Want to become a stock market millionaire? Here's ONE thing you should do

Fortunes have been made is a variety of stock market conditions. Some have benefitted from a tech bubble, while others have seen the value of their investments rise due to commodity price increases. Meanwhile, recovery from the financial crisis in a variety of sectors has also boosted the valuations of a wide range of investor portfolios.

However, the common theme for a large proportion of investors who have enjoyed success in the stock market is time. Whatever the investment strategy or market conditions, moving in a slow and measured fashion could increase your chances of making a million.

Buying shares

Buying shares slowly might sound like a strange idea in the ultra-fast, technology-led world in which we now live. Buying them is an exceptionally fast process today, it being possible to do so at the click of a mouse button.

However, purchasing shares is the final act in a process which should be just as detailed as it always has been. In other words, taking the time to undertake sufficient research about a particular stock or industry should be a cornerstone of all investment strategies. Fortunately, information that can help to achieve this is free and widely available online. As a result, gaining the required level of knowledge about a stock in order to make an informed decision is very achievable.

Similarly, the idea that buying shares must be done whenever a particular stock appears to offer upside potential may not be a worthwhile strategy. Market conditions may not be all that appealing, for example. As such, taking your time to find the best moments to buy in terms of waiting for a downturn in the wider market, or a difficult period for a high-quality stock, could lead to a wide margin of safety and higher potential returns.

Selling shares

Just as buying shares slowly is likely to improve your overall returns, holding shares for long periods can also be helpful. In many cases, investors look to sell their winners in order to bank profit, when in reality it can take time for a stock to fulfil its potential.

As ever, changes made to strategy or an undervaluation can lead to sustained capital growth over a long period. Therefore, allowing portfolio holdings the time they need to maximise their returns could be beneficial to a portfolio's overall performance. After all, the business world still moves relatively slowly. Changes made to a company's strategy can take many years to have their full impact, and investors who can hold for a lengthy period are the ones most likely to benefit.

Takeaway

The idea that moving slowly could improve your chances of making a million may sound unlikely. After all, as mentioned, the stock market seems to move quicker than ever these days. But by adopting a measured approach that ignores short-term 'noise' and instead focuses on long-term value could be a sound place for all investors to start. Certainly, making a million won't be easy. But in time it may be more achievable than many investors realise.

You Really Could Make A Million

Of course, picking the right shares and the strategy to be successful in the stock market isn't easy. But you can get ahead of the herd by reading the Motley Fool's FREE guide, "10 Steps To Making A Million In The Market".

The Motley Fool's experts show how a seven-figure-sum stock portfolio is within the reach of many ordinary investors in this straightforward step-by-step guide. There are no strings attached, simply click here for your free copy.

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