"When I was a stock analyst, people often asked me what they should do with their money. Within the Internet sector, I often had some ideas. When the question was broader, however, I usually didn't. As a sector analyst, I didn't know what strategy made sense for any particular individual. Also, like many analysts, I knew more about how to invest intelligently in a single industry than how to invest intelligently overall. I am no longer a stock analyst, and, thanks to a regulatory disaster (see below), I can no longer give personalized advice. But people still often ask me what they should do with their money. And after a few more years of experience and research, here's what I tell them: Diversify your assets, reduce your costs, and get out of the way." http://www.wallstreetselfdefense.com/
I'm not sure, but I think a529612 was trying to be ironic when he described it as "investment wisdom" in his initial post. Here's more about the concept of irony: http://en.wikipedia.org/wiki/Irony I quote: "Irony, from the Greek ειρων (self-deprecator), is a literary or rhetorical device in which there is a gap or incongruity between what a speaker or a writer says, and what is generally understood (either at the time, or in the later context of history). Irony may also arise from a discordance between acts and results, especially if it is striking, and known to a later audience. " [...] "More generally, irony is understood as an aesthetic valuation by an audience, which relies on a sharp discordance between the real and the ideal, and which is variously applied to texts, speech, events, acts, and even fashion. All the different senses of irony revolve around the perceived notion of an incongruity, or a gap, between an understanding of reality, or expectation of a reality, and what actually happens."
I read the first page on his site and I agree with most of it. The vast majority of the 20's something who think they can daytrade their way into 200K a year using TA are kidding themselves and his advice to them is pretty sound actually
Agree. Also... This Forum is called "Elite Trader"... and this section is called "Trading". There is very little overlap in terms of methodologies required... For successful "investing" versus successful "trading"... And a completely different ** personality ** is required for each. People that confuse the two... are probably confused about a lot of things.
I like what "blodget" wrote ... -The idea that a part-time amateur investor with an Internet connection and an e*Trade account should expect to out-trade a full-time hedge-fund manager with a $20 million annual research budget, a Rolodex full of industry and management contacts, and years of professional experience is, sadly, preposterous. It is, however, common.-