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 20^th 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