Wednesday, August 24, 2011

The Daily Note - Sharing the View

I love the StockTwits community and enjoy the people I've met since the beginning. From professionals to beginners it is a great place to share thoughts in an awesome community. I was one of the first ones on and knowing me, I'll be one of the last ones to leave. Twitter too has brought together many who for lack of other space would not be able to meet. So, reading some comments on the stream lately I've been surprised at the lack of compassion or understanding by a few.

As markets go, this market prefers optimism regardless of reality. There are enough new traders in the markets now who don't know how it was in 1999/2000 and that makes a difference. I know, I was new then and there were people talking about 1989. Just remember that fire tempers steel. Tuesday was another "can't do wrong day" or so it seemed to many of us who've been doing this a while; but just because it was, does not mean everybody did well or that everyone recognizes the opportunity. Truly these past two weeks have been a daytrader's dream, but not everyone is a daytrader.

But regardless of experience or type of investor/trader, it is important to remember that those tweets, messages and thoughts are a human connection. Many novice members and beginner traders who are on the StockTwits and Twitter streams are there to learn and find answers therefore comments that literally deride any other view or perhaps decision born out of a mistake may not be conducive to open discussion and learning.

There are people out there literally hurting, not only because of their own mistakes but perhaps because of mismanaged portfolios or misguided beliefs and the economy. They may be turning to the stream for ideas, they may be too reserved to ask questions. Therefore, helpful stories or comments may make a more positive impact and allow all to share a feeling for the possible rather than the impossible.

So, I'd like to list a few of my thoughts for consideration:

1. Although we rapidly throw about stock symbols, charts and figures, in the passion of a trade, we may sometimes forget that it all translates to real money: earnings, savings and often a lifetime of work.

2. Pointing out the obvious is really not helpful. Can you think of a solution? Write that instead.

3. Remember that without those who buy at the top, you would not be able to sell there, so be grateful for a liquid market. Buying at the top or selling at the bottom is really not as easy as it seems, but it's always remembered.

4. Yes, we all get angry and blame the world for what we did while cursing out ourselves, but does that have to be translated into hatred of a company or an officer of the company?

5. If you get an idea from someone else's message, acknowledge the person who brought it to you. Don't act if it was all yours alone. Discussions can be born out of sharing, not stealing.

6. If you learn something or, better yet, profit from a post take the time to tell the person, then when you need advice or help, they'll be more likely to respond to you. Remember it's a two way street. If everybody just takes the givers are none.

7. Careful about what you say or share. I am certain the way you talk on the stream is really the way you talk & think elsewhere, so disrespect is still disrespect no matter how anonymous. I am also sure most take it personally as well.

8. Lastly, most messages go by so fast, they're not read or even seen by most. Therefore, when you read something you like, share it by re-tweeting it, that is really the number one rule for sharing a view.

Happy Trading, Living and Dancing

The Daily Pick - DJIA DJT SPX YM_F ES_F NQ_F

©DayTrading with Anni 2011 All Rights Reserved


Sam TheTraderGeek said...

Awesome post Anni, and much needed. You alluded to it in your post, but I'll spell it out further-have compassion for your fellow novice traders. Although you may have "killed it" with an awesome trade, somone reading your post might've been on the other side of that trade and is "hurting". Ridiculing a ticker or anyone else who might have taken the opposite side of the trade is tantamount to ridiculing that person. It's OK to sometimes be self-congratulatory, but be mindful of crossing the line to arrogance and insensitivity to your fellow traders....or you just might be on the receiving end of the same treatment for your next bad trade.

AnniDayTrades said...

Thank you Sam,well said too. Would like to see their 100% perfect portfolio wouldn't you? ;)  Good luck in market to you! 

First Hour Trading said...

Well, it's really looking one of the classy featured information about trading. The each of concept and massive look of this information is extremely looking just knowledgeable about it. Thanks for sharing.

AnniDayTrades said...

thank you for your comment, sharing is important and I hope it helps others too.