How does your research help you do it, when we’ve all heard of other guys who do it and so on?
Well, if I’m reading this, I’ve probably got the question correct. If I could trade anything I’d be in the stock market. In other words, I think the key is to go in with one of three assumptions: that the idea of a strategy is not wrong or incorrect or that I’m right. If I’m right, I get paid well. A lot better than if I’m wrong and I get paid poorly.
That’s what my strategy is based on, and to be very thorough. You need to go find a lot of research done on the subject. If you look for books then you’re going to wind up with bad information. You need an authoritative source. So before you start to go out and buy anything, do a lot of research. Ask your contacts, ask people you work with, even talk to your own parents.
So you do get a lot of the right information to start. But when you go back and look at it, your opinion of it is going to get very different, because you’re going to discover all the sources of error in the research, which is going to be you, the reader.
You can take a page out of my book and make mistakes, too. Now I’m going to give you a bunch of examples. What have been some of the most common myths that you’ve encountered?
One of the things I’ve discovered at the beginning where people believe something they’re not sure about, is that the market comes down.
And so the question is, what do you do about the market going down? When that happens can you take the profits that you had previously made? It’s always the same. The market goes down, it slows down. Then you have to make money on the market going up; that means you have to pay down the mortgage. That’s the hardest thing! But that’s the way it is.
A little later in the book you mention your own house and say this is my house, and to make a profit you’ve got to sell it, but if the market goes down, you still need somebody to buy it from you because the bank is going to charge you to loan it to somebody else.
So you could sell your house or you could borrow money?
That’s the tricky part. Some people believe that if they borrow money, they
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