Successful investing requires knowledge, time and commitment, discipline and patience, and the ability to develop an investment strategy that is compatible with your personality.
Knowledge
Each individual must consider what he knows when planning an investment strategy. Recognizing your current level of knowledge, and how you will acquire the additional wisdom you need, are all-important factors.
Time and commitment
How much time are you willing to spend monitoring your portfolio? This is a critical question. An individual’s investment plan should be based on his level of interest in ensuring personal financial success. The more diversified a portfolio is, and the more complex your strategy, the more time you will need. To be successful, an investor mush map out a strategy that carefully matches his own personality and level of commitment.
Discipline
Although many investors start with an approach that will work for them, the ability to maintain discipline eludes far too many people. This is caused by a variety of psychological issues, led by fear and greed, that tend to dominate predetermined financial strategies. During various...
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