Some more truth from James Altucher: the only people who make money on Wall Street are the long term holders who start companies, funds that charge fees, the high frequency traders, members of Congress trading on insider information, and a lot of hedge funds who will do pretty much anything to get access to insider information:
I know from personal experience. You’re smart, talented and yet you want to use those talents to do some hocus-pocus that you think will put you ahead of the other 5 million people who are trying to win in the markets: people a lot smarter than you are, a lot hungrier, have a lot more computers, have a lot more inside information, have teams of analysts, etc. I cannot believe how stupid you are.
Let me describe to you the ONLY people who make money on Wall Street (and note: I am very bullish on stocks in general). By the way, all of the below people will slit your throat in a dark alley. They don’t like you, they want you to die a painful and disgusting death and they want all of your money. So beat it, punk.
Read the full story at James Altucher’s blog.