2024: The Year We Take Action

2023 is winding to a close. And while you may be planning a wild evening to usher in the New Year, my wife and I are getting ready for our longstanding annual ritual: At 6 p.m. every New Year’s Eve, we sit by the fire, have some wine, and review our accomplishments for the year... […] You're receiving this email as part of your subscription to Michael Robinson’s Trend Trader Daily [Unsubscribe](. [Trend Trader Daily] 2024: The Year We Take Action December 05, 2023 2023 is winding to a close. And while you may be planning a wild evening to usher in the New Year, my wife and I are getting ready for our longstanding annual ritual: At 6 p.m. every New Year’s Eve, we sit by the fire, have some wine, and review our accomplishments for the year... Then we look ahead and draft what we call our “Investment Action Plan.” You see, without a written plan, it’s easy to fall prey to all the alarming headlines. That’s why I want to show you how to write your own market-crushing investment plan — one that will set you up for a profitable 2024. Block Out the Noise Media headlines in 2024 are likely to be negative and alarmist. Don’t get me wrong. I know we face challenges — we always have. But speaking as someone with forty years of experience analyzing and investing in the markets, it’s much easier to ignore these headlines — all the noise — if you have a written plan, one you can come back to time and again for guidance. Without this plan, investors become susceptible to panic-selling and greed-centric buying, based solely on Wall Street’s hype machine. But not us... Not in 2024. A Map for Your Financial Journey When it comes to drafting an action plan, I once again speak from experience. When my wife and I married nearly thirty years ago, I started writing down our general plans each year, including our financial and investing goals. And each New Year’s Eve, we pour a nice glass of wine, sit by the fire, and review the plan to mark our successes and identify areas for improvement. Then, before heading out for dinner, we set up a new action plan that we’ll review in a year’s time. What began as a fun little ritual has turned into a positive financial habit, the kind that can help you attain financial freedom, no matter what the market throws your way. Think of this plan as a kind of map. And keep in mind that, on any journey, using a map means you’re more likely to arrive at your intended destination safely, and on time. There’s a simple reason an investment plan breeds success: just creating one — and being honest about your goals, notions about risk, and how much capital you have to work with — dramatically increases the odds of your success. All that said, let’s run through what your investment action plan for 2024 (and beyond) may look like... Let’s Get Planning To start, you’ll need to: Summarize Your Goals and Objectives This section is critical, because your goals — how much money you’ll need and when you’ll need it by — influence every other part of your plan. You might begin with a statement like, “I want to retire in twenty years, and I know I’ll need a net worth of at least two million dollars to make it happen.” Your objectives might include near-term goals like saving for a home, or your child’s college education, and some longer-term goals like buying a vacation home or traveling abroad. Next, you’ll need to... Assess Your Feelings About Risk Be honest about your risk tolerance. After all, the greatest investment plan in the world won’t work if you don’t stick to it. If volatility freaks you out, lean towards investments that offer high average annual gains without the wild swings that are common with individual stocks. Exchange-traded funds, or ETFs, are a good option here. From here, you’ll need to... Draw a Map Goals are great. But you need to figure out how you’ll attain them. You need to identify how much you’ll be putting away today, tomorrow, and next year to stay on track. Be sure to take advantage of all your options — for example, your employer might offer a company “match” through its 401 (k). That’s free money you don’t want to pass up. Finally, make sure you... Start Now Regardless of the details of your plan, make sure you start in 2024. This could be as simple as a specific goal or action, such as “I’m going to invest in quality technology stocks this year, ones with the potential to double my investment in less than five years.” Additionally, ensure you identify other aspects of your plan, such as making better use of stop-losses to protect your profit potential, or setting a target return for your portfolio (e.g., “I want to achieve double the returns of the S&P 500!). The Path to Financial Freedom Let me be candid. If this sounds like a lot of work, it is. After all, we’re trying to achieve financial freedom, which, short of winning the lottery, doesn’t happen overnight. But these are the steps you can take to make 2024 your most profitable year yet. In fact, stick with me, because in an upcoming issue, I’ll unveil a few promising investment ideas for you. Stay tuned! Cheers and Good Investing, [Michael Robinson] Michael Robinson Chief Investment Officer Trend Trader Daily   Copyright © Trend Trader Daily, All rights reserved. You signed up on []( Our mailing address is: Trend Trader Daily 1125 N. Charles Street Baltimore, Maryland 21201 [Update Subscription Preferences]( | [Unsubscribe from this list]( RISK NOTICE: All investing comes with risk. That includes the investments teased in this letter. You should never invest more than you can afford to lose. Please use this research for the purpose that it's intended — as research only. 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