Twittertainment vs Reality, the true trolls of Twitter

Before you begin reading this post, read the following;

https://www.sec.gov/litigation/litreleases/2009/lr21053.htm

Nathan Michaud @investorslive investigated by the SEC for penny stock manipulation. investorsunderground.com investors underground investorslive nathanmichaud.com

https://www.goodetrades.com/2012/01/penny-stock-trader-nate-michaud-settles-with-sec-in-pump-dump-case/

" I do believe that he is guilty of impropriety in the case he settled with the SEC" - Michael Goode @goodetrades 

http://lasvegassun.com/news/2009/may/21/sec-las-vegas-companys-stock-manipulated-profits/

"Nathan M. Michaud of Boston, said to be a web site designer."

My use of Twitter is a combination of 99% business and 1% entertainment . I created the @jcspe85 Twitter account to detail my daily trading thoughts and activities.  My trades are not to be taken as recommendations.  However, my trade selection and my trading process are meant to show how someone with >30 years of trading experience, most as a professional trader with FINRA licenses, goes about the daily business of trading stocks, options and futures.



My twitter feeds and this blog are 100% FREE.  I don't get compensated by Google Ad Sense for this blog, so I don't receive advertising money.  I recommend books but I have no links to Amazon, so no money from referrals.

In the trading world, worthwhile help is unheard of... especially if it is free.  I am thankful for some of the information provided by people in the Twitter trader community.  Much of my research time is shortened because I find my answers on Twitter.  My trading business requires at least 10 hours a day to do properly.  So, during most days, I don't have time to respond to questions right away.  And I am limited to how I much I can answer via Twitter's direct messaging system.  Recently I have taken about an hour each day to respond to DM questions during After Hours, a total of 20-25 hours per month.  Many people have asked me to be their trading mentor but I simply cannot do it at the moment because of time constraints.  Just like any other trader, I need down time to relax, exercise and refocus, not to mention to have a personal life.  I love trading but trading can become a disaster if you allow it to consume your life.

I am a proponent of paid trading services such as chat rooms, courses and coaching sessions.  Its far better and cheaper to learn from experienced traders than to lose money making your own mistakes.  I was lucky to have a professional trading career to pay for some of my education.  I have used paid subscription services in the past. But mostly, my learning came from books and on-the-job training.

As noted in a prior blog post, I have intentions of providing paid services, one day.

This leads me to the reason I am composing this blog today, Twittertainment vs Reality.   I enjoy the entertainment of jokes and photos and what not from other Twitter folks.  It breaks up the monotony during the down time of the day. My tweets are about actionable trades.  So I leave the Twittertainment to others.

The reality of Twitter is that the more famous you become, the more the trolls come after you.  Accordingly, I have had to post a Twitter policy to let followers know my zero tolerance policy of trolling.  I have and will curtail all trolling activity towards me by an immediate block.  Its not a reflection of who I am BUT I cannot allow the shenanigans of haters to affect my mood, and even more so, my trading performance.  Its hard to distinguish the haters from the good people sometimes.  So if I accidentally blocked you, then email me or comment on this post for an unblock.

If you have been following my Twitter feed this week, you may have noticed that several ex-followers(I blocked all I could find) on Twitter, many associated with Investors Underground chat, have decided to slander and ridicule me on Twitter, beyond normal jokes or occasional sarcasm.  For the most part I have ignored unruly and childish people.  Its not my nature to reply to haters, but some of these individuals I have helped numerous times with trading questions, especially @Modern_Rock, the biggest cheerleader of Investors Underground chat.  I don't know MR's real name and we have never met in person.

At 1:17 a.m. Thursday morning I created a new blog post, 10 Strict Guidelines For Traders, while trading futures.  Realize I was doing something to help traders who read my blog AFTER midnight.  I edited the content of a trading related article I read on the internet.  I customized the content to reflect my interpretation of day trading.  Most of the information on the article was spot on, but I added the most important concept in guideline no. 10.  Also, I removed numerous, impertinent sentences and paragraphs.  All in all, less than half of the article was used.  I released it to the public without proofreading in entirety.  I always re-edit blogs after I post anyway and had intended to look over it the next chance I got.  It was late, I set my stops on my futures trades and went to sleep at 1:20 a.m.

