Markets are hard enough without external performance detractors. Everyone and their mother has a opinion on markets or stocks you are trading. Nobody nor their mother’s opinion even matters. Let’s go down the list.
Media – Television, Twitter, whatever. Most people just want your views, your clicks and your time. Are there numerous quality takes out there? Yes, but THE ONLY TAKES THAT MATTER ARE OUR OWN. We have to formulate our own opinions about everything and have no fear about being different or wrong.
Opinions – Every single day market participants get into pointless debates about inconsequential topics. Why? I think it’s because they have an opinion and feel a need to be heard.
Many people suggest there is no room for opinions about markets. That’s confusing to me, because we express opinions with every position we take.
It’s important to:
A) Express our opinions within a high reward:risk framework
B) Not care when our opinions are wrong.
Any fool can express an opinion in a market. That’s fine. If you’re doing so without scrupulous risk management, you’re dead.
Economic Data – The market is months ahead of the data. Who care about the past? Investment content editors and statisticians trying to sell you stuff, that’s who.
The Fed – Fed days are just another day. Sorry, the Fed doesn’t matter except for intraday algo parties.
It can be hard to distinguish a legitimate market take from a noisy opinion. Especially when you know little about markets.
You just have to tune out the noise. All you can do is make your own trades, take your own notes and learn from every trade or idea you have.
Trade ’em well