Last week, we talked about 5 habits that you should persist in. So today, let us move on to some bad habits that we investment newbies might have.
- Solely relying on unreliable sources Numerous investment amateurs have been walking on a riskier way and listening to untrustworthy information. They would rather join groups on different social networks, to receive investments tips and updates. Thus, it would not be surprising that they do not make fully well-informed decisions.
- Lack of concentrated investments During times when investment beginners are unsure of which product to invest in, they often go for everything. They would get a taste of all kinds, such as precious metals, currency, and futures markets. They wrongly perceive that this strategy equals diversified investment, but ends up unable to fully focus on one single investment type, resulting in even larger losses.
- “3-minute passion” We might all start investing with passion, but let’s admit it – after some time we have all become lazy and given up.
Tips from tiips: Listen to your heart rather than blindly follow others’ advice. Compare different financial products to choose the best item that suits you.
Tips from tiips: Investment beginners should just gain experience by specializing in one category. Deeply understanding the pros and cons of that specific market is a trait that makes you stand out from others. After earning adequate experience, try out other financial products that you are interested in!
Tips from tiips: Persistence is the key to success. If you are afraid of failing to go on, you may wish to try out monthly investment plans! You will be transferring payments every month to build up a healthy habit of investing. Start regular investments today with no excuse.