In today’s Money Morning… that’s why you need an investment strategy… the magnetic man… adding tools to your toolbox… and more…
It’s something that every investor needs, but few truly follow.
Sure, most people may say they have an investing strategy, but it doesn’t mean they necessarily follow it. Especially when it comes to making objective decisions, or the ‘tough choices’.
Every investor who actively manages their own money is going to face these decisions at some point. And trying to take away your emotions and other biases isn’t always easy.
That’s why you need a strategy.
A plan that you can abide by and stick with.
No matter what the market might throw at you.
Because a strategy is like a good foundation. Without it, you’ll have no chance of generating the kind of wealth you desire.
You need to lay the groundwork before you can achieve your goals.
So, if you’re looking to make some serious money right now, or next year, or even sometime in the future — devising a strategy is what you need to do today…
The magnetic man
If you’ve been following our updates this week, you’ll hopefully be well acquainted with Murray Dawes. The man behind the ‘Magnetic Trader’ workshop.
Murray has spent years developing and honing his craft. Devoting himself to becoming an expert trader with a rock-solid strategy. A strategy that he has quite generously been sharing with you, the readers.
Just in case you missed them, you still have time to catch up. With each of his essays and guides still available to read right here, via these links:
I highly encourage you to read them — whether you’re interested in trading or not. Because Murray’s insights are invaluable for building an effective strategy.
But I don’t need to tell you that. You can hear it from the Murray himself in his fourth and final essay, right here.
Granted, Murray and I both know it may not be everyone’s cup of tea either.
As much as Murray makes it as easy as possible to digest, he does rely on technical analysis. Something that can put people off. Whether it be because of difficulty to comprehend, or scepticism over its merits.
If that sounds like something you might be inclined to, then I definitely think you should read these essays.
Not because I’m implying that they will change your mind — but because it is precisely what an effective strategy looks like.
Adding tools to your toolbox
So, with all of this said, how should you decide on an investing strategy that is right for you?
That is the ultimate question. One that has no single, universal answer.
Instead, deciding on a strategy is something only you, and you alone can make. Drawing on many different views, insights, or skills.
In many ways, you need to think of a strategy like a toolbox. Something that should contain the right equipment for the right job. Because if you pull out a wrench to hammer in a nail, you probably aren’t going to get the result you’re looking for…
It’s the same principle for investing.
You need to be equipped to handle whatever the market might throw at you.
By learning about different techniques — like Murray’s Magnetic Trading — you are simply adding more tools to your toolbox. Giving you a much better chance at achieving your investing goals.
Plus, even if you believe you’ll never use these tools, they can still be useful. Providing the reassurance that they are readily available should you ever need them. Or, simply giving you a better understanding of how to make the most out of the tools you do rely upon.
So, I’ll say it again — if you haven’t already, start thinking about an investing strategy. No matter when, how, or why you plan to invest.
And if you’re looking for a good place to start — Murray’s Magnetic Trader workshop is the perfect introduction.
Editor, Money Morning
Ryan is also the Editor of Australian Small-Cap Investigator, a stock tipping newsletter that hunts down promising small-cap stocks. For information on how to subscribe and see what Ryan’s telling subscribers right now, click here.