Magpie Trader
Friday, July 07, 2006
True
"Well, I think the leading cause of financial disablement is the belief that you can rely on the experts to help you. It might, if you know the right expert. For example, if you happen to be Paul Tudor Jones' barber, and he is talking about the market, it might not be a bad idea to listen. Typically, however, these so-called "experts" are not traders. Your average broker couldn't be a trader in a million years. More money is lost listening to brokers than any other way. Trading requires an intense personal involvement. You have to do your own homework, and that is what I advise people to do. (Michael Marcus, from the book Market Wizards, by Jack D. Schwarger) "
