I took a little test drive of stocktwits.com, a website that utilizes twitter and allows individuals to post information, news, trading calls, or commentary in real-time to followers. It’s kind of like a really really large chat room. Like a new toy though I jumped on today in full force under the name LargeCapTrader1 (some douche took LargeCapTrader lol) One of the biggest advantages I can offer immediately is access to the research and flow available through my shop. As such I know I have a good deal to offer right from the onset, which also means I am test driving this service to see if it can add any value to my trading.
First impressions have been mixed, there are a few ‘premium’ stocktwits which I am following closely to see if there is any potential alpha there. Additionally a few random people have posted what can be construed as a real market call on a specific stock which I will basically paper trade. Like anything free or without filters, there is a high amount of noise which needs to be discarded. I’ve already blocked one such user, ‘pivotfarm’ for banal posts. Things like “if we break X to the downside we’re going to Y unless we find support then we goto Z’ It’s the same garbage used by Elliot Wave proponents. Also things like this piss me off:
And here’s what BOOM was actually doing at the time:
From 1:49, the stock actually tanked and ended lower then the price. Nice squeeze fool. It may seem like a trivial thing but without the amount of information that one has to deal with during the trading day, the last thing one needs is an overzealous rookie exaggerating market action either out of ignorance or talking their own book. This guy gets an ignore.
Now that that’s out of my system, I also posted some notes from sell-side research shops on active names or the hot issue. I obviously need to find a more efficient way to post these. My inbox is literally over flowing with research notes, analyst upgrades/downgrades, commentary, newsletters. Our firm shares resources and knowledge freely so its unlike most prop operations. We get the notes from Gartmann, Dick Bove, Art Cashin, Dan Zanger, etc.
This experience with twitter I guess is an attempt to both display the value I can add in return to finding traders that may be of value to me. Specifically I would love to open a line of communication with profitable day traders as I feel the flow information and sell side updates naturally compliment a day trading strategy.
And finally to recap, here is a list of my tweets today. The QCOM and TM volatility trades worked great!