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Sadly you are 100% correct
Australian trader Daryl Guppy once said that the market has only one answer, and it is always the right answer. This video highlights the main reason why traders make catastrophic errors. Placing large bets, especially with leverage, on stage 4 stocks in bearish sectors (e.g. ASX lithium mining), will invariably end in tears. The tribal conformity factor is reinforced when conversing with other traders on certain public forums such as HC. One example is the lithium fundamental growth story that continues to be repeated on these forums with seemingly perspicacious analysis of company cash-flow, sales projections, and potential take overs. However, while these forum discussions continue, price as seen on a price chart, continues to destroy the capital of those traders who stubbornly refuse to acknowledge the hard evidence that is presented to them. They like the company story, so it doesn’t matter if they buy a stock like GXY at $3.50, and continue to hold at $0.85. Unless these traders grow up and see the errors of their ways, they will eventually blow up their trading accounts.