Following Other Stock Market Traders<\/p>\n
by: Joel Weihe<\/p>\n
With all of the trading websites, services, blogs and chat rooms available these
\ndays on the Internet it can be a trick to decide who you want to trust and
\nfollow. Following someone refers to watching them trade and making the same
\ntrades they do in the hopes of becoming profitable.<\/p>\n
Some traders post their trades on their blogs at the end of the day. This works
\nif your swing or long term trading. There are stock people that start and run
\nservices where you can pay to have access to their trades. Lots of chat rooms
\nexist where traders post their trades throughout the day as they make them.
\nInternet sites such as Covester and Stocktwits are two such places. Many
\nbloggers are now setting up chat rooms within their sites to attract visitors.
\nAny number of ways to follow someone exist.<\/p>\n
Opportunities present themselves in many different places throughout the online
\nworld to take the easy way out and shadow someone else’s trades. The problem
\nlies in finding traders that are good and consistently make money. There are
\nliterally thousands of people online trading these days. Finding the good ones
\nis not always easy.<\/p>\n
The braggarts are the most tempting, and usually the most dangerous. If you fall
\nin with one of these you could lose big. Some of the really good guys are
\nbraggarts in their own right, it’s just a matter of trial and error finding out
\nwho’s real and who’s not. Best to work on that in a paper account. Some post
\ntheir winners and not their losers, so you can be drawn in by a false pretense
\nof high percentage winners. There are those that make a trade and wait to see
\nwhich way it goes before posting and let you know about the good ones loudly. Do
\nyour research and be careful.<\/p>\n
Pay sites sometimes started out as free blogs or a good trader posting trades in
\nchat rooms. These are the business persons. Like the dealer on the street, they
\nget you good and hooked on following them, then announce that they are going to
\nstart offering a premium membership. In my experience these are usually some of
\nthe best traders out there. They have to be to get and keep any business. At
\nleast in this case you know what your getting. Most of the time they try and
\nkeep their other thing going, but usually it is just to much. Some of these fail
\nas the trader wasn’t really good enough to pay for his service, and sometimes
\ntheir followers are just offended. If your making money consistently you don’t
\nhave a bad deal as long as your profits outweigh your costs.<\/p>\n
The worst, and some of the ones you can make money following, are the copiers.
\nThe ones that take trades from other good traders and then post them as their
\nown. You may never know the difference.<\/p>\n
If it’s from a site you don’t know or use you could go on forever following this
\nguy, the whole time thinking how good he is, and never knowing the truth.<\/p>\n
Gurus come and Gurus go. Some have a nice spurt because of some factor or
\nanother and then fade into oblivion. There are those that are OK traders and
\njust happened to have that one super year. Of course a lot are steadily
\nconsistent and make a good living. There is the flash in the pan, one hit
\nwonders and even just great story tellers. Sometimes an exceptionally long trend
\nis caught and can make someone look a lot better than they truly are. Point is
\nGurus have their streaks. I find it better to pay for a service I want to try by
\nthe month. That way I can find out if it’s the real thing, or just another flash
\nin the pan, and if I am convinced I can always take him or her up on the savings
\nper year deal.<\/p>\n
Whatever you decide to do, the best thing is to know what your doing. Accomplish
\nthis by educating yourself and learning how to do it on your own. Then follow
\nsomeone for the convenience of it if you should so chose to do so.<\/p>\n
About The Author<\/p>\n
Joel Weihe. Trading stocks, forex and futures.<\/p>\n
Selling real estate in the great state of Kansas.<\/p>\n
http:\/\/elditto.blogspot.com\/<\/p>\n","protected":false},"excerpt":{"rendered":"
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