Monday, April 26, 2010

The Daily Note - Trade Your StockScript

As I watch a daily outpouring of "look at this" postings on StockTwits I am constantly reminded that there are a lot of good eyes out there for trade ideas and probably as many good traders. Along with the ideas there are probably hundreds of individual articles offering advice, approach and analysis about trading.

Since I like to know, I follow many, Since I like to read, I read a lot and since I like to learn, I absorb much. But how much is enough? How much is too much and how much is adequate, I must ask myself? Certainly I look at it as a daily reminder of how much I don't see, know or miss in my day to day interaction with the markets, and it is a continual reminder to keep up with news and changes. Yet how much is too much information?

The constant look/see research and endless scroll of information can render a trader without a plan powerless with inability to make a decision. When one gets so much call to action, a trader can actually be numbed to non-action. When there is too much to choose from it can be too much to act upon.

For those overwhelmed with trading thoughts, advice and picks, I have one piece of advice: Intermittently tune in for 30 minutes, then tune out; lest you get overwhelmed with information, some too soon and some too late because it is tough to be there to get the one that is just right. Instead, develop your own style and trade it; it too will change with the seasons as you learn and grow. At some point as you gain your own confidence, you too can join the crowd of "look at this" shout outs, and get to overwhelm some other trader with endless stream of good ideas.

Learning to trade is not a bunch of set ups, it is knowing which set ups are right for you. So write your own StockScript for success then you'll be able to use StockTwits for additional ideas and for those you may have missed.

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Happy Trading, Living and Dancing

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©DayTrading with Anni 2010

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