Financial Education: Be Careful Who You Listen To

in Threespeaklast month (edited)

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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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