Please don’t get me wrong with what I am about to share in this post. There are (not a lot but a few) good and well respected traders on social media stream but I am speaking in general sense. You can disagree with me because I am not here to please anyone but to speak out my opinion on this subject as I have been observing social media traders almost 1 year period of time. I am sure there are many of you who resonate with me and if so, this post is for you.
It’s been over a week now since I completely refrained myself from browsing through social media trading streams and I can honestly say that my brain is much less cloudy without bunch of non-sense that goes around in that jungle. Seriously, that’s what I call it. A jungle with bunch of lunatics calling out things everyday and every hour to somehow gain their fame in this world of “how many followers you got” era. Or “I want to be a hero!” by calling things because I can see the future! (sarcasm)
“I call that” “I nailed that” “I told you so” “Boooyah!!” “Kaching!!!” “Yatzee!!!” “BOOOM!!!!” (oh yea you can’t forget about those thousand exclamation points on these tweets so make sure everyone hears about it). How pathetic and pitiful that is something I can’t even begin to articulate.
Isn’t it sad that we are the only generation in the history of business that feel the need to screen shot our paycheck (trading account) and boast to the world how much money we’ve made. I have been to many business social gatherings and not once I see someone coming out to me with their paycheck and showing me how much money they just made last month.
But as a human being, somehow and someway you get influenced by that and what’s happening around us. That’s what we call “fashion” or “trend”. We like to wear what’s popular and do things what is popular by the majority. But I’ve come to realize is that if you follow the majority, you will only learn what the majority is all about and it limits yourself. You want to achieve something greater than the majority, you will need to come out of that box and work.
I am certain that truly great traders/investors in the world does not rely on information that goes through social media streams because they can stand alone and stays alone. At the end of the day, its you and the market and no one and nothing else.
Of course, in your beginning stage of trading, you will need to seek counsel and teachings so you can learn to play this game. But what I can say is that there aren’t much to be learned by just following some people on these social media and very tough to find legit and seasoned trader you can learn from. Trading is like a business. It takes YEARS of training, work, failures, pain, suffering, and dedications to make it work (and yet no one is willing admit or talk about the pain of trading). Even then, most traders fail and leave the market with bitterness.
Statistically, only 20% of businesses (in US) survive first 5 years and out of that 20% business that survived first 5 years, only 20% makes it to another 5 years. So after 10 years, most businesses will die out.
Trading is similar, statistically. Someone can make money playing it like casino (gamblers) but if you look at them over the years, they are no where to be found. I’ve heard, first 3-6 months, most new traders blow out their entire account. I’ve also heard that many great traders in history blew out their account 1-3 times in their trading career.
So you see, this is no joke. This is serious business and brutal. Its a war out there and traders who make this comical does NOT understand this business.
Everyday I strive to become a better trader. Doing an analysis and actually placing trades are completely different ball game because analysis doesn’t cost me anything but trades does. I recently called out $SPY target to $188 and the thing is that it doesn’t cost me anything if I am wrong. I am going to lose my followers? LOL (funny). My biggest challenge is not to have more followers nor get the most fame in this world of social media. My biggest challenge is to make consistent income month in and month out. Year in and year out. That’s what most important thing for me in trading. What’s most important in my life is serving my God, family, and friends. Not serving my twitter followers or being famous.