I read a recent blog post on TraderFeed. This caught my attention, echoing my mind.
Traders need to develop ways of seeing markets that are unique to them, that make sense for them, that fit their risk tolerance and lifestyle, and that best make use of their skills and talents. Simply giving traders ideas could actually stunt their development, much like doing a child’s homework for them.
An important challenge in trading is that there is typically more valuable information streaming from markets than a single individual can reasonably process on their own….
That is the main reason why I hardly, or never use service like Stocktwits. OK, I am not against Stocktwits. It is a brilliant idea from some entrepreneurs. But, is it really useful for trader’s development? Well, Caveat emptor. Personally, I do not find it to be useful for my own development. To me, it is just a stream of random tweets, good or bad of so called ‘trading ideas’, valuables and junks, marketing of premium services, repeated links etc. But, this is just me. I believe, some users are finding it to be helpful to them. By all means, go for it. I’ll leave it to you to decide, and please, do not try to argue in the comment why I am wrong. I don’t care.
Instead of wasting time following somebody, I guess, it will be better off for trader to be away from social networking, and develop his own view, own way of seeing markets. With that skills, then the streams of tweets might give you some good ideas.
I thought of asking you last week what you thought of StockTwits. Then I saw your post about retreating from social networks, and I thought you answered my question. Thanks for making it clearer with this post.
I have to say I feel the same way too. I follow some traders on Twitter posting their entries and exits, and it became a distraction to me, rather than useful information. I found that I have more success if I come up with the analysis on my own.
Like last week I was long on AUDUSD. Shortly after I had my position open, a well-known analyst on Twitter posted his short view. I was _this_ close to getting out. I’m glad I didn’t, but I didn’t need that distraction and the self-doubt it created.
Just to be clear, I still think some people are valuable to follow on Twitter for posting links to interesting/educational articles. I just don’t value tweets about entries, exits and pips gained.
LOL..take it easy mate. I know what you are talking about. Agree with that.
I thought of asking you last week what you thought of StockTwits. Then I saw your post about retreating from social networks, and I thought you answered my question. Thanks for making it clearer with this post.
I have to say I feel the same way too. I follow some traders on Twitter posting their entries and exits, and it became a distraction to me, rather than useful information. I found that I have more success if I come up with the analysis on my own.
Like last week I was long on AUDUSD. Shortly after I had my position open, a well-known analyst on Twitter posted his short view. I was _this_ close to getting out. I’m glad I didn’t, but I didn’t need that distraction and the self-doubt it created.
Just to be clear, I still think some people are valuable to follow on Twitter for posting links to interesting/educational articles. I just don’t value tweets about entries, exits and pips gained.
LOL..take it easy mate. I know what you are talking about. Agree with that.
I totaly agree. when you don’t know what your are doing you most likely end up with these failure trades that that will be called out and the next time you will be to afraid to get in that right one. So get yourself educated and than you can use other info to your advantige. You also don’t jump of a bridge because someone else tells you to. Why?? Because you your self know that is dangerous.
I totaly agree. when you don’t know what your are doing you most likely end up with these failure trades that that will be called out and the next time you will be to afraid to get in that right one. So get yourself educated and than you can use other info to your advantige. You also don’t jump of a bridge because someone else tells you to. Why?? Because you your self know that is dangerous.
Can I offer a different opinion? 🙂 Not an argument, just a discussion.
I think sotcktwits, like any other kind of interaction with traders, can be of use. Provided certain aspects are addressed, such as:
1. Not following other traders blindly
2. Not letting other traders influence your own analysis
3. If following someone then making sure you understand the rationale behind their picks
4. Having a learning, inquisitive approach rather than copycat, make some money off someone else’s trades.
In short, there is some benefit to looking at the thought process of successful traders if they are aligned with your own trading and goals.
Like any other communication tool, it’s all in how you use it and if the format and content are suitable for you.
Eyal: You’re dead, trying to argue with me? 😆 ..just kidding.
I totally agree with you. There might be something good out of stockwits. I don’t deny it.
But for the points you’ve mentioned, we agree that, the very large portion of stocktwits are noise. You need to have very good skill, experience and luck to filter.
Well, just like what you’ve said, it is just another piece of communication tool, it is up to the user to make judgment.
Btw, that reminds me something: When was the last time I visited forum like Elitetrader? I guess the reason is in the same nature. 🙂
Can I offer a different opinion? 🙂 Not an argument, just a discussion.
I think sotcktwits, like any other kind of interaction with traders, can be of use. Provided certain aspects are addressed, such as:
1. Not following other traders blindly
2. Not letting other traders influence your own analysis
3. If following someone then making sure you understand the rationale behind their picks
4. Having a learning, inquisitive approach rather than copycat, make some money off someone else’s trades.
In short, there is some benefit to looking at the thought process of successful traders if they are aligned with your own trading and goals.
Like any other communication tool, it’s all in how you use it and if the format and content are suitable for you.
Eyal: You’re dead, trying to argue with me? 😆 ..just kidding.
I totally agree with you. There might be something good out of stockwits. I don’t deny it.
But for the points you’ve mentioned, we agree that, the very large portion of stocktwits are noise. You need to have very good skill, experience and luck to filter.
Well, just like what you’ve said, it is just another piece of communication tool, it is up to the user to make judgment.
Btw, that reminds me something: When was the last time I visited forum like Elitetrader? I guess the reason is in the same nature. 🙂