Daily updates/market commentary is a common trap that sucks inexperienced investors and traders into being fixated on insignificant price actions. This in turn makes a nervous investor/trader make X10 the amount of trades/movements throughout the period of a year. This then makes the brokers SHIT LOADS of commission. Who do you think conned the public into thinking they need daily market updates? Yup, the brokers! Just like the DeBeers invented the engagement ring to boost diamond sales.
This ‘Update Reliance’ has another detrimental effect and that is where one abdicates investment decisions to the ‘talking head/commenter’. Not good. Same thing for educators like myself. That’s why I’m so keen to get you legends to the beautiful position of self-confident-reliance. But I will always update on actual relevant things to my students!
Another side effect of ‘Update Reliance’ is that in a new hot and buzzing asset like Cryptos, it attracts a ridiculous amount of silly YouTubers who have ZERO investing knowledge that amass huge followers because all they do is daily updates and commentary. They may have also taught themselves standard charting practice (which again is defunct) and they may seem knowledgeable. But at the end of the day, they are akin to pretend surgeons who have watched a couple episodes of Grey’s Anatomy and think they know how to do open heart surgery. Hell, anyone can talk a good game but I would be surprised if any of these bloggers has an investment portfolio of over £10k which isn’t 100% of their net worth.
As Cryptos has such a low barrier to entry and it’s like penny stocks on steroids you have to be SO SO careful to not get sucked up into common shenanigans which have been around for centuries. Cryptos is just the latest pig tarted up in a fancy frock. Just like the tech bubble sprouted loads of internet investing experts and the sub prime mortgage bubble spurred loads of property experts etc. Anywho, rant over…