He is known as one of the greatest investors of all time.
Also known as the oracle of Omaha, Warren Buffet is one of the richest men in the world and also one of biggest philantrophist alongside Bill Gates.
His company Berkshire Hathway earned 24 billion in profits last year. He is one the masters of investing and these are his top 10 rules for success.
1. Find Your Passion – “Take the job that you would take when you were independently wealth.” This is Warren Buffett’s advise to those who are seeking success. You are truly lucky if you are able to find it. Even though it might take a few jobs to find that passion, once you have it, go all the way. Passion is the driving force for success and motivation can only take you so far. As cliche as it might sound, when you have passion and you love your job, its not work anymore but doing something you love.
2. Hire Well – People are the greatest asset that you have. And finding the right people is key to success. If you have a team of people who are efficient, intelligent, energetic and have integrity, then your team will be unstoppable.
3. Don’t Care What Others Think – The surest way to failure is trying to please everyone. “Care about what other people think and you will always be their prisoner.” Being likeable is one of the traits of successful people. But worrying about being liked is definitely not. That fear will stop you from living life to your fullest potential. Once you can be free of worry, you will be living a life of freedom.
4. Read Read Read – Warren Buffett spends 80% of his day reading. All successful people read voraciously and to be successful, you must be reading all the time. Reading makes you smarter but it also depends on the kinds of books y ou read. Warren Buffet recommends reading – “Business Adventures: Twelve Classic Tales from the World Of Wall Street” by John Brooks. – “The Essays Of Warren Buffett” by Warren Buffett – “The intelligent Investor by Benjamin Graham. Experts say that if you read one booth every month on the same topic for 2 years, you will become part of the top 5% experts in that topic.
5. Have A Margin Of Safety – Taking risk is essential if you want to succeed in anything. Especially for investors. As with risk, there will always be the consequence of failure. Therefore, Warren Buffett’s advises to protect against the bad luck during your investing lifetime. You must create a margin of safety that will provide some protection against your capital.
6. Have a Competitive Advantage – This is achieved by offering superior value which can be done by providing greater services that justifies the price or lowering prices. “ Capitalism is all about somebody coming in and trying to take the castle. Now what you need is a castle that has durable competitive advantage.”
7. Schedule For Your Personality – You need to be productive and in order to be at your most productive state, you must find what works for you. Warren Buffet does not like meetings. He is building his business in a way that he prefers and enjoys. He does not conform to a set of rules but he makes his own. So find out what works best for you
8. Always Be Competing – Never get complacent. Never be comfortable. Once you settle into a the feeling of self-satisfaction, that is when it gets dangerous. Your competitors will mow you down with their tenacity and hunger for success. Always strive to grow every day in every way and get better and better. You must feel like everyday, your rice bowl might be taken away. Only then will you put in 110% effort.
9. Model Success – The fastest way to get to success, is to find a model for success. There are already successful people in the field that you are interested in. Writers, investors, entrepreneurs. Find out what they do, what works for them. Find our their habits and follow that model. You can also find a mentor who can guide you to get from where you are to where you want go in the shortest route possible.
10. Give Unconditional Love – Warren Buffett said in his profile for “The Great Minds Of Investing” about the love and support he received from his father. He claims that this, more than anything else, is the greatest reason for his success. “My dad believes in me. What i basically got from buy father is unconditional love. Unconditional love is huge in this world…Whatever i did, he was all for it. It didn’t matter how much money i made or anything like that. It was just, ‘Do your best whatever you take on.’”.
What has this got to do with forex trading?
Short answer:
Everything.
