Think Like the Great Investors: Make Better Decisions and Raise Your Investing to a New Level by Colin Nicholson
Description
Successful trading relies on three vital skills: market analysis, money management and decision making. The first two are simple skills that anyone can learn, but the third is much more difficult. Your ability to make the right decisions is not based on hard facts, but on psychological realities, such as your own temperament, your own biases and the prejudices of other traders. Basically, you can only master the stock market when you master yourself first, and that starts with habitual making the right decisions. Think Like a Great Investor has four distinct parts that show you how to understand your own temperament, the psychology of the market in general, your own biases and decision mistakes, and how to practically apply your understanding of these factors in your decision making system.
Posted by highly respected investment educator, speaker and writer Colin Nicholson
Ideal for both inexperienced traders looking to lower their risk and experienced traders who lack this last element in their trader skill set
For those looking for this final piece of the investment puzzle, the answer is right here. With Think Like the Great Investors, you will overcome the last hurdle to top investment success. … … yourself.
FROM THE INSIDE SIDE OF THE FLAPPER
When we decide to invest our savings, we embark on a learning journey that will take many years.
First, we need knowledge. We need to understand this jargon and understand how financial markets work. The most important thing is that we get a sense of the history of the markets in case we learn from the mistakes of those who lived before us.
Next, we must learn to analyze the economy and financial markets. There are cycles in economic activity that occur at different intervals. If we don’t understand this, then we will most likely find that our investments have been hit hard, and will struggle for years to get back to where we were before the last recession.
Then we must learn how to analyze companies in order to select good stocks to invest when their prices are below their value. Above all, we should aim to buy stocks that provide a cushion that will protect our portfolio if things don’t go well for a while. Integral to this is having rigorous disciplines in risk management through diversification and position sizing.
Most investors think that this is enough for success, but one is not enough. All investments require making decisions in the selection and management of our holdings. It’s never easy to set and forget, because markets are always changing. Most of our decision-making skills will develop through experience, but if it were that easy, we would all be great investors after perhaps 10 years of active investment. There are very few large investors in the world. They make better decisions than ordinary investors because they think differently. Think the way great investors explain the cognitive biases that the most successful investors seem to avoid. This gives you a variety of strategies to manage and make excellent investment decisions. This book will be one of the best investments you will ever make.
WITH BACK COVER
“Investing successfully throughout life does not require a stratospheric IQ, unusual insights, or inside information. What is needed is a solid intellectual foundation for decision-making and the ability to keep emotions from eroding that foundation.”
—Warren Buffett
It’s no secret that if you want to master the market, your best role models are your most successful investors. They evaluate new information and consistently use their knowledge to make winning decisions to buy, sell, hold or leave the market. Their advantage is not that they know more than we do. They succeed because they think differently, using decision-making strategies to avoid natural thinking patterns — or cognitive biases — that hold us back from our investments.
Think Like the Great Investors uncovers the most common cognitive biases that can undermine our investment decisions and suggest practical strategies for managing them. It will help you develop a mindset that leads to investing excellence through superior decision making, avoiding potential pitfalls such as confirmation bias, mental accounting, under-cost bias, a natural tendency to overconfidence, and crowd control at turning points in the market.
In a clear and simple style, This book will show you how to:
recognize your natural cognitive biases and how they can skew your investment decisions
use proven strategies to overcome your biases and improve the performance of your investments
develop the art of opposing thinking to avoid getting caught up in crowd behavior at the top of bull markets
manage uncertainty with more confidence.
Find out how great investors think to take your investment to the next level and join the circle of winners. Think the way great investors show you the way.
Take Think Like the Great Investors: Make Better Decisions and Raise Your Investing to a New Level by Colin Nicholson at Whatstudy.com
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Course Features
- Lectures 0
- Quizzes 0
- Duration Lifetime access
- Skill level All levels
- Language English
- Students 182
- Assessments Yes
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