Most of us grew up watching and quoting various Star Wars characters, and since today is May the Forth or how Star Wars Fans refer to as 'Star Wars Day', we adapted an article from Market Watch. The site has picked out eight of the films’ best quotes that we can apply directly to the our investment strategy of save and invest. From Obi-Wan to Darth Vader, here are some of the wisest words Star Wars has to offer:
“Adventure. Excitement. A Jedi craves not these things.” — Yoda
Neither should long-term investors. Leave it to those risk-riding daytraders to get their jollies from the stock market’s wicked swings. Boring is usually a good thing when it comes to building a nest egg. You may prefer stock trading as a higher risk, higher return but do take into consideration of setting aside a portion for defensive and stable return investments.
“Who’s more foolish, the fool, or the fool who follows him?” — Ben Obi-Wan Kenobi
Paying attention to what the professionals—and yes, even the media—have to say about the market is probably a good idea. Blindly following their advice—well, you’re better off playing with the wrong end of a lightsaber. Here is Malaysia, there are not just investment gurus, but also investment scam gurus. It is still back to you on whether to believe them or not
“It’s a trap!” — Admiral Ackbar
Where doesn’t this apply when it comes to the stock market? Using past performance as a gauge of future returns. Selling your winners. Adding to your losers. Think of the handsome admiral before making your next move. Always look for long term investment. If you are trying to go into an investment which is risky or on a late bull run, make sure you know when to exit.
“Stay on target.” — Davish Krail
Set your plan and stick to it. Ignore all the noise. Of course, you won’t get shot down by the Dark Lord if you fail, but you might find yourself pushing back retirement by a few years if you stray too far from what you’re trying to accomplish. Over the course of your investment, you may be tempted by other opportunities. If your current investment is delivering the return you targeted, do not be tempted to switch.
“You don’t have to do this to impress me.” — Princess Leia
Slow and steady wins the race. Just because you read about some teenager logging triple-digit returns doesn’t mean you need to ramp risk to uncomfortable levels to chase the gains. Stick to your plan and don't be greedy.
“You are unwise to lower your defenses.” — Darth Vader
Just like in Las Vegas, never take big risks with more capital than you’re OK with losing. Don’t get caught up in the moment and expose yourself to the dangers that lurk outside the boundaries of your comfort zone. Don't over expose yourself by investing ALL your money into a single investment.
“You know better than to trust a strange computer.” — C3PO
That could have been the title of Michael Lewis’s book on high-frequency trading, in which he paints those players as cutthroat financial predators blurring the lines of the law. While there is a rise in robo investing, somehow human communication with actual consultants, advisors or fund managers will help you to make logical decisions.
“You will never find a more wretched hive of scum and villainy. We must be cautious.” — Ben Obi-Wan Kenobi
Cautious approach towards investment is a must in view of so many unlicensed or unregistered investments schemes out here. Practice cautious in finding out if a certain investment is genuine and is not a form of Ponzi or Pyramid Schemes.
Adapted from Source: Market Watch
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