Investment philosophy is the highest wisdom about investment, which consists of beliefs and trading rules. Whatever you believe, do it! What you believe comes first, and then what you do. A complete investment philosophy usually includes: views on value, views on human nature, views on the market, views on risks, views on investment itself, etc. How you believe is how you live, how you believe is how you invest.

Having a core philosophy is fundamental to long-term trading success. Without a core philosophy, you won't be able to stick to your position or trading plan during really tough times. A trading philosophy cannot be passed from one person to another. You can only get it with your own time and effort. So trading is an art.