Sin #1. Believing that you have to predict the market's next move to make big returns.
Sin #2. The 'Guru' belief: if I can't predict the market, there is someone somewhere who can - and all I need to do is to find him.
Sin #3. Believing that 'inside information' is the way to make really big money.
Sin #4. Diversifying.
Sin #5. Believing that you have to take big risks to make big profits.
Sin #6. The 'System' belief - somebody somewhere has developed a system that will guarantee investment profits.
Sin #7. Believing that you know what the future will bring - and certain that the market must 'inevitably' prove you right.
Note: These ideas are extracted from the book 'The Winning Investment Habits of Warren Buffett & George Soros'. They are not developed by me, nor are they all part of my trading related beliefs (yet) (except Sin #6 & 7 which have been for quite a while) (and neither do I necessarily agree with all of them at the moment). The credit goes to Mark Tier who authored that book. I found these ideas/beliefs thought provoking and decided to make a discussion thread on them. Feel free to input how you feel about these trading related ideas/beliefs.
Sin #2. The 'Guru' belief: if I can't predict the market, there is someone somewhere who can - and all I need to do is to find him.
Sin #3. Believing that 'inside information' is the way to make really big money.
Sin #4. Diversifying.
Sin #5. Believing that you have to take big risks to make big profits.
Sin #6. The 'System' belief - somebody somewhere has developed a system that will guarantee investment profits.
Sin #7. Believing that you know what the future will bring - and certain that the market must 'inevitably' prove you right.
Note: These ideas are extracted from the book 'The Winning Investment Habits of Warren Buffett & George Soros'. They are not developed by me, nor are they all part of my trading related beliefs (yet) (except Sin #6 & 7 which have been for quite a while) (and neither do I necessarily agree with all of them at the moment). The credit goes to Mark Tier who authored that book. I found these ideas/beliefs thought provoking and decided to make a discussion thread on them. Feel free to input how you feel about these trading related ideas/beliefs.
'For the market to work, it needs people who think that they can beat it.'