Anthony from Chicago asks:
How accurate and/or credible is information on a "bloggers" website? Since this is the opinion of one individual person or trader, might a blogger influence readership with their personal biases on a particular market or stock outlook?
Anthony:
First, I view all information with a certain degree of trepidation. Getting the full, unconditional truth about any global commodity market is in my opinion, impossible, and since circumstances are always changing, a case "paralysis from analysis" is the most likely outcome. There are just too many sources and to many spots for incorrect information to show up. While a blogger might influence the readership, I doubt that it could influence the marketplace for very long.
I produce a daily and weekly newsletter, and going some of my calls on markets have been very good, and some have been total duds. That happens, and that is life, they key thing is how to handle it when you are wrong. Did you use the most effective way to get in the market? Did you have an exit strategy? Did you place all the chips on one trade and then were too stubborn to admit your own failings, and let the losses deplete your account?
Success in trading doesn't depend on software or a blogger telling you which way the market is going to go. Success in trading depends on how you manage risk, how you protect profits, and how you behave after a loss, and depends on knowing your time frame and sticking with it, especially on underperforming trades.
If you trade like an emotional mess, blaming others for loss after loss, looking from hindsight (If you find yourself going around saying "I should have sold gold at $720, and bought OJ at 120.00.") right now...please don't try this on your own. We can all pick out old highs and lows on charts, and is not a skill of high order. If you are blindly thinking, "What can I do today to make money?" You are behaving in what may be the most dangerous way of all, as you are looking to trade, not looking for a trade. This combined with greed and arrogance is the mother of six figure losses.
If, however you are looking at the markets and weighing them up objectively and honestly, and have a valid exit strategy, your chances of success will be a lot higher.
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