1. Understand the Business You’re Investing In
That's probably the biggest problem among investors these days, because as you said, they are in a hurry to make money, and due to that, they don't spend enough time understand what they are getting into, and they go ahead only because they've heard people say that they can make good money from this industry or business. We shouldn't look far, and take the example of the crypto market. So many newbies enter the market with very high hopes, because they've heard or seen people talk about how much money people around the world are making from cryptocurrencies, so they decided they are going to do it as well, because it's good and can make them a lot of money.
One should ask them, can one become a doctor without studying medical sciences and attain practical experience through various tests and sessions? No, then how come they expect themselves to become traders and successful investors without even learning anything about the industry they are getting into? Yeah, you can say that some people get lucky, and they manage to make good money without any knowledge, but that doesn't mean it should be the case with everyone.
Understanding the business and how it goes is very important factor and i think due to the hurry to accumulate wealth to meet up with demands, this is often neglected.
You will see so many persons in this category, always trying to invest in what their friends and colleagues are investing in because they have been convinced it is profitable, no proper research, not even some period of trial and error before erupting fully into it.
Investment means a risk, to make an investment successful, it is very important to first gain complete knowledge about the investment, along with knowing and scrutinizing the strategy, market, risk, demand and other issues. to make an investment successful, you have to decide quickly whether you will invest in the short term or the long term. to make the investment successful and reduce the risk, work according to a long-term plan and be patient for the right time. when is an investment worthless? When an investment is started without having enough knowledge, strategy, skill, planning and patience about that investment, it becomes worthless. If you are aware of these issues, an investment can never be worthless. Investing with patience leads to success.
1. Understand the Business You’re Investing In
That's probably the biggest problem among investors these days, because as you said, they are in a hurry to make money, and due to that, they don't spend enough time understand what they are getting into, and they go ahead only because they've heard people say that they can make good money from this industry or business. We shouldn't look far, and take the example of the crypto market. So many newbies enter the market with very high hopes, because they've heard or seen people talk about how much money people around the world are making from cryptocurrencies, so they decided they are going to do it as well, because it's good and can make them a lot of money.
One should ask them, can one become a doctor without studying medical sciences and attain practical experience through various tests and sessions? No, then how come they expect themselves to become traders and successful investors without even learning anything about the industry they are getting into? Yeah, you can say that some people get lucky, and they manage to make good money without any knowledge, but that doesn't mean it should be the case with everyone.
Understanding the business and how it goes is very important factor and i think due to the hurry to accumulate wealth to meet up with demands, this is often neglected.
You will see so many persons in this category, always trying to invest in what their friends and colleagues are investing in because they have been convinced it is profitable, no proper research, not even some period of trial and error before erupting fully into it.
Investment means a risk, to make an investment successful, it is very important to first gain complete knowledge about the investment, along with knowing and scrutinizing the strategy, market, risk, demand and other issues. to make an investment successful, you have to decide quickly whether you will invest in the short term or the long term. to make the investment successful and reduce the risk, work according to a long-term plan and be patient for the right time. when is an investment worthless? When an investment is started without having enough knowledge, strategy, skill, planning and patience about that investment, it becomes worthless. If you are aware of these issues, an investment can never be worthless. Investing with patience leads to success.