Tipsters and Premium Boards

All,

I recognize and follow the DYOR principle. However I believe I need help in finding companies to buy stocks in. I am leading toward the paid board of MichaelWalters.com... not his tips but the quality of the forum members without the rampers and shorters and the companies they are looking at. I am also looking at DigitalLooks marketstars /Sharelock/Trendwatch and TMF's Champion shares.....but haven't purchased any of them yet....so I am posting here to find out people's experiences and whether they are worth it?

trillionaire said:

All,

I recognize and follow the DYOR principle. However I believe I need help in finding companies to buy stocks in. I am leading toward the paid board of MichaelWalters.com... not his tips but the quality of the forum members without the rampers and shorters and the companies they are looking at. I am also looking at DigitalLooks marketstars /Sharelock/Trendwatch and TMF's Champion shares.....but haven't purchased any of them yet....so I am posting here to find out people's experiences and whether they are worth it?

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If you are going to follow others tips or recommendations make sure they don't just tell you what to buy or sell in BUT:

- What kind of trader they are. This is the first and foremost consideration. It's no good someone bulling Apple so you buy it. A few days later it comes off a few points and you then find that the original tipster was only looking for and subsequently took a 20 cent profit on it. So know their timeframe. Are they scalping? Day trading? Swing trading? Position trading? Investing?

Make sure you also know:

- Where you should get out
- Where you should take profits
- Where you should trail stops
- How you should manage your risk
- What discretionary elements should cause you to take unplanned action e.g. macroeconomic events

Finally make sure that you know the reasons for all of the above so that if the tips work well but the tipster disappears, you can still follow his reasonings to make your own rational decisions in the future.

Also make sure you keep detailed notes on all the tips you follow and the outcomes.

Finally remember: following others tips or recommendations makes you a sucker.

check out Day Trading / Online Trading - Trade The Markets john carter is fantastic i learnt so much about trading following his newsletters in my earlier days, and i still enjoy listening to his out looks to compare to my own

" following others tips or recommendations makes you a sucker."

trade_dante...I accept that wholly, but in reality I'm looking for leads with DYOR, and wouldn't buy on a faceless tip anyway
Also...Genics ...thanks...I'll check it out

trader_dante said:

If you are going to follow others tips or recommendations make sure they don't just tell you what to buy or sell in BUT:

- What kind of trader they are. This is the first and foremost consideration. It's no good someone bulling Apple so you buy it. A few days later it comes off a few points and you then find that the original tipster was only looking for and subsequently took a 20 cent profit on it. So know their timeframe. Are they scalping? Day trading? Swing trading? Position trading? Investing?

Make sure you also know:

- Where you should get out
- Where you should take profits
- Where you should trail stops
- How you should manage your risk
- What discretionary elements should cause you to take unplanned action e.g. macroeconomic events

Finally make sure that you know the reasons for all of the above so that if the tips work well but the tipster disappears, you can still follow his reasonings to make your own rational decisions in the future.

Also make sure you keep detailed notes on all the tips you follow and the outcomes.

Finally remember: following others tips or recommendations makes you a sucker.

Click to expand...

Excellent advice and only really achievable if you DYOR. All IHMO.

trader_dante said:

following others tips or recommendations makes you a sucker.

Click to expand...

does that include all the people you give tips to in potential set ups

Genics said:

does that include all the people you give tips to in potential set ups

Click to expand...

If they follow them, yes!

My view on tips is this: if you respect the opinion of the person that gives it, you might consider what they say, take a look at that market, analyse it and see if you come to the same conclusion. If you do, then the tip was really a heads up on something that you like but probably wouldn't have noticed.

But if you follow someone blindly or indeed, just because you think they are good, then I'm afraid you are a sucker.

At least, in my opinion!

i do agree, i use any tips more as a heads up to something i havnt seen. for instance your post on aud/gbp i think, cant say ive ever looked at that chart so i had a look, but wasnt for me.

That's what I am trying to say.....using tipsters as a lead....then you decide yourself and no one else to blame....so do you guys find companies via boards from trusted posters or search them yourself via tools I have mentioned or not?

Don't forget the old stock exchange adage: "where there's a tip there's a tap"