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Who is Your “Source”?

As a new trader, you have already found (or will soon realize) that here are a multitude of sources out there to form trading decisions. While sources certainly have their place, some people put way too much faith in them which in returns sets them up for ultimate dependency and then failure. Trading takes time and effort and if you think you can put all your effort into a single source, you are sorely mistaken.

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Transcript:

Who are you depending on?Please, please depend on yourselfor else it gives all of usa really, really bad name.(swoosh)Right out the gates, I realized thatfor the vast majority of viewers,you're probably gonna watch this...Well, I don't know.Now that I think about thisand I say things out loud,maybe this is not common sensebecause all the people that fallfor the pay for my billards,pay for my cell, pay for this, pay for that,and people just wanna be puppets.So I don't know,maybe this isn't as commonas what I thought it was gonna be,but I guess let's find out,but this is the stuff that gives all of us,all of us traders, a bad name.All of us traders as yeah, you're just a degenerate gambler.Yeah, the stock market, the way you're treating it,you're treating it like casino.So don't be like this.And I want you to realize this right from the get-go.Now maybe what I was tryna get at at the beginningwas that this example that I useis kind of extreme.I don't know.Maybe it's not extreme.Let's just get to it and we'll see what happens,but either way, this is not what you wanna do.And what I wanna focus on here is the word source.As in who is the source that you are,there we go,depending on?So that's the key thing.You gotta have a source, and who is this source for you?Let's get this to this exchangethat I had on YouTube comment sectionand we'll see why it kind of...Why it's not so good for all of us tradersthat are trying to be serious in terms of really?Really?But the sad part isa lot of people actually do this.Maybe not quite this extreme,but it's out there in mass quantity.So let's get to this YouTube exchange.So this person says I'll sell it once it reaches 25 cents.I replied back "What if it doesn't?"They replied back to me"It's expected to go up way higher in the span of a year."Okay, so I say "Expected by 'who'?"Yahoo Finance, which is somewhat reliable source.I reply back"Do you really think trading/investing is 'that' easy?"They reply back"For someone that's just trying to make a little moneyhere and there, sure."I actually forgot about a couple of those words in therethat make a whole lot of difference,so I'm gonna have to kind ofspeak on the fly here a little bit.But what is their source?Well, in this purse, what are they depending on?Well, they're depending on Yahoo Finance.(marker squeaks)But did you catch that other wordin there that I missed when I was...What do they say about Yahoo Finance?That they are,and I quote, "somewhat" reliable.So (mumbles) Yahoo that they're a great source,like that's why I'm...It's going to 25 cents because it's expected.Well, expected by who?Well, Yahoo Finance because they're an awesome source.They're like super...They said a "somewhat",and yet, here they are still out therejust using that as their source.And their justification is just like the market cares.Well, I'm just tryna make money here and there,so yeah, sure, that's gonna work out.Again, sure.I won't...That's their quote.So in that...Man, I probably should've done a little bettercause I didn't realize all that was in there,but I assure you the market does not carewhether you're tryna make $10 millionor it's tryna make, yeah,I'm just tryna make money here and there.It doesn't care.That doesn't justify you using a "somewhat" reliable source.But let's just get this out of herecause that's just too crazy.Let's just say that you feel as thoughthat source is like as credible as credible can be.If this source is somebody else on social media,somebody else on a message board,Yahoo Finance, one of these chart sites that,ah, it's 100% buy right now.Oh, if you understand charts, you know why I'm laughingbecause you'll look at some of thoseand every category says 100% buy,and then you look at the chartand you're thinking holy smokesthere's about to be a pullbackand things are gonna get nasty.But that's a whole nother argument right there.I guess it's not because, again,who is your source?And the moral of the story hereand what I'm tryna get at,and I'm sure a lot of you probably knowwhere this is all headed,but who is the best source,so best source, for you as a trader or investor?It's you.If you are getting into the marketsand your plan of actionis that you are gonna totally depend on another source,and, like I said, this is not me talking in theory.We just saw a real life example of itplay out right here.So if that's your game plan towell, I'm gonna pay somebody elseto tell me when to buy and sell.Don't do that, okay?Honestly, if trading was that easy,then everybody would pay that person,and then everybody would be worth millionsbecause that person is, I guess,giving out such great signals,but there is no universal everybody pays for somebodybecause that doesn't work.The market is too good for that.The market is too efficient for that.At the end of the day,the only source that you should be focused onas a trader is you.And there's a reason whythis is in the trading 101 video sectionbecause I want you to realize that as you get started,as you venture out there, you are gonna haveall sorts of different things pulling at you.Buy and sell alerts here, sign up for my newsletter here,just use this.Now can Yahoo Finance be used as a source of information?Absolutely, but as this person saidthey are sitting, they're basing everythingas far as their trade plan is concernedbecause Yahoo Finance saidthis thing was gonna go well beyond 25 cents.No.I mean, I use sources of information to getcharts, to get this, to get that,but am I just putting my full faith in something like that,especially when it's somewhat reliable?No, I'm not doing that,and you shouldn't be doing that either.At the end of the day,it's up to you.That's why you need to form a strategy,you need to figure outwhat works best for your personal risk tolerance,you need to figure out what tools you wanna useto build a strategy.Does that kind of sound like a lot of stuff?It should cause it is.If you are getting into this thinking that trading is easy,that this stuff just happens overnight,or happens within a week,and then you're gonna be making money all over the place,that's now how it works.That's why I say time and time againdon't just quit your day job and be likeokay, now I'm gonna become a daytrader.That's now how this worksbecause there is a lot that goes into it,and quitting your jobor just thinking that you can pay somebodyfor buy and sell alerts is just,it's not gonna work out in the long term.Yeah, you can score here and there,but that's not how the market works,so, again, who is your sourceand, at the end of the day, it better be you.Yeah, you can use other sources as tools,as pieces of information, but pieces.The ultimate personthat needs to bring all that information togetherand then make the final decision:you.If you are out there trading alone currentlyand maybe are in the marketlooking for a community to jointo assist you in your tradingor to just help you, give you another set of eyeballs,then I do have a private trading communitywhere you can trade alongside meand other experienced traders.So what you see popping up on the screen right nowis both an information link,so if you click on the inner circle one,that is going to take you to the pagewhere I explain all the detailsof what exactly come with the community,both the chat room and the newsletter,and then the other image that is popped upis a behind the scenes tourwhere you can see exactly what is going to be containedwithin the community.I take you through, like I said,a behind the scenes tour of everything,and that way you'll know preciselywhat you are getting when you join.So definitely check that stuff out if you are interestedand thinking about wanting to join a community,and let me know if you have any questions.

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