Any beginner trader or investor getting started in a business, which is a rather complicated but captivating thing, strives for a financial success. However, not everyone comes out on top. Warren Buffet, the greatest investor of all time, shares his experience. Consider his words of wisdom that crystallize decades of investment knowledge.
“Risk comes from not knowing what you are doing.”
Most people keep away from the stock market as they fear they can lose their money. Warren Buffet recommends a cool-headed approach. He believes that deep understanding of the market contributes to successful investing.
“Someone is sitting in the shade today because someone planted a tree a long time ago.”
The businessman believes that you should start investing as early as possible. The most followed investor on earth says you should not wait for the right time to buy stocks. Buying shares, you should keep track of the market dynamics.
“Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.”
The investor warns against waiting for profits from a loss-making company. Some market players continue to expect returns even if the failure is obvious. According to Buffet, you should not wait for better times. Sell off such stocks immediately. Do not waste your time and money on a business which is on the rocks.
“A public-opinion poll is no substitute for thought.”
Buffet says you should resist the impulse to follow all the recommendations, even if they were given by experts. You should not buy into breaking news without reasoning and analyzing the situation. The investor urges that judgment backed by your life experience should come first.
“If you are not willing to own a stock for ten years, do not even think about owning it for ten minutes”
The investor believes you should give some companies a wide berth with your money. If it is an unpromising business, it does not matter what people say about it. A deal which seems profitable at first glance could cause serious financial harm in the future.
“It is far better to buy a wonderful company at a fair price than a fair company at a wonderful price”.
Buffet stresses that you should pay attention to the company itself, not to its stock price. The investor warns against buying shares of weak companies, even at a good and fairly low price. The low price does not mean the company will become stronger, but the trader is highly likely to face financial hardship and psychological distress. The right strategy involves finding a promising business and investing in it under favorable conditions (i.e. when the stock price is falling).
“I always knew I was going to be rich. I do not think I ever doubted it for a minute. ”
Buffett points out that persistence in achieving your goal and positive attitude are half the battle. You should strive to win and be confident in your ability. It could be a bumpy ride, but the frame of mind for success is crucial.
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