As part of a special "Frequently Asked Questions" edition of his

"RealMoney" radio show Jim Cramer said investors should focus on the

Federal Reserve

.

Cramer said people need to constantly think about interest rates, as they determine what stocks traders should be in.

The Fed determines if the market is "slowing or roaring," he said. "You need to focus on the Fed because it's important."

When doing homework or research on a company, Cramer said he likes to start at the back first. When he has a printout of the company's conference call, for example, he'll first go to the back, since that's where the where the Q&A section is.

He also likes to hear what the management has to say and if it believes in itself or not. In addition, it's important to listen to what the company's businesses are levered to or dependent on, and how they are doing vs. last year, Cramer said.

"Are they making more money with what they sell?" he asked. "This matters because it helps people predict what's going to happen in the future."

Cramer said the strategy of buy-and-hold is not the best way to make it in the market today.

In the past, many companies were oligopolies, and they set the prices for products. But now things have changed and "businesses are fluid," he said. When businesses get bad, we need to get out of them and sell, Cramer said.

"Buy-and-hold does not include sell, and that's wrong," he said. "It's a recipe to lose money."

To see the most recent edition of The RealMoney Radio Recap in its entirety, please click here. This recap is published every day around 3 p.m. ET.

Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for

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