Did you know we are a mimicry artist by nature?

The stock market is all gamble. ‘Making money in the stock market is all about luck.' 'The easiest way to financial ruins passes through the stock market.'

Did you know we are a mimicry artist by nature? There are special mirror neurons in the human brain that form the basis of our natural tendency to imitate one another.

It was a classic episode on the old "Candid Camera" show -- people getting on an elevator and turning backward just because everyone else did, and we all laughed.

We laughed again during the movie "Mean Girls," when an act of teenage revenge, cutting nasty Queen Bee Regina's T-shirt during gym class -- an act meant to insult her -- became a school fashion trend instead.

It turns out the joke is on us. These two examples illustrate something that we humans don't like to admit about ourselves: We follow the pack. Like birds in a flock or sheep in a pasture, we follow -- sometimes at our own peril.

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Everyone who invests aspires to become richer, smarter, and successful. But that does not mean that you blindly follow other investors who are successful. Blindly copying the portfolio of a successful investor is not advisable for many reasons

1. People trend to make mistake

People tend to view highly successful people as if they are invincible, as if they are above mortal beings. Let us tell you that all investors make mistakes. Even the legendary Warren Buffett makes mistakes till date. In his 2013 letter to Berkshire Hathaway shareholders, Buffett told the story of the time he bought $2 billion of debt of Energy Future Holdings. The company was formed in 2007 with the goal of finalizing a huge leveraged buyout of electric utility assets in Texas. Buffett's biggest regret about the deal was that he made it without consulting his longtime partner, Charlie Munger. 

2. There is no guarantee that Performance of the stock will be same 

Just because an successful investor has invested in a particular mutual fund or stock, there is no guarantee that it performs well in the future. Even the big bulls are mortals capable of committing mistakes. Remember that in every great investor is a speculative trader.

3. You don’t know his next step 

Another drawbacks while blindly following an successful investor that you don’t know what he is going to do next with his investment. While the successful investor buying a particular stock doesn’t leave a clue whether the investment is long-term or short-term. In short, you would not know his next step.

4. This investment probably means nothing to him.

Mr Jhunjhunwala bought 1.4% stake in SpiceJet by investing about Rs 134.1 million. Do you think this is really a big amount for him? We believe this investment is too trivial for the billionaire investor. Even if this investment goes bad, it will not affect his overall portfolio much. So it would be dangerous if you take a sizeable position in such a stock and it fails to deliver

However, all these factors should not discourage you from tracking what the other investors do. Simply ensure that you do not blindly follow the ace investors. Rather create your own profile and go accordingly.

Each investment is based on one’s personal goals. Copying other’s performing portfolios will not help as your needs are different from theirs. After all, one size doesn’t fit all!