Everyone can be an investor, which means whoever has some amount can invest and get the profit. But again to become a successful investor we all need to have certain qualities which have to be developed from within and no one actually teach you that. So what are those qualities, it's not about being smart or intelligent and everything is all about qualities like Humility, Composure, Discipline and Being You. So let's go through these qualities to know why exactly we need these qualities to become a successful investor.
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Humility
Humility is a very important quality for a successful investor, accepting the fact that you are wrong. In an investor world there are 100s of possibilities and thinking about your scenario is the best is actually a wrong opinion. In the investing and finance world, nothing is constant, yesterday's profitable trade might be a loss-making trade today. What is up today will be down tomorrow and other things.
Even if you are in the market for a long, you cannot successfully understand it. Gain and loss are part and parcel of an investor life and someone who can accept this fact can become a successful investor. Someone might have researched a lot of things to get into a trade and thus he has to have the humility to accept the fact that luck and circumstances can change his best trade to worst.
Humility is very important because it helps us to conquer that guilt and keep us calm and composed even if our things didn't go as per the plan.
Composure
Just like Humility having Composure is a very important quality for becoming a successful investor. As an investor, we should know that whatever investment or whatever choices we are making have a cost or risk associated with it. What if the investment is a very bad investment, what if the asset class you are heavily dependent on is not performing and whatnot. We need to keep the balance in check to see how our investment journey would be and thus to remind ourselves of all this we need to have a composure quality.
Composure quality lets us remind ourselves that whatever choices we are making is suitable for us and we have seen that risk and reward associated with that so that whatever goal we have created is working in favour of us.
Discipline
This is again an important quality for a successful investor. Once we have created an investment plan for our goal, we should be disciplined to invest in it, in rain or shine. We should not have any irregularity and even in our ups and downs in our life, we should continue our investment. Discipline is really needed for all financial plans to move forward, even if a small amount invested with discipline will be a big amount in the future.
Being You
We should be clear about why are we investing and what is our goal. We should not question our choices based on someone's else investing choices. We should be ourselves when we are investing and continue investing as per our goal.
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Investing is not only about money or amount...but it does include time, energy and quality.
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That's absolutely correct and if we get good returns we can say we are well compensate for our time and energy
Hard for someone to have all these qualities. I am missing composure and simply cannot wait long when I am trading. This is why I've decided not to do it anymore. DeFi, stake and HODL until the price makes sense to sell.
That's true, it drills down to your personal choice. But still, no one has all the capabilities, which only comes by practice. So we should practice actually developing all these qualities.
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