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FIB - Scams 101 - Ye Olde Archives
Posted By: Dave Mauder (eDave) <dave@NOSPAMmauder.com> In Response To: stock picking software. (chris)
Wednesday, 26 October 2005, at 2:17 p.m.
> Anyone have any advice on this subject? Ive looked at several different
> companies selling software that will pick winning stocks for short term
> trades. Is this just a hoax or do some of them work?
> A couple sites off the top of my head are investools.com and
> technitrader.com.
Hi Chris:
My personal experience with stock picking software is that none of them work consistently, just like no "human" stock picking methodology works all the time. I've probably spent hundreds of hours reading books, websites, and testing various stock selection software and other methods. Unfortunately, I've also lost money on almost every stock I bought.
Two close friends I work with also spent their money to purchase two totally different systems. One us using the Gorilla Trades system, and the other is using Stock Picker RT. Both are nice systems, and both do select some good stocks once in a while. BUT, in both cases, my friends are down several thousand this year in their portfolios. One of them totally gave up trading because he couldn't take the losses, and the other has just slowed down to see if any of his current stocks come back. The market took back all the gains they had previously made. It's a unpredictable beast, and nobody I know has ever tamed it.
Unless you can devote yourself full time to trading stocks, and have lots of money to lose as you gain experience and education, I recommend staying away from individual stocks. Instead, look at investing in stock index funds or ETF's that track an entire exchange. It's definitely more boring that way, but index investing has done quite well for me and my family. The terrible part, which I hate to admit, is that I gave up most of my profits from index investing by thinking I could do a better job of picking individual stocks with my "play" money. Bottom line -- none of it is play money when you have a family to take care of.
A great book I recently read on this topic is "The Lazy Person's Guide to Investing" by Paul B. Farrell. You should be able to pick up a copy at your local library, or buy it at any book store.
I hope that helps a bit!
Dave
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