While it’s true that opportunities lie everywhere, especially in the stock market, I write this to remind myself to stop passing up opportunities when I see a good deal come by. Today marks the day I broke the momentum of watching the ships sail by!
Awhile back I actually did extensive research on companies, seeking out for investment opportunities, and I did find some. Every time I was close to making a purchase, I back out. I don’t know why, it could be part of a bad habit cycle that needs to be broken. I must admit, I have been on a stalemate with the market for awhile, all the while building up my cash reserves, but not without valid reasons. I was beginning to fall into the investing sin of omission, failing to buy when I was in the position to do so, despite my researches backing me up.
3 stocks, representing about 15% each on average that I have missed out because I backed away. Of course, hindsight is perfect and the results could have gone the other way around and I would be “happy” that I missed it. But that’s missing the bigger picture! The sin remains, whether I profit or lose.
I wasn’t making my moves despite being convinced of my own research and facts that I have gathered. That was the problem. Knowledge isn’t power, Applied Knowledge is. If I don’t apply my knowledge and take any actions, it’s worthless. I may have missed out on 3 stocks, but I’m glad that was all it took to wake me up. I could have missed 30 and still have not seen the problem!
Today I bought Riverstone (SGX: AP4) because I believed in my research and facts I have gathered. I finally broke away from my stalemate with the market, that inaction. I’m not saying that inaction is wrong, because sometimes no action is better than making stupid decisions. What’s wrong is backing away when I have convinced myself of my research.
It’s time I look into the areas of my life where bad habits are going unnoticed. I’ll probably find some! Weeds need to be removed or the plants can’t grow! In the same manner, there isn’t a point on focusing all my efforts on personal development if the weeds in my life are going unnoticed and sucking away the nutrients needed for my plants to grow.
It’s a new beginning from me and I’m glad I broke free from my bad habit cycle! What about you? Do you have a bad habit cycle that you need to break?