My journey in teaching myself how to invest successfully in the stock market has been a long and arduous one. Along the way I have come to realize there are a few rules that most investors should follow in order to become wealthy. Here is the number one rule that investors must follow in order to give themselves the greatest chance of becoming wealthy in the stock market.
Rule #1
Invest in companies that YOU (not somebody else) have MASSIVE conviction over. You must have so much conviction over the growth and well-being of the company that you need to act like you can never sell it. You must pretend that this is your company for at least twenty years.
Why am I saying this??
If you don’t have this conviction then you will never be able to hold onto the stock long enough to experience any massive returns. Many times people listen to a pundit and then impulsively buy a stock they recommend. They have effectively purchased shares of a company that they did not give serious thought to, and therefore don’t have massive conviction over.
What then happens if the stock goes down 10 or 25%? They sell for a loss…
What then happens if the stock goes up 10 or 25%? They sell for a small gain…
When a person buys a stock that they don’t have conviction over they will ultimately talk themselves out of holding the position for any meaningful length of time. In order to harness the power of compounding growth you must be able to hold the company for the long-term.
If you want to become wealthy in the stock market then you really do need to check yourself before you wreck yourself…
Rule #2 post..here
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