Choosing to trade independently
There are pros and cons of going it alone as a number of successful investors have proved, writes Michel Pireu
Parents threaten their children, bullies hit them, teachers try to bend their will in school. Little wonder then that most of us grow up either hiding in a shell or learning how to manipulate others in self-defence. Acting independently does not feel natural to us," says Mark Douglas in The Disciplined Trader, "but that is the only way to succeed in the market." Warren Buffett, John Templeton, George Soros and a number of other great investors have all argued in favour of going it alone. Buffett says if you don’t know enough about a situation to make your own decisions, you should get out of decision-making. "A public opinion poll is no substitute for thought," he’s often quoted as saying. "You must think independently. Jot down your reasons for buying. When you have them all down, make your decision and leave it at that, without feeling the need to consult other people: no committees. The fact that other people agree or disagree with you makes you neither right nor wrong. You will ...
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