I would like to know how some fellow traders do about friends or family members asking for advice on a particular stock or market. I use to always give advice on what I think would happen but recently am starting to believe that I should just keep my opinion to myself since I find myself being correct about my advice but my parents doing the exact opposite of what I say. I think people just want to hear confirming opinions and it doesn't really matter since they already made up their mind. So it frustrates me to be right and watch them lose their money. Anyone have a good ideas on how to respond when asked for tips or advice on particular stocks?
I don't get asked. I don't know one person who trades. This is one reason I enjoy this board. It's the only chance I get to interact with other traders.
I am in trouble for giving bad advice and for not taking some good advice so I just tell people I don't give or take tips or advice.
I used to talk shop with anyone who wanted to listen. Now I typically keep quiet as to what I'm thinking and what I'm doing.
I just say that I have no idea what the market or a stock is going to do. The only advice I give is to always use a stop.
My brother-in-law just asked me a few days ago about Champion Trader. As a rule of thumb, anytime you see a splashy ad touting a highly profitable system that comes out of some unknown indicators, running away is probably the least expensive viable option. Anyway, we did an internet search, and found a bunch of posts on other forums where they listed bad experiences with the vendor. If I wasn't such a nice guy I would've encouraged him to buy the thing so that I could have a look at it once and for all. Did you know you can use the same indicator for free at www.tradestars.com? Just don't use real money until you've papertraded a bunch, OK?
Lemme give you a lesson. 25 years ago...yep that's right...I told my father to buy Cox Cable, when cable was in its infancy. I was just starting in the television production business and I'd made nice gains on one of my first stock trades. Naturally, he waited too long, bought in at a short term high, then panicked at a low and lost his butt. (Of course the stock then went on to gain like 20 million percent.) Now, 25 years later, I'm still reminded at least once a year what a terrible investor I am because of that one recommendation. So advising friends and family? Never, ever!
LOL. I typed in QQQ and viewed the signals over the last 50 days - you would have lost money on almost every one.