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Lessons Learnt
Lessons Learnt
- Your money is your employee, so make it work!
- Nobody knows if any stock, fund or currency will ever go up or down
- Time smooths out financial emotional roller coasters
- Learn to be emotionally detached – it’s tough!
- Asset liquidity is essential
- Trading is gambling whilst investing is capitalizing
- FX trading is gambling not investing
- Drip-feed investing is a great long-term strategy
- Testosterone and alcohol are not the best investment decision stimulants!
- Never drink and login to your trading account at the same time!
- Financial advisors are motivated by a sale not your financial well-being!
- If your financial advisor likes pumping iron or watching UFC, find another!
- Individual stocks will have big up and down days, ETFs less so.
- Being paid dividends feels like receiving free money
- Every financial advisor has a caveat
- A financial advisor gets paid if you win or lose
- Manage your own portfolio - if you don't have time it's because you don't care!
- Vanguard offer great value ETFs
- Asset entry and exit costs must be understood
- Index tracking ETFs are great for the less adventurous
- You are the only one responsible for your investments
- Stay clear of open-ended funds - Woodford!
- You should only listen to opinions not advice. Advice you take, opinions you consider!
- Passive tracker rather than active managed funds are often better long-term
- Bear markets are often great buying opportunities
- Premium bonds are the safest form of investment for sizable deposits, and fun
- ISAs in the UK are essential to take advantage of
- Start investing as early as possible and as often as possible
- Don't try to time the market
- Don't listen to people for an investment opinion who have never invested
- Always use an app like Monzo or Revolut when travelling, they offer near perfect FX
- Always pay your credit card off in full. Never ever use it as a loan vehicle!
- Owning trade-able assets like stocks, ETFs, bonds etc are liquid, property is not!
- A trading platform is essential and puts you in control
- Gold is boring but gold miners are very exciting, e.g. GDX and GDXJ
- There is no shame in taking a profit, so don't fret if the stock climbs after you sell
- CNBC, Bloomberg and Moneyweek are great sources of info
- A long-term investor should pay no attention to NFP or central bank rate decisions
- You will often have losers in a portfolio, so get used to it
- A horse race has a majority of losers, a diversified portfolio has a majority of winners
- Never trade on margin
- Technical traders are professional gamblers, often with your money
- Financial advisors offer opinions not advice, yeah right!
- Diversification is essential for long term growth
- Holding foreign currency assets can skew your base currency good and bad
- Reinvesting dividends creates greater long-term returns
- Paying rent on your home is paying a dividend to your landlord
- Owning your home is smart and pays you the dividend
- A horse race lasts a couple of minutes an investment lasts years
- Rebalancing a portfolio is tough but sensible to do
- Two respectable intelligent stock analysts can make opposite recommendations
- Economists never agree
- Every financial axiom has a contradiction
- Your appetite to risk is no guarantee of selecting a matching portfolio
- Open-ended funds get stressed in times of high demands to sell
- Management fees eat into your profits, so buy cheap!
- “Do your homework before you buy”, yet funds only show their top 10 holdings. Err!
- Investing is fun!
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