How to Use Stock Picks (from Newsletters, Chat Rooms, etc.)

How to Use Stock Picks (from Newsletters, Chat Rooms, etc.)
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    How to Use Stock Picks (from Newsletters, Chat Rooms, etc.) -- with David Moadel
    hi everybody and welcome to looking at the markets with David Modell my name is
    David Modell if it's your first time checking out my channel thank you so
    much I really appreciate it feel free to subscribe and also hit that bell the
    notification bell on YouTube so you can get updates whenever I put out
    educational financial videos like this one I'm just going to give you a few
    tips because whenever I coach people I do offer coaching by the way to help you
    put together a trading or investing plan whenever I coach people I get some of
    the same questions over and over and over which is fine you know there are no
    questions that are dumb or you know there are no stupid questions okay
    I'm a former elementary school teacher I've also taught at the high school
    level and at the college level and believe me there are no questions that
    are dumb or ignorant okay if you are a beginner it's okay to ask questions and
    if you're more advanced or intermediate it's also okay to have questions now
    sometimes people tell me about a newsletter that they got or a YouTube
    channel but a lot of times it's a newsletter that they signed up for and
    they'll get some recommendations for stocks but sometimes it'll also be a
    YouTube channel or something like that maybe it's a chatroom maybe they what
    maybe they paid or got into a free chat room somehow and then they received some
    stock picks stock recommendations cryptocurrency recommendations whatever
    then they bring it to me and they say okay I paid for this these
    recommendations should I should I buy these stocks or whatever it is or maybe
    they even got it for free but they feel like because it's in the form of a
    newsletter or you know a professional chatroom or whatever therefore they
    should follow whatever these other people are doing because they assume
    that they're professionals what you have to keep in mind is that if they give you
    a bad pick whether it's a newsletter even if you paid for it
    if they give you a bad pick and you lose money do you think they're gonna pay you
    back you think they're gonna pay you your money back that you lost they're
    not going to okay so you have to be really careful and make your own
    decisions even if the person you're speaking to
    has a great track record which first of all is hard to prove how would you know
    they have a great track track record they're only going to show you probably
    what they want to show you okay it's very difficult to know exactly all of
    somebody's trades even if they show you all the trades from one account how do
    you know they don't have other accounts and how do you know how they're doing in
    those accounts or maybe they've had accounts in the past that didn't work
    out too well and got closed down for all you know okay so what can you do with
    those stock picks those stock recommendations what and and this
    includes stock picks and recommendations that I might give you as well what you
    can do is use those as a starting point for your own research okay I always say
    our and our research makes you rich RNR it makes you rich over time not
    overnight okay and and research isn't going to make you rich necessarily if
    you don't apply it correctly there's a lot more to it you have to have a plan
    you have to have a plan for if your stocks go up you have to have a plan for
    if your stocks go down or sideways whatever and position sizing is part of
    it there's a lot going on here okay but let's say you get some stock tips or
    recommendations from a newsletter chat room website wherever you can take those
    and use them as a starting point for your own research okay for example you
    can take those stock picks and you can look at the reasons that they're giving
    for those stock picks you can take those look at the reasons look at the research
    they may have done and then add that to your own research or use it as a
    starting point for your own research and decide okay well let me do my own due
    diligence bring in the due diligence that they did and still check their
    research because it might be accurate it might not be or things might have
    changed from the time that they did that research until you received the
    newsletter or you know whatever and things change
    all the time markets move very quickly sometimes so their research might be
    outdated might be inaccurate so you cross check it you double triple check
    it against your own research and nowadays with the internet there's no
    reason not to do your own research not to double-check everything it's not like
    back in the day when you had to go over to the library to do research and look
    for books whatever they had periodicals things like that no nowadays you can
    look on your laptop tablet your phone you've got the world at your fingertips
    a world full of information at your fingertips right there on your phone
    there's no excuse not to do your own research okay so you can take those
    stock ideas from somebody else even if they're a professional you still want to
    double and triple check it with your own due diligence and then if you decide
    okay you know what this stock passes meets or exceeds all of my criteria it
    has no red flags that bother me enough to avoid the stock all right and so you
    check the company and make sure that it is relatively debt-free or at least has
    a plan to manage whatever debt they have and they have plenty of revenues coming
    in and they have great great visionary CEO and board of directors you know the
    management is great and all that good stuff all right you made sure there's
    more than enough volume on that stock you want liquidity there okay things
    like that you've gone through the whole list and it meets your criteria it
    doesn't have a lot of red flags and you were able to check off all the
    checkboxes to make sure this is a great stock and then you look fundamentally
    it's a great company and then you look at the chart and you make sure that
    you're not buying at the top that kind of thing you look for chart patterns or
    whatever you're looking for and then if it passes your test and all your
    criteria then possibly you can get in alright and even then you might not get
    in okay depending on how much capital you have and how much risk you're
    willing to take and that sort of thing okay so you can check your research with
    somebody else's research and sometimes these newsletters and chat rooms give
    you ideas for stocks or cryptocurrencies whatever that may be
    you never heard of before that's cool nothing wrong with that but even then
    you don't just buy something because it's in a newsletter okay and you don't
    just trust somebody and or anybody really and then that includes me don't
    just buy something because I like it you buy it because you love it and you
    believe in it and you research to the heck out of it and you know that it's a
    great company at a great price and you can be like Buffett you can be
    like Warren Buffett buying a good stock at a great price or better yet a great
    company at a great price that's the idea when you do that you can sleep well at
    night and rest assured that since it is such a great company and you did your
    research on it then even if you buy the stock at a great price and it goes down
    more okay it's a great company you believe in it or you have a stoploss
    okay maybe you don't believe in the company as much but you have a stoploss
    and so you know what your max loss at least in theory is going to be stop-loss
    orders I'm not perfect stocks can gap down below your stop-loss
    limit order but still at least you can have some comfort knowing that you have
    a plan in place before you place the trade alright so that's my thought on
    that my name is David Modell if you like these videos I do you like it when I
    just speak from the heart and speak from off the top of my head and give you
    ideas like this let me know give me a thumbs up on youtube if you like this
    video if you want more this sort of thing if you agree or disagree let me
    know what you think and please subscribe to my channel if you haven't done it
    already and hit that notification bell on YouTube and leave your comments and
    also if you like some coaching if you would like me to talk to you one on one
    just like this I can do that I can do that my email
    address is David Modell at thank you so much for watching and
    listening I appreciate it I'll talk to you again soon
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