I have been to several chat rooms. I find that it is good for several things:
1. Getting a read on general market perception.
2. Getting a heads up on stock movements you are NOT following that day (i.e. momentum trades).
3. Feeling out others' thoughts on particular stocks, sectors, news releases, etc...
4. Companionship.
But it is not good for getting picks in real time imo.
That said, know your fellow posters. There will be those you trust, and those you don't. Most, unfortunately, are not to be trusted. Not that they are looking to screw you, but more likely (as with SI) they will only admit selective info. Thus, it goes without saying, don't ever follow the hype. Remember, if someone has made a move, you are already late to the party. Don't allow yourself to be buying their shares as they corral you into a foolish move. You are not in business to bail them out. But, IF YOU CAN TRUST THEM, you can see what they are playing on any given day AND WHY. But don't let it rule your day. That's just plain lazy. It is a learning tool -- that's all. There's work to be done all day long. Research and analysis (as well as actual trading). Getting other people's picks should never be a priority. |
