PROCESS

Charlie Munger summarized the process best: preparation, patience, discipline, judgment, decisiveness. 

In other words, follow 100-200 stocks, which you understand, buy and sell when they reach your target price. Be cautious when the market is overvalued and aggressive when it is undervalued. It is really so simple but not too simple. It is better to invest virtual money for the first few years and be cautious if you are successful in a rising market.

Every time analyzing a stock use a checklist. With help of time you will know it by heart eventually but write down the key things because your mind tends to trick you. There is information overflow and with time memory is getting worse.

Download a sample checklist here. It might be useful to construct your own.