I have noticed two distinct types of traders since joining social media. The happy go lucky, generous, fun traders that like to share and interact and I have really enjoyed this. There also seems to be some other ‘traders’ driven to sell something or prove something. Half the time I don’t know if they are trying to convince us or themselves about something. It is crucial that we separate the wheat from the chaff to get the most value from social media. It is very dangerous to fall for a bad trader that does not have risk management and trader psychology as their main focus before trading real money. Also the mentoring we can receive from simply interacting with real traders can be priceless and change our financial lives. Thanks for all the feedback for this post and be careful out there, traders on social media is still like the wild west at this point.

Good Traders

  1. The good traders that I have met are generous with their time and knowledge.

  2. Good traders are flexible in their trades and opinions they follow where the market takes them.

  3. The majority of good traders have simple charts that focus on price action. They focus on the simplicity of what works.

  4. A good trader will admit a loss and share what happened.

  5. Good traders are first and foremost traders, any service or product they offer is secondary.

  6. Good traders are humble and respect the market and the reality of trading.

  7. Good traders at times will call real trades and post entries and exits.

  8. Good traders are on social media not for show but for teaching and friendships and having fun.

  9. Good traders go with the current market trend.

  10. Those who make a comfortable living trading are playful, joking and happy .

 

Bad Traders

  1. Many bad traders try to tear down others to make themselves feel superior. Good traders have no need to do this they have highly self esteems already.

  2. Bad traders are obsessed with predicting the future they like  making many calls and then gloating when they are right about a few.

  3. Most bad traders have VERY complicated charts with too many indicators, the reason is that they don’t really trade so are trying to impress people with complexity.

  4. A bad trader will delete a post and almost never discuss a losing trade.

  5. They care more about sales of their product or service than trading.

  6. Bad traders are arrogant,and usually naive,  believing they are smarter than the market itself.

  7. Bad traders like to call their winning exits with out the entries.

  8. Bad traders are attracted to social media for ego gratification and to build up their own poor self esteem.

  9. Bad traders are usually contrarian trying to call tops and bottoms.

  10. Those who lose money on a daily basis boast huge profits and are angry with everyone