Even though the stock market can be a place of uncertainty There are tried-and-tested strategies that will improve your odds of achieving long-term success.

Investors should first determine their financial goals. For example saving for retirement, purchasing an apartment, or financing the education of your children. This will allow them to decide how much money they should invest and what kind of investments best suit their situation.

It’s also recommended to put a priority on having an emergency fund in place and paying off high-interest debt prior to investing in the market. If you do have money to invest in the market, start with a small amount and gradually increase your investments as you gain experience.

Keady explains that one of the most common mistakes made by beginners is to try to time the market. Keady claims that no one can tell when the right time to invest.

If you’re just starting out, it’s a good idea to focus on stocks in companies that you understand. Peter Lynch, the legendary Fidelity Magellan Fund manager, once said that you have more chance of success if you invest in companies with a proven track record and a strong growth prospect.

It’s recommended to stay away from websites and advertisements that promote sure-thing stocks. They are usually part of an alleged pump and dump scheme where unscrupulous individuals purchase buckets of shares of a thinly-traded company to push prices up, then sell their shares for their own benefit.

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