Long before computers mad day trading possible, one of my uncles made a fortune (about $2 million in the 1960’s) in the stock market, without going through a broker. He described it as “Just another version of legalized gambling. You need to know when to pick up your chips and leave the game, or else the odds will catch up with you.”
Ironically, about 10 years before he died, he decided to “dabble a little” to teach my younger cousins how it worked, This time he went through a major brokerage firm (feeling that in his mid 80’s he was too old to get up early morning on the west coast to catch the opening bell) and following the “expert’s” advice lost almost $50 thousand in a matter of 2 weeks.
Long before computers mad day trading possible, one of my uncles made a fortune (about $2 million in the 1960’s) in the stock market, without going through a broker. He described it as “Just another version of legalized gambling. You need to know when to pick up your chips and leave the game, or else the odds will catch up with you.”
Ironically, about 10 years before he died, he decided to “dabble a little” to teach my younger cousins how it worked, This time he went through a major brokerage firm (feeling that in his mid 80’s he was too old to get up early morning on the west coast to catch the opening bell) and following the “expert’s” advice lost almost $50 thousand in a matter of 2 weeks.