Question by gameboyxp20: Do you need to have a business plan while trading or investing ?
Answer by bobby m
Not a “traditional” business plan like you’d have for a long term business, but there are some points you should ponder before jumping in the pits.
You need to decide whether you’re investing short term or long term. If you’re doing short term; make sure that your trade profits offset your transaction fees.
You need to do your due diligence. Investigate the companies you’re thinking of investing in. Don’t rely on just your brokers advice.
If you’re going long term, I’d still say the safest bet is a CD. Barring a depression and our govt going belly up (which should happen around noon on wed next week) your investment is a sure bet.
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