Forget Your Intuition To Find Success
If you’ve been reading my blogs you’ll know that I don’t hold back from challenging popular beliefs. Well,we’re about to debunk another myth.
Are you ready?
Your intuition is causing you to fail.
Mind blown,right? You’d be forgiven for trying to get around this one by telling yourself that your gut feeling never lies. It always steers you towards the good deals and away from the bad ones. Pause and think about that for a minute. Does it REALLY? Or do we choose to only remember the times when it saves you?
With something that is actually as unreliable as intuition,it’s best to consider it as unreliable when it comes to predicting whether an investment worth hundreds of thousands of dollars will do well.
Why Would Investors Use Intuition to Make Decisions?
Investors don’t knowingly make foolish decisions. That’s how deeply ingrained intuition is. Here are some reasonsthat lead investors to (wrongly) make intuition-based decisions:
1. They overestimate how much they actually know.
2. They rely on easily-accessible information.
3. They aren’t objective in their assessments.
4. They can’t handle complexity and look for the easy solution.
5. They don’t know what they truly want.
Guess Who Else Is Making This Mistake?
Don’t think you’re an innocent bystander here who can point and laugh at all the stupid investors who depend on intuition. Let me break it to you gently. Do any of these ring a bell?
Ã‚· You like to deliberate about an investment before making a decision.
Ã‚· You ask for friends’ opinions to inform your investment choices.
Ã‚· You think you have better insights into the markets than the professionals.
If you do any of those things,guess what? You’re making intuition-based decisions. But don’t be too hard on yourself! I have a solution.
How to be In Charge of Your Intuition
By recognising what your intuition looks like,you can take steps to weigh an investment opportunity objectively.
You then need to reset how you look at potential investment decisions. Seek data from multiple sources and do your careful, objective research. Take the proper steps to learn the opportunity inside and out while also analysing market factors that can impact your decision.
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