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Common Mistake #3 – Over-reliance

Information on investing in precious metals is everywhere and it’s natural to seek advice from outside sources. When experiencing challenges, we tend to look outward for solutions. However, this is a double-edged sword. On the one hand, it’s prudent to educate yourself before undertaking a precious metal investment. Online forums are terrific sources of information. Just make sure you’re always mindful of your sources. Not all outlets available to you are reputable.

On the other hand, problems arise when you rely too heavily on these outside sources. Often times, people forget to look inward in addition to seeking outside assistance. After all, there is no magic solution and no one path to success. No one can guarantee in which direction the market is going to move. It simply cannot be done.

Therefore, the most important person you can turn to is you. Success comes from diligent research, solid advice from other successful people,patience and emotional fortitude. Investing is a skill which must behoned over time. There just aren’t any shortcuts in that respect.

Gain Your Own Experience

Don’t mindlessly follow the suggestions others give you. There is little value in getting someone’s opinion on the best course of action.Just as schools prepare children for lives as successful adults, so must you learn the ways of succeeding in precious metals investments. Rather, ask others how they came to their decision.

Seek their advice on skills, not tips. It may be tempting to take the quick solution through tips, but keep in mind that tips are not transferable skills — they’re the cheat sheets that may help with short-term gains but may ultimately lead you nowhere. Learning to “see”the market as someone successful sees it is the best skill to learn.

Disclaimer

The American Precious Metals Exchange, Inc. (APMEX)is not a registered investment advisor. Readers are advised that the material contained herein should be used solely for informational purposes. It is not the intention of APMEX to tell or suggest which precious metals investments members or readers should buy or sell for themselves. Site users should always conduct their own research and due diligence and obtain professional advice before making any investment decision. APMEX will not be liable for any loss or damage caused by a reader’s reliance on information obtained in any of our newsletters,special reports, email correspondence or on our website. Our readers are solely responsible for their own investment decisions.

The information contained herein does not constitute a representation by the publisher or a solicitation for the purchase or sale of investments. Our opinions and analyses are based on sources believed to be reliable and are written in good faith, but no representation or warranty, expressed or implied, is made as to their accuracy or completeness. All information contained in our publications or on our website should be independently verified with the companies mentioned. The editor and publisher are not responsible for errors or omissions.

Any opinions expressed are subject to change without notice. Owners,employees and writers may hold positions in the investments that are discussed in this publication.

[The Economic Survivor has no affiliation with APMEX and does not endorse them in any way]