Here is an interesting post on this topic...
It works for millionaires...
« Thread started on: Today at 9:14pm »
I just read through a copy of "The Millionaire Next Door" , and I found an interesting and applicable point for us CMKXers to mull over.
So many of us here are chomping at the bit at the lack of news or movement in PPS. Yet, according to "Millionaire", while 95% of millionaires hold stocks, a whopping 42% of the interviewed millionaires hadn't made a single trade in their portfolio in the last year. Most don't even follow the stock market daily, or make trades based on financial media reports. When asked, a common reason given by millionaires interviewed for the lack of active trading: Simply, it's expensive to trade frequently.
Most of us are simple working folks, ranging from students to retirees, investing because we want a better life for ourselves and our loved ones. But studying the habits of those who have actually achieved that which we desire tells us that one key success factor is simple and inexpensive: patience.
There are others (bashers) who understand this, and want to steal your confidence and patience by giving you a sense of urgency that you're wasting your time with CMKX's lingering .0003-.0004 PPS, when "so many other stocks are doing so well". They want you to get upset, to make you react emotionally instead of intellectually. Don't fall for their trap.
Remember: when you hold long and you don't allow yourself to get spun up emotionally over your investments, you're in good company...you're behaving exactly like the millionaires you're aspiring to be.
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