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Rule Du Jour: Rule #3: Patience (Patreon)

Published:
2024-08-30 00:11:14
Imported:
2026-06
Tags:

Content

My new segment - top rules to live by. Let's see if I can share one a day for 300 days. Here goes #3.

Patience: I always stress the most crucial thing in investing is - PATIENCE.

The market is a weapon that transfers money from the 'impatient' to the 'patient'.  

I flesh this out as follows

  • Long-Term Perspective: Patience in investing emphasizes the importance of maintaining a long-term perspective. Successful investors often hold onto their investments through market fluctuations, understanding that short-term volatility is a normal part of the market cycle.

  • Emotional Discipline: Patience requires emotional discipline, which is crucial in both investing and life. By staying calm and composed during periods of market uncertainty, investors can avoid making hasty decisions driven by fear or greed. Do you ever see me sweat? Answer is no. I have been thru too many storms.

  • Value of Delayed Gratification: Sure, we all want to Get Rich Quick, that is human nature. But getting rich slowly is the best way forward. Patience underscores the value of delayed gratification. In investing, this means waiting for investments to mature and yield returns over time, rather than seeking immediate gains. Speed kills.

Comments

Wicksley Snipes!

Damn right. Patience and awareness are everything. We Invest mindfully and allocate our emotional capital carefully. Warrior monks to the front. Great post today. Thanks.

Wicksley Snipes!

The emotional side is my #1 priority always. After all - Consciousness is the context and the condition. It is everything.

Theresa

The key is understanding all the data and having unwavering confidence in your positions, otherwise it's more difficult to waver the storm when you're questioning if you made a bad call. How can you tell the difference between calmly waiting through the storm versus hoping your investments turn around? We are also told hope is not a strategy, and cut losses early, etc. I think the key is having a trading plan to follow so you're not caught making decisions during a crash, and instead you can carry out your plan. It's actually making the plan that is often a struggle!

JohnC

James, you amaze me with good ideas!

Michael Cash

I have two amazing Dobermans I rescued which depend on me, there is little room for error. So I stay stoic, like a sea captain no matter the storm. Eyes on the prize.

ethiopicist

Love that James, thank you!

Sean Delaney

I’m a 🐢 when it comes to trading. The pros don’t get this option, it’s our leverage over them. I held MSTR down to $100+ to $2k. Zoom out to 1 month and even 2 month charts. Patience yes, but nimble on buys and sells.

BsTARD$uN
>>148026992

That is awesome! I love dogs, I have 4 Rottweilers! The mother is the best dog I ever had and when I met a girl that has an amazing Specimen of a German male Rotty, so I decided to try my hand at a litter! 10 pups and a hell of an experience, learning a lot and through a twist of Rotten family SINS, I ended up keeping 3 instead of the 1 that I planned. Raising a daughter as a single dad while running a business taught me more patience than I thought I could have ever held. Now, having 4 Rottweilers tests my patience and being quite new to investing it has Definitely helped me mitigate losses etc. My number #1 rule for life success in every area possible is communication and patience right behind. I love James, and invest answers as I get investing and life lessons all in one package! Thank you James and Team keep up the great work I love to learn.

Daniel Galligan

Probably not the correct spot to ask this question, but I have a Trading View question. How do I add the trend changes (thick blue v orange) to my TV charts? James has these in all his charts...like his MSFT chart he showed today. Any help appreciated.