When we are new to investing, we are easily influenced by others. It is natural that will give some credibility to those we believe have more experience or are more knowledgeable about things. However, in this arena, that can be fatal to one's account.
We have saying of "do your own research" or "do your own due diligence". This means to not listen to your Uncle, those people on CNBC, or the twitter crowd. Certainly you can get ideas but your own research is vital.
In this video I discuss how we all have our own individual styles. So no matter what one says, it has to be adopted to each of us. When we talk about risk tolerance, time frame, or skill set, all is applicable.
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Correct their is lot of misinformation in world
The biggest issue is that if you are only listening to the news, you get a bunch of people with agendas. For example Schiff promotes gold, Cramer is pumping/dumping for his wall street buddies and a bunch of others. So obvious people need to do their own research and decide what is best. Of course this will include both what they are willing to risk and what trades are worth taking.
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Some don't even know what they're wanting from investment, how they're looking at their investments and that's why they can't find the right people to listen to. If you're a long term holder of BTC for example you shouldn't pay any attention to traders, they're absolutely useless for you especially if they're also leverage trading.
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Summary:
In this video, the speaker emphasizes the importance of being cautious about who one listens to for financial advice. He mentions various sources of financial information such as mainstream media, social media platforms, coworkers, and newsletters, highlighting the underlying agendas that may influence the advice given. The speaker stresses the need for individuals to conduct their own research and due diligence before making financial decisions, as ultimately, the responsibility lies with the individual. He also discusses the importance of understanding one's own financial situation, risk tolerance, and investing style when evaluating opportunities in the market.
Detailed Article:
The video begins with the speaker addressing the audience, explaining that he will continue the financial education series by discussing the significance of being selective about the sources of financial advice one listens to. He points out that advice can come from a variety of sources, including family members, mainstream media like CNBC and Bloomberg, social media platforms such as Twitter and YouTube, and even colleagues or newsletters. The speaker highlights that many individuals and media outlets may have ulterior motives or agendas when providing financial advice, often tied to their own interests or investments.
The speaker acknowledges that while it is not illegal to promote certain stocks or investments, individuals should be wary of vested interests when receiving such recommendations. He mentions that contributors on mainstream financial websites are typically required to disclose their positions in specific stocks to provide transparency to viewers and readers. This transparency allows individuals to assess the credibility and motivations of those providing financial advice.
Moreover, the speaker emphasizes the importance of conducting independent research and due diligence before making any financial decisions. He discusses terms like "do your own research" and "do your own due diligence," underscoring the responsibility individuals have in managing their own financial affairs. The speaker urges viewers to avoid blaming external factors for financial losses and instead take accountability for their decisions.
Furthermore, the speaker highlights the importance of aligning investment strategies with one's own financial situation, risk tolerance, and investment goals. He notes that different individuals have varying levels of financial resources, knowledge, and time, which influence their approach to investments. The speaker mentions the significance of self-awareness in financial decision-making, emphasizing that understanding one's own financial aptitude and goals increases the likelihood of success in the market.
In conclusion, the speaker points out that the process of engaging in trading and investing serves as a learning experience, revealing aspects of individuals' personalities such as discipline, risk tolerance, fear, and greed. He notes that while these lessons may come at a cost, learning from mistakes can prevent individuals from repeating them in the future. The video wraps up with the speaker wishing the audience a great day and signaling the end of the discussion.