So, a while back I got accepted to be a millionaire challenge student, but of course due to me being a college student and not having access to the amount needed, I had to put the acceptance on hold. In return, I got rewarded with a free month of pennystocking silver which I took advantage of to the max including the chatroom. Well, I will say the video library is one of the best resources you could use as a new trader/student to help with most, if not all, questions regarding trading.

Now, the reason for this post is the chatroom. Now, I am not saying the chatroom is negative whatsoever, but being a new student/trader in an environment such as that is very overwhelming. You have ideas bouncing back and forth, traders announcing their position, tim announcing his position/ideas, etc etc. And being a new trader, a lot of people just expect success right away...This causes tendencies to be prone to following the crowd because someone else positioned themselves into a stock so you figure "why not? it seems like a plausible position" or just an indirect form of pressure where everybody is making profits and I am the only one not, so let me get in too. 

 

Bad choice.

I have since removed myself from that entire environment because I am a firm believer in self-sufficiency and developing my own trading style. I fell to the pressure of the crowd once and took a minor loss because of it and since then I have been on my own and have been working my way up. Others may be different and use the chatroom to their advantage but me personally, I am a lonewolf and thrive off my own success/failures.

 

Anyways, sorry for the rant but just some thoughts I had to share. Have a good weekend everybody!!