The key to investment success is emotional discipline. Making money has nothing to do with intelligence. To be a successful investor, you have to be able to admit mistakes. I trained a guy to trade who had a 188 IQ. He was on "Jeopardy" once and answered every question correctly. That same person never made a dime in trading during 5 years!
Victor SperandeoThe key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money trading.
Victor SperandeoInvesting in the market without knowing what stage it is in is like selling life insurance to 20 year olds and 80 year olds at the same premium.
Victor SperandeoMost people lose money because of lack of emotional discipline -the ability to keep their emotions removed from investment decisions. Dieting provides an apt analogy. Most people have the necessary knowledge to lose weight-that is they know that in order to lose weight you have to exercise and cut your intake of fats. However, despite this widespread knowledge, the vast majority of people who attempt to lose weight are unsuccessful. Why? Because they lack the emotional discipline.
Victor SperandeoThe key to investment success is emotional discipline. Making money has nothing to do with intelligence. To be a successful investor, you have to be able to admit mistakes. I trained a guy to trade who had a 188 IQ. He was on "Jeopardy" once and answered every question correctly. That same person never made a dime in trading during 5 years!
Victor SperandeoThe key to building wealth is to preserve capital and wait patiently for the right opportunity to make the extraordinary gains.
Victor SperandeoOnce a price move exceeds its median historical age, any method you use to analyze the market, whether it be fundamental or technical, is likely to be far more accurate. For example, if a chartist interprets a particular pattern as a top formation, but the market is only up 10% from the last low, the odds are high that the projection will be incorrect. However, if the market is up 25% to 30%, then the same type of formation should be given a great deal more weight.
Victor Sperandeo