Read? It happened again – Self-enhancing transmission bias
Quote:
The good news is: Apparently everyone shares their successes more than their failures.
The bad news is: This Self-Enhancing Transmission Bias leads to a false perception of reality and inability to accurately assess situations.
CW8888: Well said. Good one!
Hope more hobbyist bloggers will share more reality on investing and trading. It is not like those bloggers with vested interests sharing that you follow this and that. You will get XX% annualized return.
Not that easy folks!
But, it is still okay if you treat your course fees like losing your money in ToTo or 4D.
When Uncle8888 showed these images to some of his younger colleagues who think that long-term investing is the path to financial independence. He hopes that these images will strike them hard enough. Long-term investing may NOT necessary end up with more wealth if they got it seriously wrong somewhere along their investing journey.
Look careful. What it takes to be successful but bulk of the time is NOT!
Posts
Hello CW,
ReplyDeleteSorry, am a bit slow and only realized now that you quoted from my post and build on it further by sharing a great chart for reality check.
I guess not too many of us keep track of our investments/trades/net worth as diligently as you do. There is a lot to learn from it.
The real reason behind this serious and diligently tracking of net worth or where are all my money and where to find them?
DeleteIt was a Need to do so and not a Want. Read? The Three Matters On Personal Finance: Saving, Insurance, and Investment!!! (2)
Yes of course it is quite necessary to track net worth and cash flow as accurate as possible.
ReplyDeletei only know how to use Microsoft Money.
If not accurate die liu.
It is the same as if you don't know where you are now at this place, how are you going to proceed futher to reach where you intend to go.
Besides if you don't know about your money(friend), do you think your money(friend) will be interested in you?
And the best is you will have more confidence when people talk about financial matters.
Why?
There is no why but you know where you stand even no one any wiser about it.