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equity loan on investment property
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Characteristics of Successful Investors
By Mika Hamilton
“The only question to ask yourself is, how much are you willing to sacrifice
to achieve this success?” -Larry Flynt
Successful investors rely on simple and uncomplicated routines which help
them keep track of their past, current, and potential financial situation. The
maintaining of specific routines and habits are qualities of successful people
not just investors.
The ability to exhibit self control, and passion at all the same time is not
something that all people can do. But the ability to combine both are found in
the personalities of all successful individuals.
Characteristic #1
Most successful investors have kept a journal. Buy yourself a cheap school
notebook and keep a list of your all your trades. Then write down brief notes
about what happened in the market, the result of the trade, and what your
thoughts were about it. While this might not seem helpful in the present, it
will in future. When a similar situation occurs or you are thinking about
reinvesting, you can quickly leaf back to that particular trade and have all the
information you need without having to redo research. It is through this daily
journal that an investor can learn from past mistakes and write down their
thoughts in the moment. Trading is equal parts research and what you feel in
your gut. In hindsight, you can gather new wisdom and insight you may not have
had in the moment.
Characteristic #2
Do not over analyze your stock investments. Especially for long term
investments, daily monitoring is not just unnecessary it is a waste of time.
Most successful investors examine their stock portfolios quarterly and at the
most, every month. Watching your investments, daily, can lead to paranoia and
fear over the normal ups and downs of the stock market. Investing is a long term
activity and does not to be watched daily.
Characteristic #3
Determine how you define success. For someone people, success is going to
mean being a millionaire, while others are going to view success as slowly
making a profit from long term investments. Warren Buffett, one of the world's
greatest investors, has said that he believes success, for himself, is not
losing money. Many financial professionals use yearly percentage of return as a
way to measure success. An average 6% return on all stock investments is a good
sign that you are doing well and profiting.
Successful investors understand that sometimes they will make a bad decision
and they will lose money. In the end successful investors are those people who
have made more money then they lost. Many investors and businesses actually
build in 'failure' money to their budgets. Once you come to terms with not
winning all the time, you will have less fear about investing. Less fear means
you make decisions based on research not emotion.
Visit the Global Investment Institute and signup for our free Investing For Beginners E-Course at http://www.Global-Investment-Institute.com
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