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Successful Investors Follow All The Rules.(A)(INVESTOR'S CORNER)
Byline: Monika Tjia
In any serious project, following a set of rules can be trying. It's easy to use only the ones that you like and ditch the others. But if you want to succeed in an investing system, stick to all the rules.
Drop a rule here or there, and the formula crumbles. CAN SLIM, the seven-step system to buying winning stocks (described in "How To Make Money in Stocks"), consists of characteristics that winning stocks had prior to their huge gains. It works only if you follow all seven parts.
Outside CAN SLIM, you might have broken a rule -- such as the 7% to 8% stop-loss -- and still made a profit. Or maybe you didn't sell a winner despite the market's signals. But make it a habit, and you could get hurt seriously in a different market.
"In being a disciplined investor, it's a sin to make money when you break some rules in order to make it," said Greg Kuhn, head of Thoroughbred Partners hedge fund in Doylestown, Pa.
Kuhn once found himself tweaking his investing strategy. "I was adding too many technical things to the equation. I eventually found I needed to go back to the most basic premise of CAN SLIM," he said.
Abiding by a set of rules might sound rigid. But in investing, changing your habits depending on your mood can prove risky.
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