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Friday, February 3, 2017

Do you have the personality to be a good investor?

Anyone who is reasonably fit and has good hand-eye coordination should be able to pick up a tennis racket and start hitting balls over the net with very little effort. 

Does that mean s/he will become the next Serena Williams or Roger Federer? 
Obviously not! It has taken both those living legends many thousands of hours of coaching, practice and perseverance to be counted among the all-time greats.

Like tennis (or painting or playing the violin), investing is a skill that requires some talent but a lot more practice and experience to become really good. 

You won't become the next Warren Buffett just by opening a demat account and buying a few shares.

Buffett had a well-known 'guru' in Benjamin Graham - from whom he learned the ins and outs of the investment business. Then he put that learning into years of practice.

Can you still become a successful investor without aspiring to be a Warren Buffett? Sure you can!

But first you will need to learn some of the common behavioural traits that lead to sensible decision making which result in investment gains.

It always helps to have a 'guru' who can guide you in the initial stages. Even without one it is possible to learn and hone the skills that will enable you to make steady and consistent returns from your investments.

So, what are the personality traits that will make you a good investor?

In a recent article in investopedia.com, Lisa Smith discusses five 'money personalities'. Find out which one is the closest to yours, and then make the suggested changes.

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