Of course, the time required to become a successful at investing varies from one person to another depending on the educational background, the breadth of experience and the personal characteristics.
There are ways, however, to become more successful than your peers in a shorter amount of time.
Bear in mind that these ways demand dedication and commitment from you, maybe more than you have previously poured into your other money-making endeavors.
Get A Better Education This does not mean that you have to enroll in an Ivy League school, graduate with a doctoral degree in economics, banking and finance, business management and accounting.
In fact, too much theoretical knowledge can actually harm you because you start assuming that the markets work according to fixed rules that you learnt.
Instead, getting a better education means surrounding yourself with successful mentors who will teach you the ways of the investment world.
You will be able to absorb valuable and practical advice that the so-called investment gurus or authors fail to mention.
Besides, it pays to know what your mentors know even before your colleagues know of it.
After all, your mentors may know more top-ranking people in the companies and are, therefore, able to provide information about the organization that can help in making better decisions.
Use Tools In A Better Way Aside from your financial intelligence, which is the best tool an investor can hope to possess, there are other tools to help you make wiser decisions.
You have to use them to your advantage in more creative ways.
Of course, this means that you have a basic understanding of the tools, which can include: * Brokerage firm and trading platform that will make trading stocks faster.
* Fundamental analysis for the determination of key ratios including sales growth, earnings momentum, earnings, operating margins and relative strength.
* Technical analysis to identify the low-risk and exit prices, which will include tools like moving averages, relative strength and stochastic as well as the Elliot Wave principle.
Admittedly, every investor on the block will use these tools to earn more money on their investments.
What separates your use of these tools from the rest of the crowd is your willingness to understand them more, to apply them more, and to use them more creatively.
Again, your theoretical education can be your friend or your foe depending on how you wield it.
Identify Your Niche Let's face it.
You cannot become master of every investment on the planet in a very short time.
Even Warren Buffet, the world's richest and, arguably, the best investor cannot take on the entire world of investments.
For your part, you should start with your own niche.
For example, if you choose penny stocks as a first venture, then learn the ins and outs of the market, make money from it, and then diversify to the mainstream market once you have more experience under your belt.
When you surround yourself with successful mentors and feed off their knowledge and wisdom, use investment tools to your advantage and identify your investment niche, you have greater opportunities at becoming a more successful investor in a quicker period of time.