Taking Advices from Wrong People

Advice is one of the most powerful tools we have as humans. It’s part of our tradition as a species - we share stories, lessons and experiences so that the next generation can avoid the mistakes we’ve already made. It’s efficient, it accelerates learning and it connects us across time.

But not all advice carries the same weight.

Decades ago, the world didn’t change nearly as fast as it does today. A piece of advice given 70 years ago could remain useful for decades, sometimes even for a lifetime. Compare the world then and now - they are almost unrecognizable. The rise of technology, the explosion of the internet and the breakdown of geographic barriers have changed everything about how we live, work and connect.

Trading is a perfect example of this shift. Not long ago, you had to stand on an exchange floor, shouting prices, competing in real-time chaos. Today, you can sit in your bedroom, open an app on your phone and trade global markets instantly. Accessibility has skyrocketed. But with this accessibility, a flood of opinions and advice has followed. Everyone has something to say about trading.

And the truth is that most of that advice is irrelevant, misleading or even harmful - because it comes from people who don’t actually understand the game.

Psychology research even supports this. A 2018 study published in Nature Human Behaviour highlighted how people often give advice not because it is correct, but because it signals confidence or authority. The problem is that confidence and accuracy are not the same thing. In trading, this means you’ll hear strong opinions from people who have no skin in the game.

So what should you do? Filter ruthlessly. Listen only to those who are walking the path you want to walk - people who live off trading, who put real money on the line and who have proven results over time. You don’t need validation from your friends, family or local circle.

They may mean well, but they simply don’t understand the field you’re in.

Your edge comes not from listening to everyone, but from knowing who to ignore.

- Luke FT.