New Year's Resolutions

Well, that time of year is upon us where everyone starts making resolutions to lose weight, get a better job, blah, blah...While there is nothing wrong with resolutions you are more apt to meet them if you lay out a specific goal and little steps to acheive that goal. So, what does this have to do with penny stocks or investing? I'm sure that many of you have a resolution/goal to become a better investor or trader in 2008, which is admirable. I would suggest getting a plan and figure out what you need to do to meet the goal. Some steps I would suggest are:

1) Look back at your trades in 2007 and see if there are any trends. Did you get out of trades too early? Did you add to losing positions? Were you stopped out on a regular basis? Once you determine this you can start formulating a plan

2) Create a trading plan. A great book for assisting with this task is Rules of the Trade.

• Determine what type of stocks you will trade
• Detemine rules for entry and exit
• Start a trading log

3) Educate yourself on the type of trading you are doing. Buy some books and read them.

4) Subscribe to newsletters. However, don't follow the advice blindly. Take the recommendations and due you own due diligence to determine if the trade meets your risk parameters, etc.

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