You might be a winner, but the odds are certainly not in your favor. So why spend all this precious time watching something that is of little or no value? For some, it is the thrill of the game, just like political junkies crave their fix of “information” and can’t turn off Fox News or MSNBC. For others, it’s just a habit, something they’ve always done or something their parents did. But honestly, it’s mostly all useless noise wrapped in Wall Street’s self-promoted allure of wealth and success.
Research has clearly shown that stock picking and market timing are rarely successful strategies with any level of consistency. Yes, there are those who are lucky enough to pick a really good stock and those who are lucky enough to buy or sell at the “right” time, but these successes are few and far between for the average investor.
However, the part of our brain that is convinced it is smarter than the market will still keep trying to out-think that which is not out-thinkable. Then there are those who were lucky enough to pick a great stock and buy it on a timely basis, but when it comes to when to sell or take profits off the table, they become mired in greed. They will more than likely hold too long and watch their winnings fade.
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