Billionaires share these 3 traits
A study of billionaires underscored two traits that are general and often-repeated: 1) Be highly resilient, work hard and persevere 2) Be curious but also focused.
But the third one is interesting:
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It's how they are smart about risk. "Self-made billionaires tend to have a very optimistic attitude toward risk, focus on risks they understand and find smart ways to reduce them," according to the 2015 Billionaires Report from UBS and PwC, which looked at those who made themselves into billionaires between 1995 and 2014.
That means being more focused on missing out on the upside, rather than fretting too much about the downside. They look for opportunities where they have an edge - yet are aware they may not always have an advantage. And they are good at recovering from failure, whether by not risking everything or being able to adapt their idea until they find success.
If I had to boil down trading to an essential element, it would be the ability to sense and understand risk.
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