I guess I have to qualify what I said in saying I agreed with DT. Short term traders make $$ short term, so holding long term is not the only way to make $$. The problem with short term is that you can never get your entry/exit timing perfect. Then there's the 50% capital gains tax on all trades held less than 12 months. So unless you can spot entry/exit points perfectly every time you'll probably end up doing just OK.
I started out doing short term trading. I was holding a massive number of LGL shares back in late Oct, when gold hovers around $630 an ounce. Then I read from some supposed expert on gold who predicted that it would drop back to $480. I liquidated my LGL holding on 31 Oct for quite a healthy profit. You know what the gold price is now, and what price LGL was then and what it is now. I could have bought a new house had I hold. I have since then learnt to discount what the experts say, because they seem to be either clueless or they intentionally mislead. So I started doing what people say D.Y.O.R.
BLY Price at posting:
11.3¢ Sentiment: LT Buy Disclosure: Held
