As the Chinese saying goes "知己知彼，百战百胜". It means that in order to win you must recognize what are your edge over others - such as what do you know but others don't know, what skills do you possess which others don't have, what's your investing temperament, what tools / assets do you have and how adept are you in using them.
If you are always copying others' actions and could not think for yourself why you chose to do what they did, then you will never find your edge. You can't win by copying Warren Buffett, you can't win by copying Peter Lynch, Donald Trump, your favourite blogger or anyone else - because they each played a different ball game with their own edge.
When you have found your so-called edge or methodology to win, test it out repeatedly and fine-tune it to your maximal ability. If you find that what you have been doing is NOT helping you to achieve your goals, then stop, erase and start over. Don't wallow in the sunken costs.
Quoting Albert Einstein - "Insanity is doing something over and over again and expecting a different result."
You could start by finding your circle of competence in the market then slowly expand the circle by reading, practicing, having a mentor and keeping your own investing diary.
In the market, great fools sell to greater fools, great fools buy from greater fools... when you get richer, somebody else gets poorer. Find our edge to be the lesser fool and be our own master in the game we chose to be in.
The contents of this blog are author's personal opinions and do not constitute advice to hold, buy or sell any securities, commodities or assets.
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