Learn more about Successful Investing or download more information here . Phil Wengier has been successfully investing in financial markets for over 30 years and is the owner of several companies. In particular, Saratoga Pty Ltd has been on the Internet since 1996 helping many who wish to discover how to invest safely and successfully. Feel free to subscribe to my Savvy Investor newsletter here
People love to huddle together in share clubs, forums, associations and seek popular opinion. There's nothing wrong with this but make sure that you're in a position to make your own judgements about any investment.
So you think there is safety in numbers? You think by joining a share club or a forum or association you can get the answer to successful investing? Sure, you can pick up a few useful tips and tricks and information and education. But what else are you looking for?
It is perfectly natural for us as human beings to want to socialise. But consensus in a group is not a successful strategy for profitable investing. For every trade that is made on the any stock exchange (many billions every single day) there has to be a buyer and a seller. Two people that have opposing views.
Consensus won't cut it. In the share market there is always someone who has a different view, someone has to think that the share is cheap when you want to sell it otherwise there is no trade.
So provide yourself with the education and practical experience to become 100% self sufficient with your investment decisions. Having a sound method is the first step.
Develop your own profitable track record without the crutch of share clubs and forums and the like. Become totally confident in yourself by virtue of your own results.
The next qualm I have is with people thinking advisors and experts know more than they do. Sure they're industry ‘professionals' but this doesn't mean that they know how to make money. People think that share market investing is specialised and complicated, that financial advisers and experts have done a lot of study and know a lot more than you.
You think they know how to make money on the share market
Well maybe, in fact that is definitely what they want you to think so they can still keep receiving their commissions and fees from you
But it is not true. Sure, you need to learn how to make money on the share market. And you need to gain sufficient experience to do so successfully, but it is no where near as complicated and difficult a skill to pick up as plumbing or plastering or accounting or gardening or cooking. And certainly much, much easier and miles less complicated than medicine or dentistry or rocket science.
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