Thursday, August 10, 2017

Quote of the Day: Half the battle...

Richard D. Wyckoff was one of history’s great investment minds. His teachings/methods are as pertinent today for savvy traders and deep-thinking investors as they were in the early 20th Century.

As we’ve stressed and illustrated herein (and experienced) for years, the great mistakes investors make are of the nerves:
“Rigid self control is half the battle… You must operate with no emotions whatsoever … until you can learn to trade and invest without hope or fear you will not meet with all the success you should.”
Richard D. Wyckoff

The common investor missteps we featured in our August 5 charts of the day:

  • Watching the market too closely
  • Watching our profit/loss too closely
  • Checking account balances hourly/daily
  • Focusing on forecasts
  • Watching financial TV
  • Worrying about what everyone else is doing
  • Worrying about what everyone else is saying
  • Trying to avoid volatility
  • Always being fearful of the next pullback
  • Always being fearful of the next bear market
  • Always being concerned about "if"
  • Always being concerned about "could"
  • Short-term focus
  • Short-term fear

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