I have quoted one of the beginning paragraphs from Seth Klarman's book "Margin of Safety" which I recently read. Don't bother trying to buy it— the book sells for $1000.. not kidding.

Klarman is in my opinion, the best investor in the world (yes, even better than Buffett). Google him for more info— he is incredible.

Anyways, the quotes below will be helpful for beginning investors who struggle with patience. This is why traders more often than not lose money. Sam, I particularly thought you might like this. Klarman and other value investors very slowly but methodically take traders money over time as they whip in and out of stocks with no real fundamental reason— being tricked by their last success that they are actually on to something.

As for me, I'll stick with the method of Klarman, Buffett, Lynch and other value investors.

Excerpt:

Investors adopt many different approaches that offer little or no real prospect of long-term success

and considerable chance of substantial economic loss. Many are not coherent investment programs

at all but instead resemble speculation or outright gambling. Investors are frequently lured by the

prospect of quick and easy gain and fall victim to the many fads of Wall Street. My goals in writing

this book are twofold. In the first section I identify many of the pitfalls that face investors. By

highlighting where so many go wrong, I hope to help investors learn to avoid these losing

strategies.

For the remainder of the book I recommend one particular path for investors to follow—a

value-investment philosophy. Value investing, the strategy of investing in securities trading at an

appreciable discount from underlying value, has a long history of delivering excellent investment

results with very limited downside risk. This book explains the philosophy of value investing and,

perhaps more importantly, the logic behind it in an attempt to demonstrate why it succeeds while

other approaches fail.

I have chosen to begin this book, not with a discussion of what value investors do right,

but with an assessment of where other investors go wrong, for many more investors lose their way

along the road to investment success than reach their destination. It is easy to stray but a

continuous effort to remain disciplined.