Being a successful investor is not a challenge! It is a practice which comes with knowledge, discipline, and ideas. Investment is a mind game. To be a smart investor you need a smart mind.
1. THEY DO NOT do their due diligence via Internet forums Successful investors are comfortable with the reality that their future can't be predicted. They aren't easily influenced by what they read online. Instead, they do their own research and make appointments to meet relevant people for information. 2. THEY DO NOT think of exit strategies at the later stage (after they've invested) Successful investors are able to make money even when the markets are going down. Why? Because they know how to smartly manage their funds for the long-term since the future is always unpredictable. Thus, in short, they always have a backup plan for the worst-case scenarios.
3. THEY DO NOT fixate on price but understand the importance of value Successful investors are always very patient with their investments. Most investors fall into the trap of making purchase and selling decisions based on minor fluctuations in the market. A patient investor would always wait to reap the long-term benefits and will seldom make any instant decisions. Thus, patience goes down as a golden rule in the rule book of investments.
4. THEY DO NOT neglect the importance of their financial credibility Apart from the advice from financial planners, smart investors trust their intuitions. Most people are not able to follow their intuitions and end up listening to their dreams or aspirations. Again! It is very important to understand your intuitions and separate them from your dreams and ambitions. Successful investors are able to clearly demarcate their dreams, beliefs, and aspirations.
5. THEY DO NOT wait for the right time to buy Successful property investors don't try to time the markets. They know there isn't a "rightâ€ time to do anything. They're able to see the big picture and don't get caught up in the details. And even when they don't have all the information they need, they believe it's better to make a decision with some information, than to not make a decision at all. They then take action and gather the balance of the information as they move on.
6. THEY DO NOT make decisions emotionally Successful investors do not raise a brow when there is a rise or fall in the markets. They seldom let common perceptions influence their purchase decisions. Thus, they understand the golden rule that the rise and fall in the markets are natural but making purchasing or selling decisions based on them is absolutely mindless. Most investors fall prey to the game of emotions and end up losing and winning spontaneously which is a complete stalemate in the end.
7. THEY DO NOT speculate Rather than following the trends, successful investors follow a time-proven strategy that they repeat again and again, recognising that you can't become an expert by doing one hundred things at once. Instead, they do one thing a hundred times till they become proficient and can produce repeatable results - that's how they know they've become an expert. It may make their investing boring, but the results make their lives exciting.
8. THEY DO NOT sit and wait for good deals. They create deals Successful investors are very quick and pro-active learners. They learn from their mistakes and also constantly keep themselves familiarised with the latest updates from the financial markets. They invest a lot of time on their money which goes in line with a very famous quote from Warren Buffet - "The rich invest in time, the poor invest in moneyâ€. Some successful investors are also avid readers of financial books and magazines.
9. THEY DO NOT ignore problems Successful people confront problems as soon as possible. Just like most of us, they're tempted to neglect things that are difficult to deal with, but tackle them anyway, because putting off a problem only turns it into a bigger one.
10. THE DO NOT "hunt" alone Successful investors know that if they're the smartest person on their team, then they're in trouble. So they surround themselves with other like-minded people, are prepared to pay good advisers, and have mentors who inspire and motivate them and keep them accountable.