A couple of weeks ago, I was having a chat with a friend who has been investing in the stock market for the last 5 years.
During the 5-year period, he’s made some pretty good returns on his investment following sound investment strategies.
He has been a disciplined investor where he buys only after he’s done some extensive research on a stock and holds the stock for the long-term. He’s not a speculator or a trader. So, he doesn’t time the market or follow any particular market trends.
He simply buys good companies with a good business model, good growth potential or good dividend yield, and run by good people.
However, in 2007, when the Singapore stock market was still in a bull run (the bull started in 2006), he started to speculate, hoping to make some quick bucks when he saw a few of his friends doing well riding the wave.
He did make some money initially. But as he moved in pretty late in the bull run, good times didn’t last long before things started to turn bad.
To make a long story short, he lost all that he’s made from his initial speculation and lost a further $60,000, all within a span of nine months. To rub salt into the wound, he was forced to sell part of his long-term investments to fund his loss.
In life, it is always easy for us to get distracted by the so-called ‘opportunities’. Although options are generally a good thing, you must not let them distract you from what’s already been working for you.
If you already have something that’s working for you, stick to it. Make it your goal to master it. Don’t start losing your focus the moment something flashy comes along.
There are certainly different ways or strategies to make money in the stock market; but the best way is to find a strategy that resonates with you and then seek to master it.
Being focused is the key. Seek to become a true master in a specific field rather than a jack-of-all-trades. That is the true way to success.
Cheers~
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