In his classic "Come into my trading room", Dr.Elder Alexander says
"Experts on TV are paid to be right."
Pl read the above statement again!
"Experts on TV are paid to be right."
He didn't say they are paid to be profitable.
There is a big difference!
To be profitable you have to take risk.
To risk is to risk being wrong!
To risk being wrong is risking your TV commercial value.
Who will want to listen to an expert who is proved wrong!
Which channel will want to feature such an expert!
So, experts are under tremendous pressure to be right!
Don't get me wrong -
Experts, from their experience and knowledge, have stronger opinions than us.....
but they also know that they don't know it all,
they know what all they don't know,
they know the missing links in their theories,
they know the lacunas in their predictions!
Experts too have their doubts!
But they also know that they have to act and speak confidently in front of their audience and prospective clients.
They have to give the impression that they know what you think that they know!
Since millions watch and listen to them, they share their safest opinions and not their ambitious ones!
That's why they use a lot of "If", "But", "Provided", "In case", "Then", "When"....in their talk.
Their talk is more like the predictions of an astrologer - full of intelligently worded general statements with disguised alibis, escape routes, scape goats and justifications if things don't turn their way!
Beware of the expert talk!
Own the responsibility of your trading decisions!!!
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