Later, Thursday morning, about 1-hour prior to market open, @Nikkorico_ of IU chat tweeted to me about not posting the editorial credit for the article.  It took me less than a minute to update with a credit reference to my blog post.  I had previously referenced material on this blog before. My blog posts are not being quoted, nor published for profit, nor used to attract paying subscribers.  Why should this be of any concern, regarding a free blog post, for anyone to alert me via Twitter?  But then several other, new IU chat members replied to @Nikkorico_ 's tweet.  For the most part I thought these actions were odd.  Why didn't @Nikkorico_ email me or just comment on my blog?  I have never conversed with @Nikkorico_ before.  He could have used the email contact for this blog or have commented at the bottom of the post.  Minutes later @InvestorsLive joined the conversation.  I have never met anyone in person from IU chat, nor do I know @InvestorsLive, Nathan Michaud, founder of IU chat.  Nathan had tweeted me once before, but he doesn't follow me.  I received over 10 tweets in a span of 30 minutes before the market open.  Incidentally, their troll tweets were deleted in order to hide the evidence.

The trolling attack continued throughout the day.  A few trolls I had blocked from the past also joined in.  I blocked more than 30 people that day.

The following day, Friday, more trolls, including @michiganwar @PsychoOnWallST @parabol128 @swedepilot, decided to pick on my Twitter-related Instagram account. I created @jcspe85 in February 2015 to generate awareness of my Twitter account and blog. More IU chat members and @Nikkorico_ and @Modern_Rock re-tweeted the same tweets.  @jcspe85 is/was not my personal Instagram account.  How do photos of what I drive, what I eat, where I travel to, lend credibility to my trading aptitude?  Trading profits have rewarded me well.  I deleted the Instagram account and blocked more trolls.

It is obvious certain IU members felt threatened by my growing popularity on Twitter.  Perhaps now my popularity is at a point where Nathan Michaud felt I would encroach on his subscription service.  I don't charge a cent and I provide actionable and helpful content on Twitter.  I must be considered to be a business threat by Nathan Michaud.

Nathan Michaud is a hypocrite.

In summary, I want everyone to be aware of this unscrupulous activity.  The lies and exaggerations that were made to discredit me failed.  But if it does get worse, I will contact my attorney in regards to a defamation lawsuit.  For the record, I have saved their deleted tweets via Tweetcaster, an app on my phone.

Below are the related tweets from the same people who call out other trolls on Twitter.

*****************************************
@InvestorsLive and @modern_rock joined in.  On a trading day at the busiest time, at the open, both tweeted simultaneously for 30 minutes straight.  Afterwards, both deleted their tweets to hide their accountability.

Here is the first tweet ever from @InvestorsLive to me concerning his opinion about me.  @Str8yaknees was someone I blocked on Feb 5th.

I attempted to defuse the situation. 

This was Nathan's final tweet.  He blocked me but I never followed him. How does a tweet responding to @Nikkorico_ count as "lost all respect"?  Go figure.

With the incriminating judgement from the SEC, is Nathan Michaud in the position to make any character judgement calls? 

*******************************************

Does MR consider himself to be the judge on the Twitter trader court?  LOL  And if you block MR, he will assume the worst.  Does he want to be the Big Man On Campus among IU traders?  He is more like the Court Jester of Jokes and Trolls.

I wrote a joke  tweet with LOL and later MR misleadingly interpreted it as a comparison.

Later in the evening 8:55 PM MR tweeted another false accusation.  He used the words "scandal" "caught" "trying to pass" "plagiarism".   I had held off blocking him until this point.

Again, MR asked for screenshots when I have tweeted and blogged that I don't post screenshots.  MR again deleted his tweets afterwards.

When IU chat members troll together...

I have screenshots of other IU chat members' tweets who have praised my trading ability, even #FF, before this occurred.  Some IU chat members are unlike this.  I have helped all who have asked.

The important lesson here is BEWARE of @Nikkorico_ @InvestorsLive @Modern_Rock @michiganwar @PsychoOnWallST @parabol128 @swedepilot Investors Underground chat members.  

Respectfully,

1 Trader

© 1 Trader and jcspe85.blog.com, 2015. 

10 Strict Guidelines For Day Traders

This trading guide is for day traders.  

