Chat with us, powered by LiveChat

Warren Buffett Tips For Success

By August 4, 2020 how to

Who hasn’t heard of Warren Buffett — a titan of an investor and one of the world’s richest men, constantly ranking high on Forbes’ list of billionaires? As of early 2020, his net worth was listed at $89.1 billion. 

Warren Buffett’s investment strategy has reached cosmic proportions. Buffet follows several important principles that have proven to be successful throughout decades. 

So what are the secrets to Buffett’s success? Continue reading and also find out how an auto-copy trading platform can elevate your trading results.

1. Read “The Intelligent Investor”

When talking about investment and strategies, Buffett often refers to one particular book that, according to Buffett himself, changed his life as an investor and a person. That extraordinary book is Benjamin’s Graham’s “The Intelligent Investor”. To signify how much he values Graham’s work, Buffett said the following, “All of the important ideas are in that book”. He singles out Chapter 8 in particular, because it discusses short term market fluctuations. In this chapter, Buffett’s most successful investing philosophies – “Be fearful when others are greedy and greedy when others are fearful” – find their reflection. 

2. Develop Public Speaking Skills

Buffett wants to assure the young generation that their most valuable asset is investing in themselves. Public speaking is a skill the legendary investor is particularly in favour of. It’s hard to imagine, but Buffett was once terrified of speaking in public. “I would get physically ill if I even thought about having to do it.”

Buffett crushed his fear by partaking in a Dale Carnegie course. He took one step further and volunteered to teach investing at a local college. “I think the ability to communicate, both in writing and orally, is of enormous importance,” he stated.

It’s interesting to note that in his office Buffett displays just one diploma – the one he received after completing the public-speaking course, for which he only paid $100 at the time. “It’s incalculable how much value I got from that hundred dollars. If you can’t talk to people, you’ve got a real problem.”

3. Learn From Someone You Admire

Buffett believes that you can mould yourself to become the person you want. You can speed up your progress and accelerate success just by mirroring winners. 

Did you know that in order to increase your chances of success while trading the stock market, you can copy professional traders? Sign up today and get instant access to the Social Trading Platform. It’s simple to use and is suitable for beginners and those who don’t want to spend hours upon hours in front of their computer. The way it works is like this: once you’ve selected a successful trader whose activity you want to copy into your dashboard, set the amount you want to invest and let the automatic system do the rest. Click here to register and take advantage of our auto-copy trading platform.

20 years ago, Buffett said, “Just pick out the person you admire the most and sit down and write out the reasons why you admire them.” After that, work on acquiring those qualities.

According to Buffett, you should look at things like personality, character and temperament. “It’s not complicated.” In 2004, he added, “Hang out with people better than you. Pick people whose behavior is somewhat better than yours and you’ll drift in that direction.”

4. Always Choose The Optimistic Viewpoint

Warren Buffett’s wealth didn’t make him an optimist; as a matter of fact, Buffett’s optimism made him wealthy. 

Buffett started investing in 1942. The world has been through a lot since then. His investment history includes making financial decisions through recessions, the Cuban Missile Crisis, civil rights conflicts, bank failures and wars. Buffett reminds us that “This country really, really works…This is a remarkable country. We have found something very special.”

5. Follow Your Passion

“There’s nothing like following your passion,” Buffett is fond of saying. Take an active part in your life. “I love what I do and I’ve loved it the whole time I’ve done it. Charlie is the same way…Some people are very lucky in finding it [passion] very early. And if you haven’t found it yet, you’ve got to keep looking.”

Summary

Warren Buffett’s tips for success include 5 main principles that are not only valuable to you as a trader, but as a human being, if you want to live a fulfilling life. If you wish to have more time for yourself and self-improvement, traderXlab offers a copy-trading platform that is both simple to operate and is perfect for part-time traders. Sign up today for free, find successful traders whose activity you want to copy and let the platform do its magic.