from your Investment Decisions: Your foremost 2019 New Year stock market resolution must be to learn from the stock market investment mistakes that you committed in the year 2018. Do not commit the same investing mistakes like purchasing shares without any research, buying or selling on the advice of your friends and so on. It is important that you must just analyze your investment decisions. For instance, if you suffered any financial loss, then make sure that you do not repeat it again next year. Similarly, if you have achieved profits by investing in a particular share or followed any strategy, then ensure that you carry out the same in 2019 also. From the next year, just make it a habit of studying about the company first or carrying out the proper stock analysis before you take any investment decision. It is better to put your money in the bank than taking any hasty decision and suffering losses.
Final Thoughts: –
People generally have the habit of forgetting their New Year resolutions after the celebrations. As a smart or intelligent investor, you must not forget your stock market resolution 2019 and must show tremendous discipline to achieve your financial goals. The resolutions for the stock market that you set will no doubt provide you with a perfect platform for the investing success. Make an action plan and stick to it. Make 2019 your best year in terms of making the stock market investment and growing your money.
Happy investing and have a profitable New Year 2019.
Note: All information & data provided in this article is for the educational purpose as well as to give general information on the finance & economy, not to provide any professional advice or service. Views & opinions are not biased against the company and do not affect any official policy or any other agency, an organization within the content.