1. You will not be a scalper. Until you are highly experienced at tape reading, avoid scalping.  Even then scalping should be minimal because it distracts from trading larger moves.  Plus, the smaller moves place you in competition with computerized trading, i.e. HFT programs.  You cannot defeat computerized trading.
2. You will be a selective day trader. The right kinds of market conditions are not present for every trade, and it is psychologically demanding to day trade every minute, day in and day out. One tremendous advantage you have is freedom of choice, you do not need to take every signal or trade every market. You do not need to be in a position before a FED moment or trade every news announcement. You have the luxury to wait and watch and witness the market’s reaction before taking action. If a market is "newsless" and quiet, or range bound, you can always relax and let your most important quality—patience—work for you.  Less is more.  Master one style first.
3. You will treat day trading as a business. It is not a part-time diversion. It is very demanding. You need total focus and total concentration. To be totally focused you must eliminate outside distractions. Lock your door if you have to. I know from personal experience, the more outside annoyances, the harder it is for me to trade effectively.
4. You will feel good. If you do not feel well, you cannot day trade effectively. If you stayed out late last night drinking or are physically ill or have emotional stress from outside influences, you should not do any kind of trading and this is especially important when day trading. Day trading is much more demanding and it is absolutely essential you be sharper and quicker than your competition. When the optimal "set-up" presents itself, you must feel strong, because you will not have the luxury of hesitation!
5. You will be totally disciplined! What this means is you will follow written and well-defined rules systematically, which is the only way to avoid the emotionalism of the markets. In other words, you will construct a game plan, which you will follow without bias. Let me repeat this, you will have NO biases. (I have always had bigger losses when I have had a strong opinion and overruled my technical game plan.) If you do not follow your game plan, you will miss some of the best and most profitable trades. What will your game plan look like? It will have well defined entry and exit rules. It will be well thought out where you will not be stopped out too often.  It will be flexible according to changing market conditions.  It will tell you when to stop trading. Your rules will be very strict in terms of capital preservation, especially during drawdown periods. Personally, I will not tolerate a drawdown of greater than a certain fixed amount in any single day or any single trade. Total discipline means you will always use stops (just do it), and never cancel a stop just because the market is getting close to it. Finally, never add to a losing position.  Trade what you see.
6. You will never let a decent profit turn into a loss. Here is what I do: if I have a reasonable profit on paper, I move my stop up so that, if half of these profits slip away, I am out of the position. The reason is obvious; in this way you escape with at least a portion of your profits.
7. You will become very cautious after a "Home Run." After you make a big hit, the temptation to overtrade grows geometrically. After a home run, look for singles (reduce size or better yet, take time off).
8. You will go only where the action is. It is essential to be aware of the current trading environment. Day trading requires volatility and liquidity in the right stock. Not all markets are volatile enough to allow for ranges required for consistent profitability; you need a market that not only moves, but moves within a limited time frame.
9. You will day trade only markets suited to you. Not every market is suited to everyone and there is no rule that says you have to trade anything and everything. For day trading, I like stocks, options, the S&P futures and crude oil futures. 
10. You will understand that greater confirmation means you will enter the trade later than sooner.  Most of the time I will begin with a starter position and add upon increased confirmation.

*** This content is edited and modified from an article by George Kleinman.  The author has been contacted in regards to this post.

http://www.crbtrader.com/trader/v10n01/v10n01a01.asp

© 1 Trader and jcspe85.blog.com, 2015. 

50 Rules and More From Linda Raschke

Linda Raschke is someone I have read about since the late 80s. Here are some of her quotes...

“The truth is that once you get down on the trading floor, you find that the traders come from all walks of life. You don’t have to be a rocket scientist to be a trader. In fact, some of the best traders whom I knew down on the floor were surf bums. Formal education didn’t really seem to have much to do with a person’s skill as a trader.”

“I’m also a firm believer in predicting price direction, but not magnitude. I don’t set price targets. I get out when the market action tells me it’s time to get out, rather than based on any consideration of how far the price has gone. You have to be willing to take what the market gives you.”

“I really value the fact that I’ve learned to trade as a craft. Like any craft, such as piano playing, perfection may be elusive – I’ll never play a piece perfectly, and I’ll never buy the low and sell the high –  but consistency is achievable if you practice day in and day out.”

“I truly feel that I could give away all my secrets and it wouldn’t make any difference. Most people can’t control their emotions or follow a system. Also, most traders wouldn’t follow my system, even if I gave them step-by-step instructions, because my approach wouldn’t feel right to them.”

“Understand that learning the market can take years. Immerse yourself in the world of trading and give up everything else. Get as close to other successful traders as you can. Consider working for one for free.”

