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The Rules of Wealth, 3rd Edition by Richard Templar

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RULE 81

Know your own style

We all have a tendency to buy on tips from other people, buy on a whim, buy glamorous, invest too much in one thing, ride a winner to death and, most fatally of all, fail to quit a loser. This is the one habit we must really learn to let go of.

There are different approaches to investing of course, and you need to recognise your own style. Otherwise you can’t learn to curb your worst tendencies. So I’m going to give you a few examples, and I want you to be brutally honest about recognising which one is you.

Are you competitive? If so, you’re likely to have plenty of enthusiasm and get in early. You’ve probably taken the trouble to learn about your investments. However you may be over-confident and optimistic, and ...

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