Investor with 30 years experience offers his advice
Michael Malboussin from Credit Suisse has been an analyst and investor for 30 years. In a recent note, he wrote about the 10 things that successful investors do. Some of the advice focuses on stocks and value identification but many of the points and principles equally apply to trading forex.
One of my favourite points is this one:
Great investors don't get sucked into the vortex of influence. This requires the trait of not caring what others think of you, which is not natural for humans. Indeed, many successful investors have a skill that is very valuable in investing but not so valuable in life: a blatant disregard for the views of others. Success entails considering various points of view but ultimately shaping a thesis that is thoughtful and away from the consensus. The crowd is often right, but when it is wrong you need the psychological fortitude to go against the grain. This is much easier said than done, especially if it entails career risk.
