Sunday, March 07, 2010

Accept Full Responsibility

One thing you must learn, not only in the stock market, but in life as well, is to take full responsibility for all your actions. This means that whether you fail or succeed you must not blame others.

In my younger days I went into a joint venture with partners that I chose. Unfortunately that venture didn't turn out well. It failed miserably because of poor management and lack of integrity. The venture eventually folded and we went our separate ways. We are still friends even though I didn't like the ways they ran the business. If there is anyone to blame, it is myself. I picked the wrong partners; it was my lack of foresight.

I learned one very useful lesson in this failure. "Never depend on others to make money for you. If you can't be hands on to manage the business, don't go into it."
In the stock market, it is very easy to blame your broker or someone for that 'sure tip'
when the trade turned sour. But there is one thing you must not forget. It is your decision to listen to the tip after all. So,next time you are tempted to buy a stock because of a strong tip, remember to take full responsibility for your actions.

Research well before you buy.