Investing: do you want to make money, or would you considerably fool around? - investing
It all the time amazes me how much stock marketplace investors resemble horse track bettors. Some are very conservative, eager to trade low takings for comparative safety. Others bet with both hands, looking for the big score. In this article, I'd like to establish you to a few lettering I've met at racetracks. Then we'll see what they can teach us about investing.
CONNIE CONSENSUS - Connie is easy to spot. She's the lady with the table obscured in paper. Connie thinks preference livestock is too complex for her to learn, all those records and such. So she relies on the experts - all of them. Ahead of she sits down, Connie buys all the tout sheets. She adds these to the predictions from the daily newspaper, the handicapper at the track and the Daily Racing Form. If they all agree on one horse, Connie heads for the windows.
As you might expect, Connie wins more often than she loses. Too bad the livestock she wins with carry the direct odds (smallest payoff) at the track. It takes Connie a lot of winners to make up for her rare losers.
Connie takes the same attempt to investing. Ahead of she buys or sells anything, she checks the money shows on cable TV, as many economic papers, newsletters and magazines as she can get her hands on, and then asks her broker. By the time Connie is ready to make a move, she's performing on old news. She may pick good stocks, but she's so late she misses most of the gains and takes most of the losses.
ARTIE ACTION - For Artie, being in the game is more chief than appealing or losing. Artie just has to bet every race. Ask him how he did, and he'll enumerate his list of winners for you. Many days, Artie will tell you he won $200. Add up the tickets on his table and you'll find it may have cost him $350 to do it. Artie doesn't care that he lost $150, as long as he has new winners to talk about.
Artie plays the promote the same way. He's in and out, up and down. He wins some and loses others. Talk to him and you'll think he's a genius. Ask him about rabble and he can't commit to memory any. In fact Artie thinks he's so good, he's belief of befitting a day trader. He generates so many short-term assets gains and losses, he has a love/hate bond with his accountant.
ED EXOTIC - Ed loves the exotic wagers. Daily Doubles, Exactas, Trifectas, Pick 6 all get his blood moving. They all assure huge payoffs for small wagers. Ed's not dumb; he knows the odds of captivating any one wager are attractive slim. He makes up for it by having a bet a lot of combinations. You can pick Ed out of the crowd after any race. He's the one effectively shuffling because of a deck of gaming tickets to see if he won.
When Ed decides to invest, he takes the same approach. He buys a bunch of penny stocks, a few junk bonds, maybe even takes a flier on an IPO or two. He has a stack of buy and sell confirmations on his desk. It takes Ed an hour to counter one clear-cut difficulty - "How ya doin', Ed?".
"CYA" CHARLIE - Charlie never loses - much. And when he does, it bothers him to death. You see, Charlie is much more fascinated in _not losing_ than he is in winning. In a two horse race, Charlie will bet on both horses. Win and Place.
When it comes to investing, Charlie is a real belt-and- suspenders kind of guy. FDIC-insured savings account? Yup, even all the same it only pays 2%. U. S. Savings Bonds? Charlie has those, too. Bought them for a walk on the wild side. What Charlie hasn't realized yet is that, in his quest for total safety, he takes a big risk of being left behind.
Now that you've met our cast of characters, do you see physically in one or more of them?
Are you like Connie, who likes the idea of winning, but doesn't trust herself to make her own decisions? Your task is to learn adequate to at least decide on an advisor you can trust. Deficient even that, go out and buy a good no-load index fund. That way, you can take improvement of the collective awareness of the whole market.
Are you like Artie, who likes being able to talk about his hottest "hot deal" more than building maoney on "boring" investments? Your task is to put most of your money into vehicles that will earn you the profits you need in family member safety. Go ahead, take 10%, and go have fun.
Are you like Ed, who has so many irons in the fire he doesn't know if he's ahead or behind? Your task is to simplify your investments, concentrating on the ones you appreciate and have real confidence in.
Are you like Charlie, so scared of trailing money that you lose out on elevated returns? Your task is to be au fait with that you are trading center risk (risk of behind money) for inflation risk (risk of down export power). Find a mix of nest egg that will create advanced profits and still let you sleep at night.
Whether you decide to take up these tasks is fully up to you. You are in accusation of your pecuniary life. Ask manually one question, and act accordingly.
Do you want to make money, or would you considerably fool around?
John McCabe's Web Guides show you how to find more and advance achievement in all facets of your life. For more articles on alive an abundant, vibrant, cheerful life, come to http://Web-Guides. com
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