When I originally started using twitter over three years ago, and then Stocktwits soon thereafter, I never thought it would be as valuable to me as it has become. Many people would ask, and still ask, why I would bother with something like twitter. The common comment was why would you care about someone’s status update detailing their trip to the mall? But the truth is, there are some very powerful communities within the twitter fabric, and one could say Stocktwits is the result of some smart people recognizing it and bringing them (financial community) together. The ability to have access to so many smart people who work just as hard as I do, with the same desire to trade still amazes me.

Without even realizing it, someone can learn something practically everyday. While learning new trading tactics or techniques is valuable, I think what is even more valuable is to be able to gain perspective from people who have had experiences you simply are not in a position to go through. With that thought in mind, here are 5 things I learned on Stocktwits / Twitter this week.

10 – Identifying your leaks and then dealing with them – James “the inventor of 10 ways to articles” Altucher wrote a great piece on identifying what could be slowly be holding you back and how to deal with it. This is great advice, not just for traders but for life in general. Everyone has something that can consume them if they don’t keep it in check.

9 – Apparently, carrying $2 dollar bills is a clever of way of having people remember you – Last Altucher link, I swear.

8 – Running a successful startup has more to do with execution than having a great idea – @chicagosean had a great article on what he learned working for $GRPN founders Eric Lefkofsky and Brad Keywell. Read it carefully and realize how much of their success is attributed to nothing having to do with their idea.

7 – It doesn’t matter how good you are as a trader, you can always gain from another’s perspective – @JoeFahmy is one of the best traders I know and he still found it worth his while to go attend legendary trader Steven Cohen’s Salt Conference interview. Joe’s exact thoughts were: “I am a big fan of the quote: "Success leaves clues” Unfortunately, many people choose to snub success, rather than embrace it, study it, and learn from it. Since I knew this was going to be a rare opportunity to hear one of the best in the business speak, I decided to take notes”. Do yourself a favor and read his article highlighting what he learned from Cohen.

6 – What it takes to get a Goat Bearish – The best traders always have an eye on longer term trends and the 30,000 foot view to keep things in perspective. @gtotoy explains how he uses an $SPX / Bond ratio chart to help identify the long term trend.

5 – @smbcapital had a guest post from Brett Steenbarger (who is one of the traders I most respect and admire) in response to his own post “Why do you trade?” In Brett’s article, he highlights how important it is to have a motivation other than to simply make money in order to be successful. One great quote is “it is no more sensible to pursue trading to make money than it is to pursue marriage to get sex”.

Damn, I only really have 6, but it’s still pretty early in the week. I won’t pretend to be a linkfest blogger, but all of these articles are good reads and hammer down the idea that its all about the process, not the idea. This concept applies to life in general, not just trading. Focus on doing things as well as you can, and minimize the things that hamper you from success. Too many people focus on the results and that is a recipe for failure.

Good Trading

Joey