Warren Buffett: 11 essential tips to improve your trading

One of the most famous and influential billionaires in the world, Warren Buffett has a brilliant and clear vision that helped him to built a consistent reputation in the business world.

Buffett is the chairman, CEO and largest shareholder of Berkshire Hathaway. He started doing business from an early age and has acquired a fortune estimated at $70.2 billion.

We share with you some of the cleverest thoughts and quotes of the Oracle of Omaha, as some call him, on how to manage life and business to become successful.



 

1. You are your best investment

"Investing in yourself is the best thing you can do. Anything that improves your own talents”

Read More: Hamish, FTA student: From a diverse career, to a diversified portfolio
 

2. Stay healthy

“You only get one mind and one body. And it's got to last a lifetime. Now, it's very easy to let them ride for many years. But if you don't take care of that mind and that body, they'll be a wreck forty years later, just like the car would be.”

Read More: Are You Physically and Fiscally Fit for your Later Years?




 

3. To invest well, master the basics

“Price is what you pay. Value is what you get.”


4. Change routines and bad habits as soon as possible

"I see people with these self-destructive behavior patterns," he says. "They really are entrapped by them."

Buffett advised graduating students at the University of Florida to form good habits as soon as possible. "You can get rid of it a lot easier at your age than at my age, because most behaviors are habitual," he told them. "The chains of habit are too light to be felt until they are too heavy to be broken."


5. Increase your saving habit

“The biggest mistake is not learning the habits of saving properly early. Because saving is a habit. And then, trying to get rich quick. It’s pretty easy to get well-to-do slowly. But it’s not easy to get rich quick.”

Read more: To Become an Elite Trader You Must Develop Strong Positive Habits
 

6. Let excellence surrounds you

“It's better to hang out with people better than you. Pick out associates whose behavior is better than yours and you'll drift in that direction.”

Read more: 5 Qualities of A Good Forex Trading Mentor


 

7. ...and choose the right adviser

“You can't make a good deal with a bad person.”

Watch the video: Social trading: how to profit from it and what to be careful about!
 

8. Read, read, read

"I just sit in my office and read all day," Buffett told. "Look, my job is essentially just corralling more and more and more facts and information, and occasionally seeing whether that leads to some action." Reading was his obsession from the very beginning of his career. He admits that this habit is crucial to achieve all his goals.
 

9. Never lose a good opportunity

"Big opportunities in life have to be seized. We don't do very many things, but when we get the chance to do something that's right and big, we've got to do it. And even to do it in a small scale is just as big a mistake almost as not doing it at all. You've really got to grab them when they come, because you're not going to get 500 great opportunities."
 

10. Do what you love

“Take a job that you love. You will jump out of bed in the morning. I think you are out of mind if you keep taking jobs that you don't like because you think it will look good on your resume. Isn't that a little like saving up sex for your old age?”
 

11. Know your limits

"You don't have to be an expert on everything, but knowing where the perimeter of that circle of what you know and what you don't know, and staying inside of it, is all important."

Read more: Knowing Yourself is Important for Your Trading




 

Other article of interest:

• Warren Buffet: Dicing with the Devil

Warren Buffett once challenged Bill Gates to a game of dice. Gates immediately became suspicious when he was offered to choose first from a selection of unconventionally...