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birb_cromble  1mo ago (text post)   1292 thread views

Weekly Finance Thread

Since a lot of us here have expressed interest in not starving to death in a gutter, I figured I'd start a weekly thread to discuss financial matters.

Ground Rules

  • Remember that we're all just Internet randos. Don't bet your life savings on a hot tip from this thread.
  • Keep culture war in the culture war thread. Yes, global events may impact our personal finances, but that does not mean we have to incessantly harp on culture war aspects here. If you are going to discuss it, please stick to the practical impacts of it on an individual level.
  • Be kind. Remember that everyone here comes from different circumstances. We all have different resources available and different risk tolerances.
  • Don't let the perfect be the enemy of the good. Better is better. Celebrate people when they take a step up and work to move their finances in the right direction. Don't flame out because they haven't followed what you consider the optimal path. Everybody has to start somewhere.
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I'm still early in the journey. I started dipping my toes into investing only 2 years ago. I've done okay so far.

2 years of learning is on the short side. Many of the best traders in history spent 4-5 years or more on making mistakes before becoming consistently profitable.

If you want "proof" that great traders exist, or inspiring stories, you could start with reading John Boik's How Legendary Traders Made Millions.

After that you can read other accounts by some of the names featured in it. Darvas, Livermore, etc.

I wouldn't conflate active investing with day trading.

There are no exact stats, but approximate numbers I've seen a few times go something like this: 30 percent are consistent losers. Around 60 percent make a lot and lose a lot, riding the rollercoaster up and down. 10 percent of active investors are consistent winners. They make a lot of money. If you want to be one of them, do what 90 percent are unwilling to do. Do your homework. Combat your fears, doubts, defeatism, laziness.

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