I'm always hearing stories of folks who hit it big overnight in the stock market.
They sound great, but the problem is most of them are... just stories. I've been in the markets for decades now. I spent more than 20 years as a broker, and I'm fortunate enough to have friends and associates that are among the very best traders and investors on the planet.
I've seen firsthand what happens to the people who swing for the fences every at-bat. Sure, they might hit occasionally, but when they do, it's not skill - or superior knowledge.
Most of the time... It's just luck. Even worse, most of the time that stroke of good luck is just a harbinger of really bad, bad things just around the corner.Take this former client of mine who made a small but enviable fortune during the dot-com boom...