In this day in age we all want immediate gratification. In essence, we all want to make money for nothing and get our tips for free. However, when it comes to swing trading, it is best to stay away from offers promising magical swing trading picks straight from the oracle of truth. (For a small fee of course!) In fact, in this article, I will give you 10 reasons to avoid swing trading picks.
Reason # 1:
It often costs money to get swing trading picks. Your goal in swing trading should be to make money not spend it!
Reason # 2:
Once the swing trading pickers get your money they have made a guaranteed profit. Have you?
Reason # 3:
Even if you manage to get free swing trading picks you have given up one of the most important parts of swing trading which is to learn how to do it. Think about it. As an analogy, if you were interested in getting a driver’s license would you start off by hiring somebody else to drive you around? Of course not. Swing trading is the same way. You won’t learn anything if you hire somebody else to do it for you.
Reason # 4:
Most swing trading picks are offered to anybody willing to pay for them. This means others have the same picks as you. As a result, it can lead you to a disadvantage in timing. By the time you get the stock picks others may be getting their orders filled before you. This means you may end up paying more for a stock than it’s actually worth. Then when it starts coming down you may be too late and get stuck with a stock you payed too much for.
Reason # 5:
When it comes to your money, you are the one that should be deciding what to do with it. After all, swing trading is risky enough as it is. Do you really think it’s a good idea to trust anybody else with your money?
Reason # 6:
Have you ever heard the story about Orlando the cat? This cat was trained to pick stocks. I kid you not. It turned out that the cat’s stock picks outperformed some of the industries best stock pickers. If you don’t believe me you can find the story here: The point is that the so called “experts” are not always going to be better at spotting better swing trading picks than you.
Reason # 7:
The market changes quickly. Many swing trading stock picks are simply outdated. You better pay close attention to when the so called “picks” came out if you are considering them.
Reason # 8:
Many stock pickers simply use stock screeners to help them give out swing trading picks. Did you know you can get access to stock screening software yourself? Earlier, we wrote an article that explains stock screening software and how you can get it for free.
Reason # 9:
There are many scams out there when it comes to stocks. One of the best ways to avoid scams is to do your own research. If you are not doing research and your own due diligence you are putting yourself at risk. The mindset of seeking stock picks can lead you in the wrong direction when it comes to this.
Reason # 10:
Swing trading is much more rewarding when you come up with your own successful swing trading stock picking strategies and make profits. It simply gives you a sense of accomplishment you can’t get when you rely on somebody else.
Do you know of any other reasons not to trust others when it comes to picking the right stocks for swing trading? If so please comment below. Also, don’t forget to check out our new stock message boards if you haven’t done so already. The Trade Locker is a free online community where traders can network with one another and learn from one another. Our goal is to help our community grow so please don’t hesitate to spread the word if you like all of the features and benefits The Trade Locker has to offer. FYI, our site also has breaking stock market news, stock quotes, stock twits, a stock forum that explains what it is like to be a trader and we are currently developing a new stock market education center. Last, If you have not done so already you can join our community here.