Never Listen To Anyone Else, Ever

Discussion in 'Trading' started by ByLoSellHi, Apr 26, 2007.

  1. There is one lesson I have learned, with absolute certainty, in my nascent trading career.

    It is this: Trade and invest based on your own convictions, based on the system of detecting opportunity, that you feel comfortable with.

    Without exception, every time I have ignored this rule, I have lost money. With an extraordinarily high frequency, when I have followed it, I have made money.

    The opinions of others about specific positions are not just noise, but distractions that will derail your profits.
  2. wave


    Amen, let the market tell you what to do, nothing else.
  3. One exeption. Jim Cramer. He has never been wrong.
  4. Who did you listen to that resulted in you losing money? :p
  5. 2006


    I agree. Everytime I have listened to someone I got burned large, even if the person is top of the class trader.

    Everyone needs to their own analysis and take responsibility for their trades.
  6. i disagree. when it comes to investing, i always look at what buffet is doing, for example.
  7. 2006


    Buffet can lick my ass.

    You ain't gonna get rich trading buffet style. Unless of course you already have a few million before you start trading/investing.
  8. hels02


    Well, it's a given that it's stupid to blindly follow anyone into a trade without looking into it yourself.

    But I think it's helpful to see other people's ideas, because they may bring into a picture stocks or sectors you hadn't considered.

    Yah, what stock did you get burned on? And I hope you didn't make that decision based on a few hours of trading if you researched it yourself and felt comfortable making the trade in the first place.

    It also makes a difference if you are talking about daytrading, swing trading or long term buy hold stocks... they are all different.
  9. Hah! :)
  10. WRONG! It's Cramer's WIFE who has never been wrong...
    #10     Apr 26, 2007