Gah... I'll break my promise and respond one last time. It's pointless to argue this really as I don't think that it's a debate that can be won. It's a little arguing a religious faith or political ideology. But anyway, just for the sake of clarity! I do not say it's impossible to make money on the market. Lots of people do indeed. But for every winner there are many losers. And statistically I'm willing to bet there are a hell of a lot more losers than winners. A little like roulette at the casino. And you don't hear a lot about the losers. It's the winners who write all the books. But nobody takes a roulette winner with a system all that seriously. It's easy to say you cut your losses and ride your wins and you can make money. But in practice there's no way to predict when you should cut your loss or cut your win. You don't know what the stock will do so it's trivial to sell too early or cut too late even if you pre-determine the losses you're willing to take on any given stock. If the whole market is riding down you could easily take a loss on 10 different stocks and hit 0. There's a lower bound in this statistical game where you run out of money so you can't always ride out the lows. To me it's no different than my giving the advice "buy low sell high" -- If you do that you'll consistently make money. Easy to say. IMHO Impossible to do with any guaranteed predictability. And I say that as someone who has only ever made money on the market. I'd still play. I like buying and selling stock. But I do so with the knowledge that there's no guaranteed return. I consider it a gamble with better odds than the lottery or vegas and I do what I can to increase them, but I don't delude myself of the danger with either short or long term "investments".