It's very overrated. If you knew the amount of money, work and expertise that goes into trying to get an increased couple of percentage points of annual returns without increased risk, you'd realize it's a complete waste of time for a regular person (though the same performance is of unfathomable value if you have a lot of money and ability to leverage). You'll get far more value out of learning about asset allocation, how to avoid overpaying, diversification, emotional control, etc.
Exactly. My professor said the same thing. Even if you do all that research, you will be making like pennies an hour. Ya, you may have gotten a little more from research but look at the time consumed. All those hours just to get a little more info. It isn't worth it or plausible.
Websites do all the shit for you. MACD. RSI. They plot them all for you. You should learn how to read candlestick patterns and know basics like that.
I like The Teaching Company. I started with this lecture which can easily be found on torrent:
https://www.thegreatcourses.com/courses/how-the-stock-market-works.html
Emotional control is fuckin key. We got panic wrestling in MMA and panic selling in the market.
There is a ton of stuff online. Or just watch interviews with people like Warren Buffett and Mark Cuban. They have totally different styles but it is good to hear many different views. I see many youtube videos just parroting Warren Buffett. I don't need to hear that for the 50th time. Cuban says diversification is for idiots and holding is horseshit. lol. This guy like thrives in chaos. He doesn't pay attention to the market most of the year but there will be a "world series" for a couple days and that is when he jumps in. He says keep money in cash. Don't hold it in stocks or other things. Keep cash until there is actually something good.
I loved Boardwalk Empire and Arnold Rothstein.
Atlantic City boss Nucky Thompson finds himself besieged by rival mobsters and the US district attorney’s investigators. He meets with Chicago gangster Johnny Torrio and Manhattan’s gambling kingpin Arnold Rothstein to plot his next move…
Torrio: “What are you gonna do?”
Nucky: “What would you do, John?”
Torrio: “Kill the prick,”
Nucky: “I’m under indictment. The Feds are up my ass…”
Torrio: “Then take it with you. Retire somewhere.”
Nucky: “Take what? All my money’s tied up in a land deal.”
Rothstein: “Nothing.”
Nucky: “I beg your pardon?”
Rothstein: “You have no move, Mr. Thompson. You do nothing,”
Torrio: “He’s under attack, Arnold.”
Rothstein: “All the more reason for patience. I’ve made my living, Mr. Thompson, in large part as a gambler. Some days I make 20 bets. Some days I make none. Weeks, sometimes months in fact, when I make no bets at all because there simply is no play. So I wait, plan, marshal my resources and when I finally see an opportunity and there is a bet to make, I bet it all.”
Sometimes, the best move is to do nothing. This applies to when unclear event risk rears its ugly head or in the midst of a market melt-up in which one finds himself under-invested.
and Sun Tzu:
'Let your plans be dark and impenetrable as night, and when you move, fall like a thunderbolt.'
