Blog Roll: Howard Lindzon | Phil Pearlman | StockTwits Network

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        I grew up watching Sesame Street and one of the popular games to play on the show was one of these things is not like the others (video clip).  I would take pride in being able to spot which item was different than the others.  Poor "Mattrix", I was an easily amused little boy.

        Any ways, the point is that one thing is not necessarily like the other.  The "thing" that I am referring to is you, your hobbies or even your profession.  Below are two examples that I will use to clarify what I mean; hopefully.

Example #1: Music
        My buddy, started a band (Launch Day) and is playing their first live performance tomorrow.  I attended their practice session last night and was promoted to honorary sound man.  I was manning the soundboard, twisting and turning knobs like I knew what I was doing.  I was clueless.

        One of these things is not like the others.  I looked like I was in the band as their sound man, but I was unqualified and slowed things down.  The only common ground between me and Launch Day is that I enjoy their music.

Example #2: Making Money
        I recently started trading options with the goal to provide a secondary source of income.  Also, I enjoy the thought process of discovering and setting up a trade.  I use StockTwits to help me learn.  I closely follow what Steve Place and Adam Warner have to say about options and options volatility.  Sometimes I will trade using a thesis they have proposed.

        One of these things is not like the others.  I may feel like I am an options trading professional when I read and chat with these guys and others on StockTwits, but I am not the same.  The only common ground between me an these traders are that we trade options for fun and income.

The Point Is...
        1) Understand your position when you trade stocks or options.  Are you a professional and can manage risk?  Or are you not like the others and enter a trade with no exit strategy?

        2) Understand your role in life.  The people that you interact with.  Are you really like the others?  Or are you pretending to be?  Perhaps your energy and efforts should be redirected to more productive endeavors.
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