malaga, we PI's have watched the penny dreadful day traders, come and go over the years.....all have dissapeared, eventually, but within a couple of years...
when the money runs out,and they have made huge losses....
sometimes they re-appear,,,,
they make the biggest noises on the property forums.... they are going to make a zillion in profits on their penny dreadful 'pigs might fly stock' dreams
and regardless of the promise, that they will become zillionaires....they will never ever pay the market price for a property... it will always be like their dreadful stocks,,,,they will buy at the bottom and sell at the top
when their stock is rising, on the 'good news' you wont see them on the property forum....too busy counting their pennies but come a down day, a quiet day...and the stock is languishing....they are out here...down ramping the property forum...
it comes with the quick money attitude of the typical day traders... its all about the quickie deal....
no long term trends, or conservative approach...as required in the property market... some of the elders who were burnt in the tech wreck, were still hanging in, praying for deliverance in 2003-2004
most were stopped out, destroyed by the tech wreck in 2000... some bragged they had sold their family homes, (at what they thought was the top of the housing market) they uprooted their families, and went to a rental.... such was the gung ho approach, attitudes
they were intending to buy back the family home at huge discounts.... the problem was, houses were unpopular in 2000, everyone was making money on the tech stocks
it was a double whammy for some....the housing market did not peak....until 11 years later and its way above the 2000 prices'...well triple or more in some suburbs, double in others... wow.... and they lost all, or any profits, and made huge losses on the stock market...
its just another bunch of similar minded traders, that we see today... they come and go....like the wind....
its a totally different mindset, required to make a nest, settle down, buy a home....
the two different attitudes are not compatible...with real wealth creation
and to compound their problems....the industry and commercial superfund managers, who are supposed to be guardians of their retirement money.....are acting as day traders...gung ho, easy come easy go atitude... destroying their future, acting reckless, and wrecking their retirement income.... it really is a double whammy, for gen y and gen x people
money is not easy to accumulate, as most will learn
the easy come, easy go attitude, will hit home to most, sooner than they think...
