How I Keep My Information Consumption Simple and Focused Using StockTwits
- Posted by chicagosean
- on August 29th, 2011
This just in… there is a LOT of noise being thrown at us. Especially at those of us who are attempting to trade for a living.
How do I filter out the noise and get to the information I need quickly and simply? I use StockTwits.
You would think that having a firehose of information at your finger tips would be cumbersome and overwhelming. Yes, it is. However, having the ability to filter and search for the information I want to see, I am able to turn my community into a manageable and incredibly powerful resource.
The first tool I have at my disposal is the StockTwits Desktop, which I have laid out as below:
As you can see, I keep four columns up: ALL, Suggested, Friends, and a Watchlist.
The ALL Stream updates frequently and during a fast market it is nearly impossible to catch everything. My intent with the ALL stream is simply to have it up to see sentiment flowing in real time. It’s kind of there for my peripheral vision to notice tickers being repeatedly mentioned, which is often a subliminal-like clue that something is up and perhaps I need to further investigate (more on this later).
I keep the Suggested Stream up because it filters down the ALL stream to messages from some of the best people in the StockTwits community who are consistently sharing timely, actionable, and/or insightful info and have been built a solid reputation through their efforts. In a really fast market, I’ll often just focus here.
The Friends Stream is where I follow info being shared by people I’ve learned to trust and/or enjoy and I have frequent communications with. Interacting with these people has helped me generate many trading ideas, and people here have often been generous in provided feedback on some of my (many hair-brained) schemes. It takes some time to cultivate this list, and I am frequently adding and pruning people. (Sorry @nouriel, I cut you.)
And finally on the Desktop, the last stream I keep open is a Watchlist that follows the $TICKERS of instruments I have positions in, or are monitoring closely to get involved in in the very near future. This is were I am often early alerted to something up, either positive or negative, that is effecting my positions.
But my engagement with StockTwits is not just limited to the Desktop App. In addition – on another screen (I’ve got 3 monitors at my home workstation) – I keep the trusty stocktwits.com webpage up. This is for two reasons. One, it shows me when I have @mentions (messages to or about me from others in the community) via a little number pop up next to the “mentions” link. But also, two, when a ticker catches my eye over on Desktop, I can quickly type a ticker into the search box at the top of the webpage to bring me to that ticker stream where I can view the conversation around that particular instrument. When news is breaking, this ability is invaluable.
I also enjoy using the “like” feature on the webpage. When I see a message that I find particularly valuable and want to save it for review later, I simply click “like” underneath the message. Later on, I can review all my liked messages by clicking the “Liked Messages” link on the left side of the page. This is a great tool for reminding me I need to do a deeper dive on a ticker or topic.
Using StockTwits allows me to avoid the hype being spouted on TV, enables me to filter out info that isn’t relevant to my needs, gets actionable info to me quickest, and allows market ideas to flow to me at whatever speed my mind is operating in at the time. In other words, StockTwits allows me to control the firehose of finance-related social media.
If you’d like more ideas in ways to use StockTwits to help make your trading life simpler, or just need help getting up to speed on the platform… feel free to email me through this blog, leave me a comment below or send me a message on StockTwits or Twitter: @chicagosean. I’d be happy to walk you through on phone or skype if necessary.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus
Sean McLaughlin - Editorial, Curation, & Investor Relations Solutions at StockTwits. Also, former Member of the Chicago Board of Trade who trades his own account in Boulder, Colorado. More »
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