Social media effect

Well, 90% of people lose their money on trading. Do you agree that, to some extent, it's due to the effect that social media and its influencers have on people?

 

people who can be influenced vs people using their own discernment.

it's a wonder it's only 90% i would think more like 99.99990

 

No, because the 90% (or 85% or 95% or something in that area, take your pick) myth has been around since before social media was a thing.

It exists because people WANT it to exist, so it does. Truth is, nobody really knows what the number is, or how to even define it to begin with.

(And combine firms do not count.)

 

%5
YES\
partly\
even though i would say\ its due to to much screen time\+ too little ineve$ting +too little reading book time.
IF we include short term investing as trading;+ include most any business as trading, its a lot better than 10% or 17.777% make money.
However if limited to trading TQQQ, QID ,QQQ or SPXL, ES, maybe not 10%or 15% make money [90%\85% lose lose]
I know i wasted to much time on FB\META for some years.
But even giving 10 copies of IBD or giving 10% +maybe the best risk reward

 

Why they would want to to exist? What this myth has for them?

 

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I never blame my losses on social media;
even though no man is an island, so could spend[or waste] to much time on FB\meta.
Dave Ramsey says 80% of daytraders lose, not sure its that high ??
Talking snake media maybe even worse sometimes obvious are trying to churn commissions or promote panic sells or panic buys.........................................................
Even WSJ tends to promote DOW-DIA much more than SPY or QQQ-NQ

 

The statement that 90% of people lose money in trading is often mentioned, but it's important to note that the actual statistics may vary depending on the specific market, time frame, and trading strategy being used. Trading involves risks, and there are various factors that can contribute to losses, such as lack of knowledge, poor risk management, emotional decision-making, and unpredictable market conditions.

 

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And the profit factor is a lot better than 10% when trading includes real estate + business ;
+ lots better when includes trading services for cash, very much better then.
IF I lost money, because i bought into Jim Cramer's screen comment ''BAC is going to $60 in a hear beat' 'LOL\ that's my fault , not his.[I still get Jim Cramer's emails, with discretion]
ALL the people that did well , with the help of Dave Ramsey books + radio + screen comments, that's not his fault also. Good question

 

Yes, far too lenient. There have been multiple investigations in this, over different times. Basically, more than 99% lose money. There is no such thing as a winning day-trader. And for the record, this was even for adjusting the cost of commissions! So you can't blame it on commissions. Now THAT is the scary part.

In the fraction of 1% who had made positive returns, their winnings broken down on an hourly basis were basically that of a minimum working wage at McDonalds.

Ramsey isn't the brightest though. Not only has he given dead-wrong advice on Bitcoin, but he makes some serious blunders such as his defence of Mutual funds, etc. Keep in mind, he is PAID by these funds in ads... so you see the bias right there.

 

Andre Jikh was one of the top influencers I believe on YouTube. He was endorsed by Celsius, BlockFi, FTX, etc. Maybe even Voyager to? They all ended in catastrophe. I don't think he had a single sponsor that didn't turn out to be a ponzi or other disaster? Not to mention the obvious NFT bubble he was pushing so hard into as well (and the other bubbles that popped).

I used to watch him out of interest... but more out of fascination as to why his following was growing so huge when it looked obvious things would not end well. He'd go full-retard buying up IPOs on hype from day one... was interesting to watch him lose money like that more and more by the day with Coinbase, etc.

Sometimes it would appear he had something useful to say, though if you knew the subject of the day well, you'd see him making obvious errors.

Once in a rare blue moon I'll take a quick peek of one of his newer vids to try to see what he's publishing now. I can't help but notice, his GF that used to have parts in his older vids (with sexual themes) doesn't even appear anymore in a long time. He doesn't even mention her anymore. I can only assume the obvious...