How to Trade Stocks: Be Part of a Community
Success in Day Trading or How to Be a Cool Cat in the Playground
Growing up, I didn’t want to go to school. Every morning. Five days a week. Same routine. I’d much rather have watched cartoons and eaten an extra bowl of the most sugary cereal imaginable. But I had no choice. Every morning. Five days a week. Out the door I went. My protestations notwithstanding.
Once I actually got to school, everything changed. There were classes of course, but they weren’t my main focus of the day. Before school started, recess, lunch, and after school. That was my reason for being there. My friends and I loved playing in the playground, the monkey bars, the swings, the slides, you name it. We had great times together.
But not everyone did. There were those loners who did their own thing. Even in grades 1 and 2, they were off on their own in a corner of the sandbox. Maybe they were happy on their own. Maybe you were one of them.
As a day trader, you do NOT want to be on your own. Ever. You want to be where all of the other day traders are.
As a day trader, you must be very careful to not be on the wrong side of a trade. Stay out of Wall Street’s way. Figure out where the day traders are hanging out and then go trade with them. Don’t be off in the sandbox doing your own thing, trading a stock that no one’s paying attention to. You’re in the wrong place. Focus where everyone else is focused: on the stocks receiving literally a ton of action. That’s what I’m looking for. That’s where you should be looking too.
You need to monitor the action on the stock market. You need to follow social media, such as StockTwits, to learn what’s trending. There’s also a huge advantage to being in a community of traders, such as a chatroom, and there are many online chatrooms. I’m biased of course, but I really do like my BearBullTraders.com community. You’re welcome to join us.
We talk about what is hot today. If you’re trading completely on your own, you’re off in the corner of that proverbial sandbox. You’re not in touch with what other traders are doing, and you will make it hard on yourself because you won’t know where the activity is. I’ve tried trading in a bubble, doing my own thing, and it didn’t work.
Be one of the cool cats. Be where your peers are. Excuse me. The bell’s ringing. The market’s open. See you in the playground!