During his recent interview with Tobias, Michael Batnick of Ritholz Weath Management discusses the importance of having written rules to follow in order to be successful in investing, saying:
I’m also a big believer in having written rules, and I had no such rules when I was doing it, but I just think that if you’re making decisions in the heat of the moment, you’re setting yourself up for disastrous failure, and I think that that’s true. I don’t even care necessarily what the rules are. They could be, you know, dumb rules are better than no rules, because I think you’re going to shoot yourself in the foot. At least I did. What I would do, this is sort of my M.O. One of the things that I did consistently was I would buy a stock on a breakout, and it would run two or three days, and then I would sell it on the retest. Because I didn’t have the discipline to sell on the way higher, and then I got scared that my profits were being ripped away from me.
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