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Wall Street Lie #1: Buy and Hold

It's a simple-enough concept: Consistently invest in the market and let it ride. You'll be laughing all the way to the bank. How could you go wrong?

In reality, "buy and hope" – a far better name for this myth – is one of Wall Street's favorite strategies.

Win or lose, brokers never want you to stop playing the game. So the collective "they" pitch you on a hot investment to get you hooked and then keep stringing you along.

To further increase the risk, ratings agencies that are in bed with certain companies will give the green light on investments that are anything but safe.

Of course, the rude awakening comes when the market goes through one of its frequent periods of readjustment.

Timing really is everything, isn't it?