| | | I offer another idea for consideration.
This applies to me.
Try developing a money mind.
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Let us assume you are buying something - a product or service. You bought it for a specifc reason.
Train yourself to ask yourself, "Are other people buying it for the same reason? Did I buy it because I heard about it from other people and they like it recommend it? Will I be using this product for a long time? If it's a consumable, will I be buying the item again and again?
Train yourself to ask yourself, "Who makes this product or provides this service?" "Is the company, publicly traded?" Big step: Train yourself to check out each and every such stock.
I have done this, liked the results, and have gone past it.
Pretty much automatically, I now attempt to buy stock in any and every company whose products or services I use. In the back of my mind, I tell myself I will hold the stock, maybe just a few shares, as long as I do business with the company or use its product or service.
I'm on ZOOM. So I bought shares. At my local coffee shop, the young people running it have installed Square (SQ), a paying device for us customers. I've used it, like it, and so I bought shares. We're buying a new dishwasher: My wife selected a Whirlpool. I'm buying WHR. (Actually, this stock looks reasonable, unlike the previous two). I, like most other geezers, am getting the COVID vaccine: I bought stock in a basket of vac developing companies. I have an Audi: I have Volkswagen stock. (Wrong decision maybe: I shoulda bought a Tesla and so then that stock. Oh well.) Last July I mentioned I was buying stock in my favorite drink for exercise: CELH. It was way overpriced for a value stock at $22. Ridiculously so. Now that it seem to have become even more popular a drink, the stock's mid $60's. (I'm selling down to a miniscule few shares.)
You get the idea.
I'll make these points:
1. What helps me with these stocks is that I expect that overall I will do ok. I don't see how I can make anything but losses on ZOOM. No matter. I felt the same about CELH. I bet/hope that in this current market my winners will continue to outperform over my losers.
2. What helps the most has been time in the stocks. For example, as long as I am buying AAPL stuff, getting things from AMZN, etc. I intend to continue the course, holding on. Hoping I don't get scared out. |
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