Home > General Topics > Trading > Do you give friends/family trading advice when asked?

Do you give friends/family trading advice when asked?

  1. 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?
     
  2. 'go to hell'? .:cool:

    I don't, but I sometimes tell my friends what stocks I swing trade.
     
  3. 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.
     
  4. 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.
     
  5. 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.
     
  6. Not a snowball's chance in hell I give advice.
     
  7. 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.
     
  8. 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?
     
  9. 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!
     
  10. LOL. I typed in QQQ and viewed the signals over the last 50 days - you would have lost money on almost every one.
     
  11. Save your money.

    I just saved you $150 or so, so I guess, so you owe me 10%, OK. Just kidding, unless you did not get it...
     
  12. I give advice appropriate to my audience.

    Typically I tell my investment ignorant friends/family to put/keep their IRA with Vanguard. Then I may direct them to a very diversified Vanguard family fund appropriate for them, at that time - preferably something they don't need to reallocate but once every couple years or so.

    Obviously I don't trade w/ Vanguard.

    I would never recommend anyone attempt to do what I do as there is simply too much upfront cash and mental tuition. And I wouldn't even begin trying to explain what I do to a neophyte.

     
  13. I get asked all the time. Only my sister follows my advice. And she is the only one who made money.:)

    She is not a day trader like me, but doesn't mind moving Mutual Funds around 4 times a year in her 401K.
     
  14. yes. i tell everyone what to do on every other issue why would i stop here? :-/
     
  15. I only share my opinion of the market, when somebody asks me...
    i never give any advice to buy or sell anything...
    So far, that works for me and my friends.
     
  16. Ok is the site using the trix indicator as its main indicator? I didnt see it if it did mention it. I also like the trix indicator but for swinging only. You can of course get it free at www.wealth-lab.com as well
     
  17. I advise them not to ask people for advice..

    of course, they persist.. "i wont hold you to it.. but is there anything you think might be particularly hot right now?"

    and then i recommend a good investing book..

    -qwik

    btw.. for those who havent learned the hard way.. "i wont hold you to it" means "i will never forgive you if this doesnt work"..
     
  18. i do not advise any of them on anything simply state my opinion when asked...
     
  19. I tried to give my family advice but they balked at the fees.
     
  20. Yeah...this is the best advice. Then again, if they're asking, they may not know what a stop is.:eek:
     

  21. LOL~!:D