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What Are Investment Plans?
A personal investment plan is a document that defines the investor's strategic financial goals and methods for achieving them. This is an individual investment path that can be adjusted and corrected in the process of achieving goals.
Go through the following steps to make up your investment plan:
• Define your goals. What is your investment goal? An investment plan should have a global goal as well as local and intermediate ones. Intermediate targets are needed to control and analyse the results. The strategic goal is achieved in stages, and at each stage, you should ask yourself if everything is going according to plan. Do you need to change or adjust anything? Goals can mean reaching a certain level of profitability, gaining experience, etc.
• Determine the time horizon. What is your time horizon? You need to understand when your goal will
be achieved, whether it is long-term or short-term.
• Assess your current financial situation. What tools will you use? What strategies will you employ? What start-up capital do you need to achieve the goal?
• Determine your risk tolerance. What are the potential risks and how do you reduce them? The investment plan should consider possible roadblocks and ways to solve them, as well as actions in case of force majeure. If you need to, you can supplement and change the structure of your investment plan.
How to Make Your Personal Investment Plan?
A personal investment plan is a kind of road map that includes several points:
• Various combinations of risk management techniques allow you to predict an unpleasant situation, avoid it, or exit with minimal losses. It is not necessary to strictly follow established or classical rules; the risk can be justified. It is important to be flexible and understand possible consequences.
• In the event of a deviation from the planned strategy or target reevaluation, you should develop an extended plan. In theory, you should test a strategy on a demo account before launching it in real trading. Most trading platforms have built-in testers. If the actual result is different from the testing statistics, you should decide what to do next. For example, you can exit the market, optimize the strategy or rebalance your portfolio.
• Reliable sources of information.
• Behavioral strategies in different emotional states, ways to control your emotions.
All these points are obvious, although many people ignore them. A lack of a plan becomes a reason for mistakes made because of poor self-management and panic.
Understand Your Current Financial Situation
Financial targets must be real. If the average yield on financial indexes is 50% per annum and you want to earn 50,000 EUR over the same period, your deposit should be no less than 100,000 EUR. You should also understand that the actual return could be less or that your forex trading investment will yield a loss. Invest only money that you can afford to lose without suffering.
Decide What To Invest In
In addition to the classic options (bank deposits, gold, mutual funds, real estate), there are also exchange and over-the-counter markets. Exchange market assets: stocks, bonds, ETFs, futures for oil, gold, currencies, etc. The disadvantage of trading these assets is the high entry threshold and exchange fees.
In over-the-counter markets, CFDs, or contracts for difference, are traded. For example,
• Major currency pairs, ones that include the EUR. For instance, EURUSD, EURJPY, EURGBP, and so on.
• Commodities, such as oil, gold, and other precious metals.
• Stock assets, US stock indexes, European indices, and stocks of the world’s companies, including blue chips.
• Cryptocurrencies