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Tuesday, February 1, 2011

The Online Stock Trading Millionaire

So you've probably heard that 98% of millionaires increase or create their wealth investing in the stock market. Did you also hear that 80% of them started with nothing? All of a sudden stock trading may seem like the way to go and you're raring to understand what you need to embark on this riveting journey.

As you've learnt by now, with high rewards also comes high risk, but it's starting to strangely unsettle you to hear about studies showing that the number of millionaires in the world are hitting new records. All you want to know is, "what do they know about the stock market that I don't?"

With online stock trading a finger-click away, there is nothing stopping you now. You want a piece of the pie, or at least, to make a reasonable profit befitting a reasonable man. It's not quite the same as playing lotto, with fingers and legs crossed, a silent prayer to boot.

But firstly let me dispel an illusion; on most occasions stock market millionaires don't pop up by making a big win on a lucky draw. No, the stock market is not the same as gambling. It's become obvious to you by now that quite a bit of strategy is involved.

So finally it comes down to this; "how much research and study do I need to do to know where to invest? To know when to buy and when to sell?" Well there are 101 websites that promise to tell you that. Some actually mean what they say, and others say what they mean. It can get a little daunting, so let me break it down;

1. Attitude is everything. Isn't that where most people go wrong? Let me put this another way; you already know how 98% of millionaires increased their wealth. But how many of the total US population are millionaires? Out of just over 300 million, the 2009 estimate was 7.9 million millionaires. That's 0.025% people with the right "millionaire mind." All of a sudden 98% takes on a whole new perspective, doesn't it?

Actually, let's not go to point 2. There's lots more to say on attitude, because that's really what's going to decide it for you. Your attitude decides your dedication, your adaptability, your approach, your ability to make contacts, to draw people who feel compelled to help you. It even decides how well you follow your instincts, how astutely you keep your greed from clouding your judgment, and how brilliantly you use your research. Now let that not dissuade from the key element; the number of millionaires are growing! And you certainly can have a piece of the pie.

Why is attitude everything? In the stock market; timing is everything! It requires an alertness; the frame of mind that helps you understand how to best use the information of rising and falling trends. Because, reality check here - most people fail on the stock market. And nothing is going to help you more than having an intimate understanding of the alertness with which a millionaire invests.

By: Devon Knight
Devon Knight is the author of the http://www.bulletproofshield.com/safes blog and provides in depth details on choosing the best online stock trading check out the blog for reviews and money saving coupons.

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