ot/Steve. Most are just losers, in life AWA in the markets
No question the two thing are closely connected.
There've been a number of good studies done about the traits that are closely associated with highly successful traders and investors. Not going to even attempt to name them all. But, a positive, can do, attitude is one of the most important common characteristics. They're independent thinkers who take responsibility for their own buy and sell decisions, instead of following gurus, expecting them to do all the work. Add a good dose of intelligence, above average self discipline which (among other things) allows them to cut losses & let profits run. The confidence to develop and trust their instincts and there's only a few other issues is also important.
One that's not often explored, in any detail, is the ability to be honest with yourself about what you've done. Slider and I have talked a lot, in the past several years about this one. Frankly, it's a huge problem we see over and over among the losers.
<DENIAL>
They can't cut a loss because they can't admit they made a mistake in their choice of a stock, when the decided to buy it, or both. It's simply amazing how many people fight the market (trend) for extended periods - losing a ton of money - because THEIR analysis' and DD is so good it just CANNOT be wrong. Mr Market doesn't give a shit what our analysis has concluded. And, he's gonna rip you if you're dumb enough to argue with him about who is smarter.
It's just amazing how many otherwise intelligent people (who write long well organized posts and obvious do lot's of DD) fall through this trap door over and over without learning how to avoid it.
But look at most of cheap shot artists who go after others with little or no provocation. They're the kind of folks who lack most (sometimes almost all) the qualities that've been identified in studies of successful traders. Because of the resultant failures, they often experience in the market, which result in significant portfolio under performance. And they become negative taking out their frustrations in vengeful attacks on those whose success makes them stand out from the crowd.
All JMVVHO, of course:o)
Isopatch |