Learn the following rules.  Imagine if you followed this daily.

1. Plan your trades. Trade your plan. 

2. Keep records of your trading results. 

3. Keep a positive attitude, no matter how much you lose.

4. Don’t take the market home. 

5. Continually set higher trading goals. 

6. Successful traders buy into bad news and sell into good news. 

7. Successful traders are not afraid to buy high and sell low. 

8. Successful traders have a well-scheduled planned time for studying the markets. 

9. Successful traders isolate themselves from the opinions of others. 

10. Continually strive for patience, perseverance, determination, and rational action. 

11. Limit your losses – use stops! 

12. Never cancel a stop loss order after you have placed it! 

13. Place the stop at the time you make your trade. 

14. Never get into the market because you are anxious because of waiting. 

15. Avoid getting in or out of the market too often. 

16. Losses make the trader studious – not profits. Take advantage of every loss to improve your knowledge of market action. 

17. The most difficult task in speculation is not prediction but self-control. Successful trading is difficult and frustrating. You are the most important element in the equation for success. 

18. Always discipline yourself by following a pre-determined set of rules.

19. Remember that a bear market will give back in one month what a bull market has taken three months to build. 

20. Don’t ever allow a big winning trade to turn into a loser. Stop yourself out if the market moves against you 20% from your peak profit point. 

21. You must have a program, you must know your program, and you must follow your program. 

22. Expect and accept losses gracefully. Those who brood over losses always miss the next opportunity, which more than likely will be profitable. 

23. Split your profits right down the middle and never risk more than 50% of them again in the market. 

24. The key to successful trading is knowing yourself and your stress point. 

25. The difference between winners and losers isn’t so much native ability as it is discipline exercised in avoiding mistakes. 

26. In trading as in fencing there are the quick and the dead. 

27. Speech may be silver but silence is golden. Traders with the golden touch do not talk about their success. 

28. Dream big dreams and think tall. Very few people set goals too high. A man becomes what he thinks about all day long. 

29. Accept failure as a step towards victory. 

30. Have you taken a loss? Forget it quickly. Have you taken a profit? 
Forget it even quicker! Don’t let ego and greed inhibit clear thinking and hard work. 

31. One cannot do anything about yesterday. When one door closes, another door opens. The greater opportunity always lies through the open door. 

32. The deepest secret for the trader is to subordinate his will to the will of the market. The market is truth as it reflects all forces that bear upon it. As long as he recognizes this he is safe. When he ignores this, he is lost and doomed.

33. It’s much easier to put on a trade than to take it off. 

34. If a market doesn’t do what you think it should do, get out. 

35. Beware of large positions that can control your emotions. Don’t be overly aggressive with the market. Treat it gently by allowing your equity to grow steadily rather than in bursts. 

36. Never add to a losing position. 

37. Beware of trying to pick tops or bottoms. 

38. You must believe in yourself and your judgement if you expect to make a living at this game. 

39. In a narrow market there is no sense in trying to anticipate what the next big movement is going to be – up or down. 

40. A loss never bothers me after I take it. I forget it overnight. But being wrong and not taking the loss – that is what does the damage to the pocket book and to the soul. 

41. Never volunteer advice and never brag of your winnings. 

42. Of all speculative blunders, there are few greater than selling what shows a profit and keeping what shows a loss. 

43. Standing aside is a position. 

44. It is better to be more interested in the market’s reaction to new information than in the piece of news itself. 

45. If you don’t know who you are, the markets are an expensive place to find out. 

46. In the world of money, which is a world shaped by human behavior, nobody has the foggiest notion of what will happen in the future. Mark that word – Nobody! Thus the successful trader does not base moves on what supposedly will happen but reacts instead to what does happen. 

47. Except in unusual circumstances, get in the habit of taking your profit too soon. Don’t torment yourself if a trade continues winning without you. Chances are it won’t continue long. If it does, console yourself by thinking of all the times when liquidating early reserved gains that you would have otherwise lost. 

48. When the ship starts to sink, don’t pray – jump! 

49. Lose your opinion – not your money. 

50. Assimilate into your very bones a set of trading rules that works for you.

*** As an advanced trader I do not conform 100% to all the above rules, i.e. rule 46. This is explained in detail in my book.

"Traders with the golden touch do not talk about their success." I avoid Twitter traders who tweet PnL because;  

1 Trader


© 1 Trader and jcspe85.blog.com, 2015.