Stop Trying to Get Rich Quick and Update Your Investing Strategy Instead

On any given day in the market, there's a decent chance that a small handful of stocks will either skyrocket or plummet. On those days, investors who had been positioned correctly before the move can see tremendous returns. That makes it very tempting to try and seek out such opportunities before they happen. After all, if you're successful at it, you could turn a little bit of money into a decent nest egg in almost no time at all.

The problem is that those moves are easier to identify after they happen than before they do. Get it wrong, and your nest egg will evaporate instead of grow. Chase after that performance, and you're likely to wind up burned and broke. The market can be a tremendous wealth generating device, but it can also burn you if you're not careful. So stop trying to "get rich quick," and update your investing strategy instead. The five steps that follow outline a much better way to invest your money.

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Source Fool.com