By Michael Sincere
Suggestion: learn Michael Sincere's newest publication: All approximately marketplace symptoms (McGraw-Hill, 2011), or realizing shares (McGraw-Hill, 2003).
Read or Download 101 Investment Lessons from the Wizards of Wall Street: The Pros' Secrets for Running With the Bulls Without Losing Your Shirt PDF
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Extra resources for 101 Investment Lessons from the Wizards of Wall Street: The Pros' Secrets for Running With the Bulls Without Losing Your Shirt
Some people get mad at themselves for not making potentially profitable trades. In his book, One Up on Wall Street, Peter Lynch tells about traders who torment themselves everyday thinking about how much money they supposedly lost by not owning the 10 top winning stocks on the New York Stock Exchange. This kind of thinking can lead to total madness, says Lynch. The more winners you realize you missed, the more money you think you've lost. The worst part of this thinking, he adds, is that you try and play catch-up with the stocks you didn't buy.
He also says it is essential that investors keep an open mind about their investments. He says one of the biggest problems for individuals is not willing to admit their mistakes. " Instead, he says, you must have the ability to admit Page 61 your mistake and not make a second mistake to justify the first. Berger also recommends that people not invest in things they don't understand. "If it doesn't make sense, don't invest in it. " In the near future, Berger sees public stock ownership reaching new levels.
Dr. Schott recommends that investors stand back and look at the facts. Pick up a copy of Value Line or Standard & Poor's Research Reports and objectively analyze the company. Try to be objective when listening to other people's opinions about the stock. Sometimes the most helpful advice is the opposite of what you want to hear. Nevertheless, if you want to avoid losing money, you Page 55 might want to listen to all opinions, even if you don't agree. Finally, don't forget Warren Buffett's wise advice: A stock doesn't know you own it.