Tuesday, August 11, 2009
Get serious for success
Investor's Alley recently published an article I penned on why investing isn't a game. The first part of the article is posted below plus a link to the rest. Tell me what you think in the comments section.
By Dan Danford
I can understand the allure of chess. It’s pure intellectual challenge; just you and an opponent, focused on making the right moves and winning the ultimate battle. Every move by your opponent creates a new challenge. You adjust or you lose.
Investing offers similar challenges. Important variables change every minute of every day whether it’s the economy, world tensions, the management team at companies you own, competition or technology. Everything changes.
So it’s not surprising that so many people enjoy the challenge of investing. Like chess, it’s a game. It’s a game that tests your intellect, your instincts, your ability to think and act quickly.
But it’s not really a game. Results matter. Will your children or grandchildren go to college? Will you retire in comfort? Will you outlive your savings? Will there be anything left to pass along to chosen family members or charities? Truthfully, the world of investing is a very serious business.
And you need to treat it that way to succeed. Although it’s nearly impossible to beat the market on a consistent basis, there are time-proven ways to invest for success. Follow these eight rules of investing and it’s likely that you’ll achieve your financial objectives. Ignore them at your peril.
Read on: http://bit.ly/SQ4ky