If you get the chance to actually listen to people like Warren Buffett, George Soros, or Harry Triguboff, would you whole-heartedly do so? If your conversation will be about the aspects of their behaviour that contributes to success, would you consider changing your attitude towards investing?
These are some of the characteristics that successful property investors have in common.
THEY ARE PROACTIVE LEARNERS
Successful investors know that knowledge is their greatest weapon, so they actively seek for it. They read, they attend seminars, they get in touch with their professional network, and they travel to places to seek inspiration. It is through their open-minded attitude about learning that they acquire immense knowledge from the technicalities they do to their personal development.
THEY GOT THEIR STRATEGY PLANNED
Successful investors are meticulous planners. They know when to enter the market, how long they’ll stay on it, and when to exit. This explains why they still make money regardless of the market going up or down. The idea that they’re prepared to succeed in the best situations and still achieve success in worst situations lie on their ability to make an exit at the right time. And how do they know? It’s through knowledge.
THEY HAVE HIGH EMOTIONAL CONTROL
Successful investors know that when their investment strategy fails, it’s not the end of the world. In fact, they hold on to their strategy and they’re willing to make compromises until they get the results they wanted. And because they know that emotions play a crucial role in the success of their investments, they rely on their rational ability to make investing decisions. They know, that in terms of probability, everything is 50/50 in the market.
THEY ARE VERY PATIENT
Successful investors are willing to wait. They know that there’s a degree of success when investing short-term in bullish markets but they also know that the rewards are greater in the long run. And because they have a high degree of emotional control, they know that impatience can lead to unsound decisions. They’re always grounded in reality and stick to their guns just to get the kind of results that they want.
THEY KNOW THEIR STRATEGY
Successful investors rely on their vast knowledge to establish a definite investing strategy. This explains why some of the successful investors we know today either have a diversified portfolio while some have a focused portfolio. The investors of in the TV show Shark Tank are only a few of those who pursue a diversified portfolio. Investors like Warren Buffett and Harry Triguboff have focused porfolio.
THEY ARE PERSISTENT AND FOCUSED
Successful investors are stubbornly persistent. Once they see an opportunity that falls in line with their investment strategy, they pursue it in an unwavering manner. That’s regardless of them winning or losing ‘the game.’ In contrast, the average investor can’t stay put in one place at a time. They jump from one strategy to another, even more so when they fail at their initial attempt in a given strategy.
THEY SURVIVE RISKS
Investing always comes with comparable risks. But what makes successful investors different from average investors is that the former will always have a risk management system in place before they even take the plunge. This is just one of the many areas that the successful investor can put the knowledge he’s accumulated into good use.
THEY HAVE DISCIPLINE
Successful investos follow their own standards when it comes to investing. Despite the many distractions offered by so-called professional investors, the successful investor knows better because alongside the money he invests, he also invests his principles. As a consequence, they exude the necessary discipling to help them stay on track and on top of their game.
THEY LEARN FROM THEIR MISTAKES
Every successful investor comes to a point where he makes a mistake or experiences a miscalculation. But this doesn’t deter him from pursuing his goals. Instead of dwelling on his mistakes, he learns from them and moves on. As a successful investor, he knows that mistakes are temporary roadblocks that result to learning opportunities.
THEY HAVE A NETWORK OF OTHER SUCCESSFUL INVESTORS
Successful investors do not view other investors as a threat. In reality, investors bond together to discuss investing ventures, investing challenges, and investing milestones. That’s in contrast to average investors who go about the market alone. Successful investors thrive on collective knowledge and aren’t afraid to share what they know to others.
The best way to learn and to become successful in the world of investing is by learning from those who have already achieved success. Then again, without the presence of these innate qualities that facilitate success, learning by modeling can become a challenge. The best way is to develop these desirable characteristics while making every effort to emulate the best practices of the best.