Day traders often seek out stories of people who have had amazing success in the markets for guidance. They flock to biographies of financial celebrities hoping to gain insight and tips to get an edge on their own careers.
I have often said that day trading is fundamentally different from gambling, or at least successful day trading is. A successful trader controls his risk with a thoughtful and well-tested strategy, not intuition; but a gambler depends on luck.
People who want to profit from the market often ask experienced traders how they come up with their trading strategies. Newcomers are often overwhelmed by the amount of available data and are a bit mystified about how to navigate through it.
Investors often look to experts and experienced traders for their predictions on how the market will trend. For example, I am often asked to predict where the Down Jones Index will be at any given time.
Tax free investment instruments are used by investors to take advantage of tax exemptions. Investment gains from these instruments, although subjected to federal taxes, are exempted from State and Local taxes.
