Every stock analyst I know would agree with me that there are many traders and investors and would-be traders and investors who do not like to read. They just want free hot tips. I have a fair share of experience on this.
Asking is not bad. But in a world of busy traders and investors, you have to put your question in such a way that you won’t appear as though you’re just asking right away without exerting some effort to find the answer to your question on Google.
If you are going to ask everyone in a social media group, such as Facebook, on what you should do with your stocks or with the stocks you’re eyeing to have, make sure you don’t take everyone’s word as is.
You don’t know the profile of everyone who commented on your post. I am not referring to a Facebook profile when I say “profile”. I am referring to the commentator’s reputation or caliber when it comes to his or her capacity to give a sound advice.
You have no idea who among the commentators know how to do technical analysis. Some might have just commented based on their gut feel. Some might have just commented based on second-hand information. It’s difficult to separate the weeds from wheat, the grains from the chaff. And you can’t be very rude and disrespectful to ask all commentators to back-up their comments with charts and numbers. Those who are just acting smart may just answer you back in an offensive-defensive mode. Those who their turf have a time that’s so valuable that they can’t afford to be bothered by you, especially when you’re not paying and your tone is just so arrogantly very demanding.
So what can you do then?
1. If you know how to do your own technical analysis and your purpose for asking is just to temp-check the sentiment and opinion of others, never take anyone’s comment as is. Validate everything they said through your own technical analysis. Well, actually, I don’t even have to emphasize that because, I believe, anyone who knows how to do technical analysis doesn’t take anyone’s advice without consulting his own analysis. I mean, I may ask my fellow stock analysts, but, at the end of the day, my final decision always comes from my own analysis.
2. Cherry-pick the inputs of commentators whom you know as people who are really reputable in this niche. Have you read their pieces of advice for someone in the past? Do they make sense? These are the people who can feed you with charts and numbers when you challenge them to prove their claim. But, of course, you don’t rudely raise a demand for that.
As I always say, it’s best to learn how to do technical analysis or fundamental analysis on your own. I say that not because you can save-up by not hiring a stock market analyst, but because it’s very comforting to trade once in a while and to invest all the time when you know what you’re doing even in your sleep.
However, for some busy employees and entrepreneurs who are very focused in growing their cash flow (thumbs up!), you have a valid excuse to just seek the sound advice of stock market analyst on what you should do with your portfolio or which stocks to buy, hold, or sell.
So, if you’re reading this right now and you know to yourself that you’re still on the first stage of knowing the ups and downs of the stock market, have the presence of the mind when you’re asking the public through social media on what you should do with your stocks or which stocks you should buy or sell.
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