Furthermore, without diligent work standing behind your stock picks, your confidence gets annihilated as soon as your portfolio begins to lose money. Take Warren Buffett, for example. After being asked how to get smarter, he's been quoted as saying: "Read 500 pages … every day. That's how knowledge builds up, like compound interest."
What we see all too often are "investors" who have done little to no research selling their stock as prices go down and waiting to buy again only after the price, and their false sense of confidence, has already appreciated. This behavior will most assuredly erode investment returns.
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Regardless of your individual circumstances, a trusted financial advisor believes the solution to any problem is to make a plan, develop a thesis, or set a goal—and to stick to it. Whether it involves meeting with an advisor or building a treehouse, you should start with formulating a sound plan of action.
I personally believe that unless you have developed the skill set and also have the time to keep those skills sharp—whether you're a fan of market indexing or attracted to investing in individual companies—there are severe costs to making trades based on emotion.