Investing shouldn't be like gambling. Here's how not go wrong
As fun and trendy as some online trading tools may seem, the key to building wealth has remained incredibly consistent – almost boring – over the years, says JPMorgan's Kelli Keough.
Not to be a buzzkill, but these trades, and the 25 others you plan to make this week, are unlikely to make you rich. Market pros have seen this same trend repeat again and again: economies tremble, and suddenly thousands of often newbie investors turn into day traders overnight. And today this happens with very few, if any, barriers thanks to the latest and greatest in tech.The markets are volatile, the trades are free, and people have more time in front of a computer or their phone.
These same investors also display that same smart behavior when it comes to the other aspects of building long-term wealth, including putting money aside for retirement, having an emergency fund, increasing savings, and reducing credit card or student loan debt. One would think that if it were a fair game, they should outperform roughly 50% of the time. So with all the data imploring us to stay invested for the long haul, why is day trading still compelling to so many?The same Dalbar study identified a number of psychological and emotional triggers that guide our money decisions, at times clouding logic and research.
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