I'm sure most investors' New Year's Resolutions can be summarised as wanting to make more money from the stock market. It's the decisions made on that investment journey which truly matter, and that should be the focus of any new strategy. Discipline is the key to success, in our opinion.

Knowing what to buy is only part of the process. How long to hold a stock is also an important consideration. Setting goals is vital to running a good investment portfolio. Anyone who buys a stock in the hope it achieves a significant event - be it a contract win, a licence achievement or positive drugs trial, for example - should always reappraise the investment case once a goal is achieved. This has to be at the top of every investor's 2015 strategy list.

Too often I've seen investors become obsessed with 'riding the winners' and not locking in profits once a goal is achieved. You have to be able to recognise the catalysts that will drive the shares to the next level. If that first goal is achieved, how long will it be until there's another big event? The market can be very fickle and lose interest in stocks once big news is out, so you should take the bold move and be prepared to lock in profits - at least taking some money off the table once your goal is achieved - to preserve wealth creation.

Bitter experience

I speak from personal experience, having bought a mining stock many years ago with the sole intention of holding the shares until it secured an operating permit for a big project. I thought the shares would rise on the news. This did happen but I didn't sell once the permit was issued. My focus shifted to the future in the hope that a mining stock with a licence would be a better investment than one without. Sadly, the shares soon drifted downwards and I ended up exiting with no profit at all.

This brings me to the next 'New Year's Resolution' - not getting emotionally attached to a stock. You just have to look at Twitter or internet bulletin boards to see so many people arguing in defence of certain companies - Quindell (QPP:AIM) and Sirius Minerals (SXX:AIM) spring immediately to mind - but being blind to obvious flaws in their business model, financial status or market position. That's a quick way to lose money.

You may argue that having a 'buy and hold' strategy means you don't have to be concerned about being too attached to a company, as you may not want to sell up any time soon. But I'd argue that all equity investments need some level of active management.

The next point for your 2015 checklist is to look for signs of change in a company's sector such as an external factor that could hurt its end market or change to the stock market's risk appetite which could see a shift in sentiment affecting your investment(s). The over-riding factor could be economic, political or related to competition. These principles are explored in more detail in this week's cover story which looks at the impact of major topics like the general election in the UK and oil prices on stocks.

Finally, you need to be comfortable with your investments. People's circumstances can easily change overnight so don't be afraid to reassess your risk tolerance. A disciplined approach can pay dividends, if you excuse the pun.

Stock-picking results

As 2015 gets underway I would like to wish every Shares reader a happy new year and thank you for your interest in the magazine and website. I appreciate there's lots of places to learn about investing, so I thank you for choosing Shares.

On that note, did you read any of the national newspapers over the festive period? They remain excellent sources of high-quality journalism but stock picking, it seems, doesn't appear to be their best skill. I won't name and shame individual titles, merely saying 10% to 15% losses was the typical performance for their annual share portfolios.

Shares delivered just under 6% average gain excluding dividends (see Cover story, 23 Dec '14) and our new portfolio ('15 for 2015') is storming ahead, having so far delivered more than twice the returns than the broader market, as illustrated by the accompanying table.

(Click on table to enlarge)