Beyond the opportunities for financial growth, successful investors in the stock market embrace a growth mindset and winning attitude. Reaching your financial goals will require avoiding distractions, maintaining focus, and unyielding determination. What makes a good investor? Here are four qualities of a good investor which foster personal growth, development, and self-improvement.
How To Embrace A Growth Mindset As An Investor
In addition to conducting technical analysis, we spend a lot of time researching and preparing to place trades. Although you may rely heavily on experienced professionals’ opinions, especially in the beginning, dig deeper. Asking questions, do your homework, and then come up with conclusions based on the data. Successful investors commit to learning quickly and often.
Be Patient & Persistent
Patience is not just a virtue. In trading, it’s essential. The ability to wait for something, not making decisions based on emotions, and staying the course even when things get challenging takes effort and dedication. While you can base a trader’s skill on their percentage return or the money they make, a trader’s success depends on their ability to stick to their trading plan. Your trading plan is the blueprint. It should encompass who you are, your goals, and how long you will hold positions. Learn how to develop a purpose and the discipline to stick to your trading plan by attending the Master the Trading Plan Conference.
Curiosity may have killed the cat, but it’s an important trait successful investors possess. Great stock investors are willing to ask questions, listen to opposing views, and keep an open mind. Reading charts and mastering practical investing strategies is half the battle. Acknowledging your biases and brushing yourself off when you make mistakes will help you stack consistent wins and minimize losses.
Be Open To Learning
Learning how to trade is a skill that you will have for the rest of your life. You can pass this skill down to your kin, leave a financial legacy or teach others.
As you continue learning, here are some of our favorite resources:
For the latest financial news, download the CNBC mobile app available on Android or iOS devices. Stay informed with breaking news alerts, business news, real-time data, and create personalized watchlists.
Want to learn how to invest without the risk of losing all of your funds? There’s an investing simulator app for that. Sharpen your investing skills with Rapunzl, a free simulated investing app that will help you build your trading confidence by trading in real-time. Track your performance, follow top-performing investors, and learn how to trade risk-free.
Quarterly earnings reports are one way to evaluate a company’s performance. Since there are thousands of publicly-traded companies in the U.S., keeping track of release schedules and analyst earning predictions can be challenging. Monitor company earnings calendars by following Earnings Whispers on Instagram (@epswhispers). Founded in 1998, Earnings Whispers is a research firm that focuses on gathering accurate earnings expectations for upcoming earnings releases. Their earnings calendar will help you keep track of when companies will announce their annual and quarterly earnings.
As you continue to learn and grow as an investor, be open to honing your craft. Stay curious, ask plenty of questions and follow up with research. Check out our YouTube channel (tijeoma) for informative and educational videos, and when you’re ready to invest in your learning, we hope you’ll check out Trade and Travel. We’ve helped over 1,000 investors make over $1,000 a day.
Most Trade and Travel students tell us how much easier learning how to invest is with friends, or maybe you prefer learning with a larger group. If so, then our student-only Facebook group of 4,000 students is the perfect community for you. Students and the Trade and Travel team provide the best support and all the positive energy you need on your journey to becoming an active trader. Share this blog post with a friend that would make a great learning partner.
Want to get started on your trading journey? Join the Trade and Travel course now.