The human being is nosy.
Maybe curious is a better word.
Problem is, this one characteristic is enough to make one fail in the market.
Curiousity is a good thing. At the right time and in the right area, yes.
Curiousity is a bad thing at the wrong time and in the wrong area.
However, that’s how we are wired. We like to know what that other fellow is doing, the one who is successful. We want to do the same thing. We want to ape the success. Whether we know anything about that other fellow’s field or not becomes secondary.
That’s when the walls begin to crumble.
Know your field.
Be curious in your field.
Succeed in your field.
If you don’t, after trying repeatedly, change your field.
Find a field that you’re successful in.
If one successful field doesn’t fulfill you, develop a second field.
However, just because your best friend hit the jackpot in his field, don’t move over to his field and expect to hit the jackpot too.
Unfortunately, we show that kind of behaviour again, and again and again.
That’s human nature.
A prime example comes from the stock market.
At the end of a boom, the last ones holding the hot potatoes (stocks that have gone up too much) are the “pigs” (retail traders and investors who buy at exorbitant prices after getting lured in by the successes of the earlier parts of the boom), who then get slaughtered. This is common stock-market jargon, by the way. It has gotten so streamlined, because it has happened again, and again and again.
If you’re doing stocks, do stocks properly. Make stocks your life’s mission. Or, don’t do stocks. Period. There’s no in-between to being successful. Success in stocks, like success in any other field, demands your full attention. Don’t do stocks just because the other fellow made a killing in stocks.
Memory is weak.
Give the bust a few years, and a whole new set of pigs launch themselves at the fag end of the next boom.
You’re not a pig.
Know your field. Stick to it. Succeed in it. Period.