Last year, I read so many blogs and websites, but each time they steered me in the wrong direction. In the 4Q of 2009, I decided to just go it alone. No CNBC, no more blogs, no more yeck... I found my trades became so much better just sitting here in silence with the screen. The more I work with other people, the more bad decisions made...I think its best to work alone...
I cut the CNBC as well. I usually have some music on. I still read some blogs and posts from a handful of users on this site, but I take everything with a grain of salt. Q4 of last year is when things really started turning around for me too, I stopped worry about what some people I never met thought might happen. I noticed I wasnt fighting the tape near as much.
I prefer to have cnbc on just for the sake of it. so that i can pass my time watching Mr Jim Cramer and all the other bullshit.
That is the key to the equation right there. When you work with other people online, you really dont know who any of these guys are...they could be 15 year olds in high school or 55 year olds...their experience might just be from books and they dont reall trade...who knows. I found in some cases that I was oftentimes around a few guys who created dozens of aliases to promote a subscription site. CNBC is simply bad. Cramer the worst. Fast Money horrible. After a while, I tossed them all aside and just came up with my own stuff. I found that working alone is so much better. However, I think that working with someone who you know one on one wouldn't be too bad. At least if you can see and talk to them face to face then you know who you are dealing with. Taking the advice of online people is certainly nooo goooddd...
all that shit is out there to distract you from your trading plan\system(if you have one off course). if you not using cnbc in your trading plan-cut it of. if you not using charts in your trades-cut it off. and so on. every time you read something or listen someone's opinion-it's create a doubt's in your head,more variables(if you will),more voices are start telling you to do this and that and this will screw your initial plan...i'm not watching any tv at all(30 min or so at the dinner) and not following any news during the day. i was trying to stick to my plan.even with this simple goal and years in trading i'm still making some spontaneous decisions thru the day and most of them are wrong. don't do that. don't fall in this trap. sometimes there is a days where i can make 10(!) wrong decisions in the row,while according to my system-all i have to do is just relax and do nothing. it's may sounds unreal,but it's a true. good luck!
Nice post. I developed my plan by looking through hundreds of charts bar by bar in the evenings. I didnt have CNBC on or any website up when I was going through my charts at night. I realized my system was developed only using charts, so why have the other shit on when I am actually trading. The extent of my news comes from glancing at an economic calendar and maybe checking bloomberg or finance.yahoo.com if there is something relevant to the instruments Im trading. And RDT, I agree, having someone working with you face to face might not be so bad. Someone who can prove themself in person and you get along well with might be nice to trade alongside, but until someone who meets that criteria magically appears in front of me I'll just go it alone. Im definitely not going to waste any time seeking someone like that out. If I ever bump into someone like that, cool; if not, fuck it. I got plenty of friends, I dont need a trader bud to keep me company during market hours.
half the day music, the other half general news network no cnbc because the personalities are VERY annoying... kudlow, bernet, cramer...barf!!
I think the only people I've ever listened to when it comes to anything to do with trading or economics is Ron Paul and Peter Schiff. The rest as just been watching the way the markets are moving. You can't really predict what will happen short term in my opinion, maybe long term, but I think people who say they know what's going to happen short term are full of it.