Focus

I've always enjoyed online forums. No matter my interest - video games, fishing, investing, or otherwise - I like to connect with people who have similar interests. The internet is fantastic for that - it has made the world a lot smaller.

The forums at investors.com have been a great resource to me since I began working to learn the CAN SLIM method. I've had invaluable help on chart reading, fundamental analysis, entries and exist, and of course market analysis. I think it's greatly accelerated my growth to this point.

There's a downside though, and I have to manage my forum activity carefully.

Two of the great traders I read about - Darvas and Livermore - found it imperative to cut off all outside influences to their trading decisions. They would not bend on this matter - they did not want anyone's thoughts or opinions effecting their decisions.

I've thought long and hard about this, because on the one hand I can learn a lot from other trader's experience(s). On the other hand, above all else trading stocks is a business of managing emotions. Once I've heard someone else's opinion, I can't unhear it and I can't ever know if it effected my behavior (positively or negatively).

Recently I've come under scrutiny on the forums for my decision to hold (SOL) through a steep pullback. I've mentioned here a number of times that I'm not sure it was the right choice, but I evaluated the situation the best I knew how and that's the choice I made.

I wish I could say it doesn't bother me at all when I'm questioned or criticized about my trading (or almost anything else, for that matter), but that would be a lie. Unfortunately, I am far too sensitive about what others think of me. It's really quite silly considering these are strangers I've never met and probably never will, but it can really get to me.

When that begins to happen I have to reconsider the value I get out of a public forum versus the trouble it can cause me if it starts to cloud my judgement. I would rather lose money on a trade of my own free will and stupidity than make money because I was prejudiced by someone else. I think in the long run I'll always come out ahead relying on myself. At least if I fail I'll have only myself to blame.

The same can even go for conversations with friends and family. If I bring up the subject of a gain in a stock - probably searching for praise - invariably they'll question me. Why didn't I sell yet? Why don't I sell now? Isn't the economy bad? I realize very quickly that unless I want to give everyone I know a copy of How to Make Money in Stocks, I might as well just keep my trading business to myself.

For now I've been reminded that it's my money, my responsibility, my decision. I'll take another voluntary leave of abscence from the forums and get my head clear (well, as clear as my head gets). I'll focus on my reading and try to finish up The Battle for Investment Survival (slooooooow reading) so that I can get into The Successful Investor and Trade Your Way to Financial Freedom. Always something new and interesting on the horizon!

Oh, and in case you're wondering, I'm still holding (SOL) and (SOHU). (SOL) is sitting right on the 50 dma, I should know soon if it's going to roll over or get a bounce.

-Geoff