You see, it is easy to trick your mind through various things such as optic illusion, presumption, and many more. As for business, thinking rationally is the right thing to do. That’s why the way you think and how your mind work is important because your decision making in investment is influenced by it. You might think that you think rationally but it is not always the case. Sometimes, you think that you think rationally but make irrational decision for your investment. You see, there is what it’s called as human tendency which influence your mind. Bias is a form of tendency every human has. When you are biased to positive things, it can result in positive result in your decision making.
Be aware of your mind in investing
Your mind can play trick or being tricked. That’s what leads you to make mistakes in your journey of investing. Of course, making mistakes is common but if you can prevent it from happen then it is better. Here are things about mind you need to be aware of especially when it comes to property investment.
Lack of Logic
It is easy for your mind to lack of logic. One of the reasons is that it is easier to believe that what you can’t see means it doesn’t exist. The relation of this way of thinking to investing is that some investors avoid finding or reading news which contains unpleasant information about investment. They avoid it to stay positive and hope that everything will always be alright. This way of thinking is not good for your mind. Successful investor reads a lot. They always have courage to talk to others even when they have different perspectives. They see everything objectively so their mind is always conscious in making decision.
Your Mind is Playing Trick
The property market is one of the most important things when it comes to property investment, however, your mind can also play trick regarding to property market. You may have your mind ingrained with the understanding that every property market has its cycle and your future of business depends on it. However, it is not entirely true. It can be your mind playing trick and telling you that it has certain cycle even when it doesn’t. The right thing to do is to be mindful in drawing conclusion about the situation in the property market. Sometimes, the events are not cycled at all. Being perceptive of the situation is necessary so that your mind won’t get confused in making investment decision.
Influence of Old Knowledge
Your knowledge can influence how your mind works as well. You see, when you think you have already know something, your mind refuse to find more information or seek advice from others. Investors who are like this tend to refuse asking for help as well and adamant in work independently. However, successful investors are those who are aware of their knowledge and know that they can’t truly work alone to be successful. Opinion and advice from others they consider as important as their own knowledge.